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Thomas Hewitt Commercial Agency Surveyor View Profile

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Call: 01872 247025
Email: th@miller-commercial.co.uk

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Development/Investment Opportunity, 10 and 11, Market Jew Street, Penzance, Cornwall

Investments Commercial for sale

UNDER OFFER

£395,000 Asking price

Freehold
UNDER OFFER

A well located development/investment opportunity comprising two interconnecting properties. The ground floor is let to Warrens Bakery Ltd, the two bedroom flat is let via an AST. The majority of the upper floors and external store are well suited to conversion to residential dwellings (STC*).The upper floors provide an excellent vista overlooking Mounts Bay.

  • FOR SALE
  • INVESTMENT/DEVELOPMENT OPPORTUNITY
  • TOTAL 5,737 SQ FT (533 SQ M)
  • CURRENT INCOME £34,000PA
  • BLENDED YIELD OF 8.34%*
  • EPC’S: SHOP & UPPERS (D94), FLAT (G1)

Property Brochure PDF Location Map

Location

Located in historic Penzance’s town centre towards the west of popular Market Jew Street. The property is located amongst a variety of local and national retailers including; Barclays, Poundland, Tesco Express, 02, Saltrock, Specsavers, and Holland & Barrett. Various short and long stay car parks are found nearby, the mainline railway station is within a 5 minute walk. Penzance is also the principle link to the Isles of Scilly with both the Scillonian Ferry and helicopter service departing regularly from the town.

Premises

10/11 Market Jew Street is formed of two separate and architecturally distinct properties which interconnect at ground and first floor level. Number 10 is five storeys high with a flat roof and number 11 is three storeys with a pitched roof.
The ground floor of both is occupied by Warrens Bakery who operate both a take away and eat in service. The first floor of both was previously a restaurant seating area which is now vacant. The second floor of number 11 is a two bedroom flat which is occupied via an Assured Shorthold Tenancy. The remainder of the upper floors of number 10 are vacant.
In addition to the main building, a store is located to the rear of the property. Please note the store is currently boarded up and has not been internally inspected.
A pedestrian access from ‘Bread Street’ provides an alternative access to the store and rear of the premises via a gated pathway.

Lease Terms – Commercial

Warrens Bakery Ltd
Demise: Ground floor shop, 10/11 Market Jew Street
Dated: 20th February 2020
Commenced: 1st February 2020
Rent: £28,000 per annum
Payment frequency: Monthly
Term: 5 Years
Security of tenure: Yes
Repairing liability: Full repairing.
Permitted use: A1/A2/A3

Tenancy – Residential

Two-bedroom flat
Via an assured shorthold tenancy.

Schedule Of Accommodation

All measurements are approximate and on a GIA basis unless otherwise stated.
Ground Floor – 1948 sqft (180.9 sqm)
1st Floor 1653 sqft (153.5 sqm)
2nd Floor 679 sqft (63 sqm)
3rd Floor 530 sqft (49.2 sqm)
4th Floor 432 sqft (40.1 sqm)
5th Floor 495 sqft (45.9 sqm)
Total 5737 sqft (532.9 sqm)

Additional outbuilding.
We have not been able to internally measure or inspect this building, we believe it measures approximately 4.2m x 9m on a GEA basis.

Investment

Annual income:
Shop £28,000PA
2 Bed flat £6,000PA
Total income: £34,000PA
Representing a blended yield of 8.27% allowing for purchasers standard costs.

Development

*We consider the upper floors are well suited for conversion to residential accommodation subject to the relevant consents/permitted development rights being confirmed/obtained.
The property is located within the Penzance conservation area.

Purchasers Pack

Miller Commercial hold a pack of information which can be supplied via request, this includes:
CAD Compatible floor plans
Title plan and register
Asbestos register
Lease to Warrens Ltd
AST for the residential flat

Legal Costs

Each party to bear their own costs on the basis of an unconditional sale.

Business Rates And Council Tax

We refer you to the government website https://www.tax.service.gov.uk/view-my-valuation/search which shows that the current rateable value is £37,000 (2017 assessment). To find out how much business rates will be payable there is a business rates estimator service via the website.
Please note the flat is listed separately for Council tax and is within band A.

Local Authority

Cornwall Council
General Enquiries 0300-1234-100
Planning 0300-1234-151
www.cornwall.gov.uk

Vat

All the above prices/rentals are quoted exclusive of VAT.

Epc’s

The main building has an EPC rating of D (94).
The flat has an EPC rating of G (1)

Contact Information

For further information or an appointment to view please contact either:
Thomas Hewitt on 01872 247025 or via email th@miller-commercial.co.uk or
Will Duckworth on 01872 247034 or via email wd@miller-commercial.co.uk

AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [c] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent.

Miller Commercial is the trading name of Miller Commercial LLP registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial LLP. VAT Registration No.643 4519 39.

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Thomas Hewitt Commercial Agency Surveyor View Profile

Contact us about this property

Call: 01872 247025
Email: th@miller-commercial.co.uk

Property Brochure PDF