Haarer Goss, Exeter based chartered surveyors

Property News

SOLD - Cash & Carry Investment, Redruth
September 9, 2021, 4:23 pm

A large cash and carry store, prominently located on the established Poole Industrial Estate in Redruth has been sold to a private overseas investor represented by Altitude Investments.

The twin bay, former industrial unit was sold by joint agents, Haarer Goss, Sanderson Weatherall and Piers Pollard Chartered Surveyors at the asking price of £1.8million, reflecting a net initial yield of 6.54%.

The 33,030 sq ft (3,069 sq m) property sits on a site of approximately 1.8 acres and benefits from a large customer car park.  The premises have traded as a cash and carry for over 15 years and is let to Booker Limited, a UK market leading wholesale provider.

The tenants have recently signed a reversionary lease expiring in September 2031 with them having a break option on 28 September 2026.  The passing rent is £125,000 per annum exclusive (£3.78 psf) with five yearly rent reviews, upward only.

The purchasers were represented by Altitude investments and the asset will be looked after by Altitude Asset Management, the asset management arm of Altitude.