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Peter Heather Partner View Profile

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Call: 01872 247007
Email: pgh@miller-commercial.co.uk

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SOLD - Piero’s, Kenwyn Street, Truro

Investments Commercial for sale

£350,000 Offers in the region of

Freehold

Restaurant premises in central city location occupying ground floor level with glass frontage, including preparation area and kitchen totalling 174.2 sq m.

  • INVESTMENT YIELDING 7.57%
  • RESTAURANT PREMISES
  • CENTRAL CITY LOCATION
  • ESTABLISHED TENANT
  • GOOD LONG TERM DEVELOPMENT POTENTIAL
  • EPC RATING D

Property Brochure PDF Location Map

Location

Piero’s restaurant is situated in one of the most prominent properties on Kenwyn Street, in the heart of Truro city centre. Nearby occupiers include the William IV public house, Bunters, Burger King, Coffee 108 and numerous local retailers, in a thriving area of the City.

Description

The property is single-storey and has a considerable return frontage to Kenwyn Street, giving it substantial prominence to pedestrian and vehicular traffic heading out of Victoria Square. The property has a depth in excess of 25 m and is arranged with the kitchen and preparation areas discreetly set back from the reception and restaurant area.

Schedule Of Accommodation

The property is of an unusual and varying shape, and the areas provided have been replicated from those of the Valuation Office as follows:
Restaurant: 139.5 sq m (including reception)
Preparation area: 12.8 sq m
Kitchen: 21.9 sq m
Outside area

Lease Terms

The property is held subject to and with benefit of a lease to Piero Marci for a term of 15 years commencing on 8 August 2014, at £27,500 per annum, subject to rent review on each fifth anniversary. The tenant is responsible for full repairs and reimbursement of the building’s insurance premium. The tenant has an option to determine the lease on each third anniversary subject to not less than six months prior notice. We are therefore of the opinion that the lease may not be determined by the tenant until 8 August 2020, at the earliest.

Price

Offers in the region of £350,000 are sought.

The purchase price shows a net initial yield of 7.57% after normal purchaser’s acquisition costs

NB> 12&13 RIVER STREET (LARGE PROPERTY TO THE REAR) IS AVAILABLE BY SEPARATE NEGOTIATION.

Legal Costs

Each party to bear their own.

Business Rates

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 £24,500, according to the draft 2017 valuation. To find out how much business rates will be payable there is a business rates estimator service via the website.

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

Value Added Tax

All the above prices are quoted exclusive of VAT, where applicable.

Energy Performance Certificate

The Energy Performance Rating for this property is within Band D with actual score of 83.

Contact Information

For further information or an appointment to view please contact either:-
Peter Heather on 01872247007 or via email pgh@miller-commercial.co.uk
Laura Gardner on 01872 247032 or via email lg@miller-commercial.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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Peter Heather Partner View Profile

Contact us about this property

Call: 01872 247007
Email: pgh@miller-commercial.co.uk

Property Brochure PDF