Lot 1
Auction
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White River Place Shopping Centre, Trinity Street, St Austell, PL25 5AZ

Auction
United Kingdom
Retail
Commercial

Sold Prior

This property did not go for auction

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

Contact Us

Simon Bailey

Registered Surveyor, here to help.

Contact Us

Simon Bailey

Registered Surveyor, here to help.

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Addendum

1. The property is held on 5 individual long leasehold interests and not 6 as stated as the building known as China Court is excluded from the sale. As such the title plan in the marketing details is incorrect and prospective purchasers are advised to refer to the title documents within the legal pack.

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).

VAT

VAT is applicable to this sale, please refer to the legal documents for further details.

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


*Terms & Conditions

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 vendor in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the vendor. 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 vendor 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 vendor shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the vendor. All interested parties 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 vendor.

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