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Email: msn@miller-commercial.co.uk

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SOLD - 42, Market Jew Street, Penzance, Cornwall

Investments Commercial for sale

£185,000 Asking price

Freehold

The premises comprise a property which will be sold as a part investment which includes part of the ground floor and basement as a retail unit, currently let to a local music store, together with a separately accessed (from Adelaide Street) two bedroomed maisonette with views of St Michael's Mount.

The premises benefit from planning consent to re-configure the space to create a three storey house with study and WC at ground floor level together with lounge and kitchen/diner at first floor level and three bedrooms and bathroom above. The retail unit will be unaffected.

The retail unit and basement store is let under a 10 year lease from August 2015 at initial rental of £6,000 per annum and is subject to a rent review in July 2020.

  • MIXED COMMERCIAL/RESIDENTIAL INVESTMENT
  • TOWN CENTRE LOCATION
  • GROUND FLOOR LEASE HAS 8 YEARS UNEXPIRED
  • 2 BED FIRST FLOOR FLAT WITH PLANNING CONSENT TO RECONFIGURE
  • ENERGY PERFORMANCE ASSET RATING – F

Property Brochure PDF Location Map

Location

The premises are situated in a prominent position within Market Jew Street; opposite Albert Street and at the junction with Adelaide Street. It is configured such that the access to the residential upper parts are located on Adelaide Street itself.

The premises are situated within close proximity of Penzance railway station, bus terminus and Wharfside car park.

Description

An end of terrace/corner property comprising a ground floor retail unit with basement storage together with residential accommodation above. The upper parts are currently un-occupied pending refurbishment and reconfiguration. Planning consent exists for the creation of a 3 bedroomed dwelling which would incorporate ground floor study/additional bedroom together with WC, kitchen/diner and lounge at first floor level together with 3 bedrooms and bathroom at 2nd floor level.

Alternatively the premises could remain as configured.

The building benefits from views down Albert Street across Penzance Bay towards St Michael’s Mount.

Retail Accommodation

Ground Floor- Net retail area 17.4 sq m (187 sq ft)
Basement – 12.3 sq m (132 sq ft) plus WC and small kitchenette

Living Accommodation

Entrance to lobby with staircase to first floor, Rear Office 4.4m x 3.34m max
First Floor – Landing to Lounge, 4.84m x 5.57m max plus bay window, Kitchen 2.92m x 2.80m
Second Floor – Bedroom 1: 3.5m x 5.11m (max) plus bay window and built in cupboard; Bedroom 2: 5.5m max x 2.36m; Bathroom incl. Bath, WC and hand basin.
Floor Plans – available upon request

Planning

Planning consent exists under PA 15/07950 for change of use of the ground floor and first floor from office to residential and reinstatement of ground floor window on the west elevation retention of shop use ground floor and basement of 42. Works have commenced in relation to the ground floor through separating part of the commercial space. The works to the rear part (now known as 61 Adelaide Street) have yet to be concluded. Detailed plans are available upon request.

Tenure

The premises are available on a freehold basis however the ground floor and lower ground floor are currently owned under a Self Invested Pension Plan on a long leasehold basis. The long leasehold interest could be surrendered prior to disposal; alternatively the premises could be sold off in the separate parts should the purchaser wish to include the commercial element within a personal pension.

The ground floor and basement are let under a 10 year lease from August 2015 at an annual rental of £6,000 per annum exclusive payable quarterly in advance. The lease provides for a rent review in July 2020.

Legal Costs

Each party to bear their own.

Local Authority

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

Services

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

Finance

If you require advice regarding the Financing of a Business, at no initial cost, please contact us on the number below.

Energy Performance Certificate

The Non Domestic Energy Performance Rating for the ground floor of the property is within Band F. An energy performance certificate has been applied for in respect of the residential element.

Contact Information

For further information or an appointment to view please contact either:-
Mike Nightingale on 01872 247008 or via email msn@miller-commercial.co.uk or
Thomas Hewitt on 01872 247025 or via email th@miller-commercial.co.uk or
Joint Agents – Marshall’s Estate Agents, 6 Greenmarket, Penzance TR18 2SG FAO Paul Fletcher Tel 01736 360203 paul@marshallspz.co.uk

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.

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Mike Nightingale Partner View Profile

Contact us about this property

Call: 01872 247008
Email: msn@miller-commercial.co.uk

Property Brochure PDF