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Penhaligon House, Trinity Street, St Austell, PL25 5BG

  • Auction
  • United Kingdom
  • Investment
  • Commercial

Guide Price £2,250,000

Bidder Security £20,000 *fully refundable if unsuccessful bidder
Auction Date 30 October
Bidding Opens 10:00 (GMT+1)
Bidding Closes To be Confirmed

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Property Summary

  • Freehold office investment
  • Entirely let to The Secretary of State for Housing Communities and Local Government until 2031 (subject to a tenant's break option in 2026)
  • Approximately 4,189.14 sq m (45,093 sq ft)
  • Site area approximately 0.87 hectares (2.15 acres)
  • Town centre location
  • Potential for future alternative uses (subject to consents)
  • Guide price reflects a gross initial yield of 10.89%
  • Producing £245,000 per annum (2)

Contact Us

Simon Bailey
Simon Bailey
Property Agent, here to help.
Oliver Childs
Oliver Childs
Property Agent, here to help.

Contact Us

Simon Bailey
Simon Bailey
Property Agent, here to help.
Oliver Childs
Oliver Childs
Property Agent, here to help.

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Property description

A purpose-built three storey (plus basement) office building of traditional construction beneath a pitched roof. The building totals approximately 4,189.14 sq m (45,093 sq ft) and is arranged as a mix of open plan and cellular office accommodation. Externally there are bike stores and extensive surface car parking providing 164 car parking spaces. The building may lend itself to future alternative uses, subject to obtaining the necessary consents. Prospective purchasers are advised to make their own enquiries in this regard.

Location

St Austell is one of the most populous towns in Cornwall lying approximately 10 miles south of Bodmin and 14 miles north east of Truro. The town benefits from excellent road communications with direct access to the A390, which serves as the principal arterial route to Truro, and the A391 located 3 miles to the north of the town, which leads to the Bodmin Bypass (A30). The extensive UK motorway network can be accessed via Junction 31 of the M5, which is located 75 miles to the north east, just south of Exeter. The town also has a strong bus network, which provides services to destinations such as Bodmin, Gorran, Mevagissey, Charlestown and Newquay, as well as tourist attractions such as the Eden Project and Heligan Gardens.

St Austell is also served by a far-reaching rail network, operated by Great Western Railway, who provide services to Exeter St David’s (123 minutes), Bristol Temple Meads (210 minutes), and London Paddington (260 minutes). Cross Country services are also provided, which provide access to further destinations including Birmingham New Street, Wolverhampton, Manchester, Leeds, York, Edinburgh and Glasgow. 

Cornwall Newquay Airport, the main commercial airport, is located 15 miles north west of St Austell. The airport services flights across the UK and selected destinations across Europe.

Trinity Street runs north west from South Street on the edge of the town centre. The property lies on the south side of the road directly opposite White River Place Shopping Centre, which provides a mix of retail and leisure uses.

Planning

Cornwall Council (0300 123 4151) - www.cornwall.gov.uk

Tenure

Freehold

Additional Details

Floor

Accommodation

Size

Tenancy

Rent

Ground

Offices/ancillary

1,368.80 sq m (14,734 sq ft

Let to The Secretary of State for Housing, Communities and Local Government for a term of 10 years from 01/04/2021 (1)

£245,000 (2)

First

Offices/ancillary

1,385.50 sq m (14,913 sq ft)

Second

Offices/ancillary

1,381.50 sq m (14,870 sq ft)

Basement

Ancillary

53.50 sq m (576 sq ft)

Total

 

4,189.14 sq m (45,093 sq ft)

 

£245,000 (2)

 

(1) There is a tenant's option to break on 01/04/2026 upon the serving of six months' prior notice

(2) There is an upwards only open market rent review on 01/04/2026

(3) The auctioneers have not measured the building. All floor areas have been provided by the vendor.

VAT

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

Energy Performance Indicator

Rating 105 Band E

Helpful links

*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.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. 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.
  3. 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).
  4. 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.
  5. 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.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. 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.
  8. 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.
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