Cornwall Engine Company is located on Cardrew Industrial Estate, one of the principal trading estates in Cornwall, with easy access to the arterial trunk road, the A30 connecting east and west Cornwall. Redruth is situated in the historic and indeed current industrial heartland of the County and we are advised our clients draw on customers from a wide radius of this centre.
The business operates in one half of an Astron steel portal industrial unit (the other half being used by a different company), built we understand in the 1980’s as a single unit and since professionally sub-divided. The premises have an entrance door for customers and a roller shutter for movement of goods. The overall premises measures circa 268.6m (2,890 sqft), with a small mezzanine storage area and comprises defined working areas as the job is processed through the unit, customer entrance, office and staff wc and rest room.
We understand the business has been trading for 24 years (10 at a previous location) and 14 years in its current home. The business is concerned principally with engine repairs and takes customers from local garages, agriculture companies, marine etc and has some national clientele.
The business is run by our client owner with 3 other full time members of staff, trades all year and trades between Monday to Thursday 8am to 5.15pm and Friday 8am to 1pm.
In terms of the trade, the business has a turnover in the past 3 years from £282,000 ranging to £330,000 and has a gross profit level of circa 60% and an adjusted 3 year average profit of circa £60,000 per annum and a wage bill of 3 year average of circa £82,000. Further accounting information will be made available subsequent to a viewing appointment in the normal manner.
A significant part of the valuation of the business is the equipment, which is principally listed herein and we are advised has a value off site (ie resale in the market) in the region of circa £59,000.
The Accommodation Comprises
(all areas and dimensions are approximate)
The overall site measures 17.71m x 15.17m and is best described in terms of the job flow.
Customer Reception / Trade Counter with pedestrian door.
A large Roller Shutter door provides access to the side and leads directly to the Degreasing and Blast area.
Vapour Blasting And Cylinder Head Refacing Area
Pressure Testing And Cylinder Head Assembly Room
Cylinder Head Refacing Area
Crankshaft Grinding, Reboring And General Machining Area
Valve Seat Machining Area
Office With 2 Off Computers Running Sage Accounts
Staff Rest Room With Rear Elevation
Mezzanine For Storage
Shipping Container Used For Storage
To the side and front of the property is spaces for circa 8 vehicles and also a 20′ x 8′ (x 8′ high) container currently used for storage.
We are advised the premises has B2 (Light Industrial) Consent and will be offered with the benefit of a new Landlord and Tenant lease for an initial term of 10 years (or further persons required) on a full repairing and insuring basis (subject to a Schedule of Condition) at an initial passing rental of £15,000 per annum, with a rent review to be agreed.
The lease will enjoy the Security of Tenure Provision Sections 24 to 28, meaning that the lease is automatically renewable on the tenant’s request at the end of the initial term.
Schedule Of Principal Equipment
Please see below a list of the principal equipment (supplied by client) which will be transferred with the sale of the business free of lease or lien.
PMD Gamma 140 Cylinder Head Grinder
Vixen 1250 Vapour Blaster
Churchill Ring Grinder
PMD Brake Disc and Drum Lathe
Sunnen LBB1710 Horizontal Hone
Cebora TigStar 200 TIG welder
Joemars TR100 Broken Tap Remover
Delta Cylinder Head and Cylinder Block Pressure Tester
Boge CL7 Screw Compressor
Kwik Way SVS-D Valve Refacer
Jones & Shipman Surface Grinder
Berco STC361 Cylinder Head Grinder
PMD 945 Cylinder Head Refacer
Prince Crankshaft Regrinder
Hardinge Collet Lathe
XYZ 1550 Manual Lathe
Sunnen Con Rod Cap and Rod Grinder
Bridgeport Uiniversal Mill
Mira Centronic Valve Seat Cutter with Work Bench (2 off)
Lions Equipment 60 Ton Hydraulic Press
Cemb Crankshaft Balancer
Berco AC400 Vertical Cylinder Borer
Delapena Beam Stroker Cylinder Hone (2 off)
Odlings MCR 103P Grit Blaster Cabinet
Magido L90 Top Loading Parts Wash
Metalas Front Loading Parts Wash
Peg Valve Seat Grinder
SPS Mini Bar Cylinder Borer
Van Norman 944 Cylinder Borer
Hadley Engineering Cylinder Head and Cylinder Block Pressure Tester
Sioux Valve Refacer
Pichler Diesel Injector Removal Tools with Hydraulic Pump
Ford Transit Van Year = 2011
Ford Connect Van Year = 2008
Fiat Fiorino Van Year = 2008
Shipping Container – 20 ft
General Enquiries 0300-1234-100
Energy Performance Certificate
The Energy Performance Rating for this property is within Band D98.
An Inventory of all loose chattels and equipment, free of any lease/lien, to be included within the sale will be supplied by Miller Commercial prior to exchange of Contracts.
We refer you to the government website https://www.tax.service.gov.uk/view-my-valuation/search
Each party to bear their own.
Prospective owners should make their own enquiries of the appropriate statutory undertakers:
Western Power: 0845 601 2989
South West Water: 0800 169 1144
Transco: 0800 111 999
To be taken at valuation.
Value Added Tax
All the above prices/rentals are quoted exclusive of VAT, where applicable.
If you require advice regarding the Financing of a Business, at no initial cost, please contact us on the number below.
For further information or an appointment to view please contact:-
Graham Timmins on 01872 247019 or via email email@example.com
PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate.
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] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] 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.
VIEWING: Strictly by prior appointment through Miller Commercial.