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SOLD - Investment, 11, River Street, Truro, Cornwall

Investments Commercial for sale

£550,000 Price

Freehold

This property investment is let under a long lease with an unexpired term-over five years with a rental income £46,000 per annum producing a Net Initial Yield of 9.44% (after acquisition costs of 4.8%)

  • INVESTMENT PROPERTY FOR SALE IN SPECIALIST TRADING AREA OF TRURO
  • LET ON A 16 YEAR LEASE EXPIRING NOVEMBER 2019
  • ANNUAL RENT £46,000.
  • NET INITIAL YEILD OF 9.44%
  • EPC RATING – G

Property Brochure PDF Location Map

Location

The City of Truro is the principal commercial and administrative centre for Cornwall. With a population of 23,000 including the surrounding urban areas, the City plays a fundamental role as a service centre, port, railway and heavy goods distribution point and a market place for the rural economy. Its traditional market town image has been overtaken by the impact of financial/investment institutions and High Street multiples and it retains much of its charm.

Truro is connected to the rest of the County via the A30, the main trunk road through the County and connects to the national motorway network at Exeter (88.4 miles/142.2 km). Truro Train Station runs a regular service to London Paddington and is approximately 232 miles (373km) south-west of London.

Situation

Located in the popular trading quarter of River Street in the Cathedral city of Truro, the premises benefit from a high footfall with bus stops, car parks and train station all close by. Nearby occupiers include White Stuff, Quiksilver, Weird Fish Clothing, Specsavers and Boots Opticians, Cancer Research UK, The County Museum and Mounts Bay Trading Company.

The Premises

The property forms part of a terrace of retail units along River Street and comprises of a ground floor retail unit with store and WC. Independent access from the rear of the property leads to the first floor flat, comprising a living room, bedroom, bathroom, kitchen and store. The property is located within Truro Conservation area however the building itself is not listed.

Schedule Of Accommodation

All areas are approximate

Retail Unit

Gross frontage: 6.2M
Net internal width: 6.02M max
Shop depth: 13.47M
Retail Area 75 Sq M (807 Sq Ft)
Store 164 sqft (15.32 sqm)

First Floor Flat

482 Sq Ft (44.8 Sq M)
Accommodation includes kitchen/diner, living room, bathroom, bedroom and cupboard. This is gained through separate access from the rear courtyard.

Lease Terms

The premises is let to Du Barry (SW) Limited on a 16 year full repair and insuring lease from 28th November 2003 (expiring November 2019) subject to three yearly rent reviews. The rent is £46,000 per annum.

Price

£465,000. The price reflects a Net Initial Yield of 9.44% (after allowing for normal purchasers acquisition costs of 4.8%)

Legal Costs

Each party is to bear their own costs in relation to this transaction.

Local Authority

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

Energy Performance Certificate

The Energy Performance Rating for this property is within Band G.

Business Rates

We refer you to the valuation office website www.voa.gov.uk or call 0300-1234-171

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

Superfast Broadband

For more information on whether the premises are capable of benefitting from the new high speed fibre-based broadband connection visit http://www.superfastcornwall.org/.

Value Added Tax

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

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