Almost certainly, for the first time in over 200 years this is a rare opportunity to purchase a freehold, high yielding office investment in the prestigious Lemon Street area in Truro city centre. The building saw two Centuries of Medical Practice from 1806, when Lemon Street was still being built, until two Surgeries relocated to Infirmary Hill.
The property is currently let on flexible terms with some tenants benefitting from Security of Tenure and others not.
The property is likely to appeal to an investor or part owner occupier and offers an asset management opportunity.
Truro is Cornwall’s principal business, retail and administrative centre. The Lemon Street area, is viewed as the central business district of the city and the premises are a short walk from the city centre which provides a full range of amenities.
This investment provides the Investor the opportunity to offer offices for professionals seeking permanent or short-term flexible office accommodation in the heart of the City, and or occupation and income for themselves.
The property comprises a 4-storey Grade II listed building.
Internally the office accommodation is arranged over ground, first and second floors and is in good decorative order.
A spacious reception area, large communal kitchen, male and female WCs are located on the ground floor.
There is a small external yard area.
The rear building has been sold prior and the subject property retains an access to Tabernacle Street, shown green on the plan in these details.
The basement provides ancillary storage accommodation (currently let).
A sale of a multi let office investment.
Average running costs (including Property Management agent costs) of providing landlords services over the last five years, excluding major items of expenditure such as major electrical work, new roof lights, new flat roof, new gas boiler, all of which have been completed) are recoverable under the service charge. (FULL INFORMATION AVAILABLE UPON REQUEST)
Net income is currently circa £45,000 per annum.
Net Initial Yield of circa 9.12%.
We consider that Net Income can rise to circa £50,600 when fully let. At this level, a net initial yield of over 10% would result.
Tenure And Price
Freehold, subject to and with the benefit of the various interests noted on the attached schedule.
Offers are sought in excess of £475,000, representing a current net initial yield of circa 9.12%, (after all purchasers reasonable costs of acquisition)
Please see tender form attached to these details. All interested parties are to submit a tender, putting forward their best and final offer by 5pm on the 1st March 2019 to Peter Heather at Miller Commercial by email firstname.lastname@example.org or post. Please mark as Private and with the words Informal Tender.
Each party to bear there own costs.
We refer you to the valuation office website www.voa.gov.uk or call 0300-1234-171.
Currently, our client is not subject to any rates as the offices available are not rated.
This property is listed.
The current EPC for the building is rated as a “E ” with a specific score of 112
We are advised that the property is not elected VAT.
For further information or an appointment to view please contact:
Peter Heater on 01872 247007 email@example.com OR
Thomas Hewitt 01872 247025 firstname.lastname@example.org
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.