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Thomas Hewitt Commercial Agency Surveyor View Profile

Contact us about this property

Call: 01872 247025
Email: th@miller-commercial.co.uk

For Sale
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Investment Premises, 5a, Bank Street, Newquay, Cornwall

Investments Commercial for sale

£275,000 Asking price

Freehold

Mixed use investment property located in popular coastal town. The property is let on a full repairing and insuring lease to Trans Surf Ltd t/a Married to the Sea
(having 2 branches) for a term of 5 years from 1st March 2019.

  • MIXED USE INVESTMENT FOR SALE – NO VAT
  • PRIME RETAIL PREMISES
  • RETAIL SPACE 57.9 SQ M ( 623 SQ FT)
  • RETAIL INCOME £24,000PA
  • 2 BED. FLAT GIA APPROX 80 SQ M (860 SQ FT)
  • EPC RATING C (65)

Property Brochure PDF Location Map

Location

Newquay is a popular coastal town and major tourist destination lying some 15 miles north of Truro, well served by Cornwall Airport Newquay and Newquay National Rail Station. This property is situated in a prime position in the heart of this predestrianised part of the town centre, close to the junction with Central Street.

Description

An opportunity to acquire the long leasehold interest in a fully occupied mixed use investment property – Retail and Residential. The property is a ground floor lock-up retail unit in a prime pitch with nearby occupiers including: Watershed Surf, The Cornish Bakery, Holland and Barrett, Caffe Nero, New Look, Rowe’s Bakers, Peacocks, Superdrug, First Choice Travel, Peacocks and Claire’s Accessories. There are also a good number of independent retailers.

Tenancy

The property is let on a full repairing and insuring lease (subject to a schedule of condition) to Trans Surf Ltd t/a Married to the Sea (having 2 branches) for a term of 5 years from 1st March 2019 at a current rent of £23,000 per annum exclusive (rising to £24,000 in 2020 & £25,000 in 2021).
Tenant’s Break March 2023.
The flat requires full modernisation which the occupational tenant is obliged to do under the terms of the lease.
£2,000 Rent Deposit held. Please not the lease of the flat is included within the retail tenants demise and is not available separately.

Schedule Of Accommodation

(All areas and dimensions are approximate)
GROUND FLOOR
RETAIL AREA
Width 5.62m (max)
Depth 11.78m
Retail Area 57.9 sq m (623 sq ft)
Net Internal Width 5.08m
FIRST FLOOR
STORE
5.6 sq m (60 sq ft)
WC with wash basin
SECOND FLOOR
FLAT
The flat includes two bedrooms and open plan lounge/diner and kitchen together with bathroom.
GIA Approx 80 sq m (860 sq ft).

Long Leashold Interest

The premises are held under a 999 year lease from 29/06/1981 at a fixed ground rent of £1 p.a.

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

Business Rates & Council Tax

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 £25,500. To find out how much business rates will be payable there is a business rates estimator service via the website.
The flat has a separate rating for Council Tax which is within band A.

Value Added Tax

All the above prices/rentals are quoted exclusive of VAT.
We have been advised that this property is not elected for VAT.

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

Energy Performance Certificate

The Energy Performance Rating for this property is within band C (65).

Contact Information

For further information or an appointment to view please contact either:-
Thomas Hewitt on 01872 247025 or via email th@miller-commercial.co.uk or
Mike Nightingale on 01872 247008 or via email msn@miller-commercial.co.uk or

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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Thomas Hewitt Commercial Agency Surveyor View Profile

Contact us about this property

Call: 01872 247025
Email: th@miller-commercial.co.uk

Property Brochure PDF