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EPC
The property has the following EPC ratings:
| The British Red Cross | B (49) |
| Oasis Hair & Beauty | C (75) |
Rateable Value
According to the Valuation Office website the rateable value for the property is as follows;
| 20 New George Street | £59,500 |
The business rate multiplier is 54.6 pence per pound.
Accommodation
The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:
| The British Red Cross | ||
| Net Frontage | 6.73 m | 22’1” |
| Gross Frontage | 7.42 m | 24’4” |
| Zone A | 44.13 sq m | 475 sq ft |
| Zone B | 51.37 sq m | 553 sq ft |
| Zone C | 52.67 sq m | 567 sq ft |
| Remainder | 51.00 sq m | 549 sq ft |
| ITZA | 962 | |
| Ground Floor Total | 199.18 sq m | 2,144 sq ft |
| First Floor | 31.96 sq m | 344 sq ft |
| Oasis Hair & Beauty | ||
| First Floor | 113.15 sq m | 1,218 sq ft |
| Second Floor | 58.06 sq m | 625 sq ft |
| TOTAL | 402.35 sq m | 4,331 sq ft |
The measured survey report is available to download.
Tenure
The property is held under a head lease from Plymouth City Council for a term of 125 years from 7th July 1999 (approximately 99 years unexpired) at a ground rent of 10% of rent received. There is no head rent payable if the property is vacant.
The current rent payable under the head lease is £7,000 per annum.
Tenancy
The ground floor and part rear first floor is let to The British Red Cross on a full repairing and insuring lease for a term of 10 years from 12th February 2024, expiring 11th February 2034 (approximately 8.75 years unexpired). There is a tenant’s break option on 12th February 2029, subject to six months’ notice.
The passing rent is £60,000 per annum. The lease benefits from an upwards only open market rent review on 12th February 2029.
The part front first floor and second floor is let to D J Symmons ((t/a Oasis Hair & Beauty) on a full repairing and insuring lease for a term of 8 years from 21st February 2023, expiring on 20th February 2031 (approximately 5.75 years unexpired). There is a tenant’s break option on 21st February 2026 subject to three months’ notice.
The passing rent is £10,000 per annum. The lease benefits from an upwards only open market rent review on 21st February 2028.
Therefore, the total passing rent is £70,000 per annum.
The current net receivable rent after deducting the head rent is £63,000 per annum.
Service Charge
The British Red Cross has a service charge cap of £5,000 per annum. There are no common areas, and the service charge is in place for ad-hoc building repairs. Given the property has recently been substantially refurbished, including new roofs, there have been no charges to the tenants during the current Landlord’s ownership.
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Covenants
British Red Cross (Charity No. 220949) has reported the following figures:
| Year Ending | 31st December 2024 | 31st December 2023 |
| Total Income | £108.8 million | £91.9 million |
| Cash at bank and in hand | £40.2 million | £58.4 million |
| Net Assets | £253.9 million | £271.4 million |
Established over 150 years ago, the British Red Cross helps millions of people in the UK and 190 countries around the world get the support they need when disaster strikes. The charity employs around 4,000 staff with over 20,000 volunteers. For further information visit www.redcross.org.uk.
Oasis Hair & Beauty is a well-established hairdresser which also provides numerous beauty services including facials, aesthetics and massages. We understand that the premises has been trading as a hairdresser since at least 2011.
VAT
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal
We are instructed to seek a figure of £600,000 (Six Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 10.0%.
Please note a purchaser will be re-charged the cost of the searches (£1,226.07) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the purchase price plus VAT.
Investment Considerations
An opportunity to acquire a city centre investment;
The property is located in a high footfall position the heart of Plymouth’s prime retailing centre, close to the entrance to Drakes Circus Shopping Centre;
85% of the income is securely let to British Red Cross on a new letting from February 2024;
Upper parts let to a long-term, established occupier at a low passing rent;
No head rent payable if the property is vacant;
- The property has recently been substantially refurbished;
A purchase at the asking price reflects a very attractive net initial yield;
Attractive lot size for an investor.
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