The White Hart Arcade 7 Retail Condos Offered at $778,829 CAD in Launceston

Investment Consideration:
Rental Income: £42,700 p.a.
ERV: £48,940 p.a. GIY: 11.51%
VAT is NOT applicable to this property
Comprises retail parade of 8 retail units
Two of the tenants in occupation for 10+ years
White Hart Arcade has a successful trading record with almost full occupancy since it’s creation some 40 years ago
Situated in the heart of the town centre with occupiers nearby including Costa Coffee, Halifax, NatWest, Barclays, Boots and many more.
Property Description:
Comprises retail parade of 8 double fronted retail units, providing the following accommodation and dimensions:
Ground Floor Units
Unit 2: 45 sq m (484 sq ft)
open plan retail, wc
Unit 3: 45 sq m (484 sq ft)
open plan retail, wc
Ground & First Floor Units
Unit 4: 50 sq m (538 sq ft)
open plan retail, storage, wc
Unit 5: 72 sq m (775 sq ft)
open plan retail, office, storage, wc
Unit 6: 58 sq m (625 sq ft)
open plan retail, storage, wc
Unit 7: 72 sq m (775 sq ft)
open plan retail, office, kitchen, wc
Unit 8: 72 sq m (775 sq ft)
open plan retail, storage, wc
Unit 10: 65 sq m (700 sq ft)
open plan retail, kitchen, storage, wc
Total GIA: 479 sq m (5,156 sq ft)
Tenancy:
Unit 2 is at present let to Individual for a term of 12 Months from 21st December 2023 at a current rent of £5,100 per annum and the lease contains full repairing and insuring covenants.
Unit 3 is at present let to Individual for a term of 2 Years from 11th February 2010 (Holding Over) at a current rent of £6,750 per annum and the lease contains full repairing and insuring covenants. Tenant in occupation for 14+ years.
Unit 4 is at present vacant. ERV: £6,240 p.a.
Unit 5 is at present let to Individual for a term of 5 Years from 29th October 2024 at a current rent of £5,980 per annum and the lease contains full repairing and insuring covenants. Rent review every year linked to RPI. Tenant break clause in 2025 NOT exercised. Deposit held of £1,000.
Units 6 is at present let to Quick & Sons for a term of 12 Months from February 2026* at a current rent of £4,440 per annum and the lease contains full repairing and insuring covenants. *Lease renewal. Tenant in occupation for 3+ years. The property is currently in legals for a new 12 month lease. Rent inclusive of building insurance. No service charge paid by tenant.
Unit 7 is at present let to Launceston Town Council for a term of 6 Years from 21st December 2012
(Holding Over) at a current rent of £6,750 per annum and the lease contains full repairing and insuring covenants. Tenant in occupation for 11+ years.
Unit 8 is at present let to Individual for a term of 12 Months from 10th March 2022 (Holding Over) at a current rent of £4,750 per annum and the lease contains full repairing and insuring covenants.
Unit 10 is at present let to an Individual for a term of 10 Years from 23rd July 2022 at a current rent of £9,000 p.a. and the lease contains full repairing and insuring covenants. Rent review every 3rd year open market upward only. No breaks.
Location:
Launceston sits near the Cornwall / Devon border alongside the A30 dual carriageway spine road for the two Counties and enjoys an excellent balance of travel distance to all parts of Cornwall and Devon. The town has a gorgeous town centre featuring a high percentage of listed buildings with a traditional central square. The White Hart Arcade takes access just off this square and links to Madford Lane which is a street offering free car parking much used by locals. Consequently, the White Hart Arcade is one of the main pedestrian footways into the town centre and being covered is also a very popular access during inclement weather. The Arcade has a successful trading record with almost full occupancy since it`s creation some 40 years ago.