White River Place Shopping Centre, Trinity Street, St Austell, PL25 5AZ
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Auction
- Lot 1
- United Kingdom
- Retail
- Commercial
Sold Prior
This property did not go for auction
Addendum
Property Summary
- A dominant community shopping centre, located within the heart of St Austell, Cornwall with BREAAM rating of 'Excellent'
- Approximately 178,077 sq ft (16,544 sq m) anchored by a 40,469 sq ft (3,760 sq m) Wilko store
- Heavily community and convenience focused tenant lineup with occupiers including Superdrug, Costa, TK Maxx plus a Cinema enhancing the leisure offering
- 550 income producing customer car parking spaces
- Strong income profile with WAULT of 4.29 years to lease expiries and 4.08 years to breaks
- 87% let by floor area & 54% of the income secured against national multiple retail covenants.
- Total gross income of £1,211,495 per annum
- Net operating income of £637,155 per annum
- Guide price reflects a net initial yield of 17.6% and a low capital value of £19.09 per sq ft
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Property description
Constructed in 2009, White River Place Shopping Centre provides a community shopping and leisure centre in the heart of St Austell. The scheme provides 178,077 sq ft of mixed-use accommodation, arranged over five floors, with 28 retail units on the ground floor. The upper floors of the scheme provide further retail and ancillary storage accommodation. The scheme is anchored by a 40,469 sq ft (3,760 sq m) Wilko store and the leisure aspect provides vitality to the scheme. The Centre is a modern, well specified, open-air scheme, arranged around a central courtyard.
(For full information please refer to the attached brochure).
Location
St Austell is one of the largest towns in Cornwall lying approximately 14 miles north east of Truro, 42 miles west of Plymouth and 74 miles south west of Exeter. White River Place provides community shopping and leisure in the heart of St Austell. The scheme is principally accessed via the town’s historical retail thoroughfare, Fore Street (pedestrianised). The property has further frontage and access to Trinity street to the west and South street to the south.
(For full information please refer to the attached brochure).
Tenancy
A summary of the current tenancy position is below. For a full copy of the current tenancy schedule please contact Simon Bailey
• 28 ground floor retail units around a central courtyard
• Additional retail on the upper floors
• 550 income producing car parking spaces
• 40,469 sq ft unit let to Wilko
• 27,042 sq ft unit let to TK Maxx
• Other tenants include Costa, O2, Halifax, Lloyds Bank and Superdrug
• 54% of the gross income is secured against national covenants
• 87% let by floor area
• Gross income of £1,211,495 per annum
• Net operating income of £637,155 per annum
Tenure
The property is held on six individual long leasehold interests each providing an unexpired term of approximately 240 years (refer to the legal pack).
VAT
BER Details
Please refer to the legal documents.
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*Terms & Conditions
Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.
- The reserve price is the minimum price at which the property can be sold at auction.
- Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted subject to contract. Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
- Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
- The guide price for the Lot does not include the administration fee of £1,295 (inclusive of VAT) for all properties up to £49,999, and £2,400 (inclusive of VAT) for all properties £50,000 and above charged by BidX1. In the case of a joint agent this administration fee will be £2,400 (inclusive of VAT). In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
- To participate in the sale BidX1 must hold a minimum amount from all bidders. This participation amount and administration fee is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,795 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
- Please note that Lots may be sold or withdrawn prior to auction.
- All Lots sold “Subject to Vendor Confirmation” will be subject to acceptance and confirmation by the Vendor. The highest bid will be presented to the Vendor, the Vendor will have to either accept, decline or make a counteroffer, within the confirmation period. Should the Vendor decide to make a counteroffer, then a private link will be sent to the Highest Bidder advising of the offer the Vendor is willing to accept. The Highest Bidder will be obliged to accept or reject the Vendor's counteroffer. The Vendor reserves the ultimate right, apart from the auctioneer, to accept and to decline to sell to the highest or any bidder, without giving any reasons.
- No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.
