Chartered Surveyors and Business Property Specialists
Peter Heather Partner View Profile

Contact us about this property

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

For Sale
1 of 9

50, Higher Bore Street, Bodmin

Investments Commercial for sale

£800,000 Price

Freehold

This is an INVESTMENT property, and the chance to secure a mix of residential and commercial income.
The property comprises a former hotel which has been substantially altered, modernised and refurbished, and has been owned and operated as the Vraj Indian Restaurant by our clients for some 20 years. They intend to continue to operate under the terms of a new 10 year lease to include nine bedroomed staff accommodation.
Five separate residential units which are all independently serviced provide additional income.
The site incorporates more than sufficient car parking for both the restaurant, and the residential units.
Total Income £52,800 pa with opportunities to increase rental income.
Price: £800,000.

  • INVESTMENT WITH MIXED RESIDENTIAL AND COMMERCIAL INCOME
  • EXCELLENT CONDITION
  • LONG ESTABLISHED TENANTS
  • RENTAL GROWTH OPPORTUNITIES
  • LOW MANAGEMENT
  • 7% RETURN PROBABLE
  • EPC RATING FOR COMMERCIAL C (51) RESIDENTIAL RATINGS – SEE OVERLEAF

Property Brochure PDF Location Map

Location

Bodmin is a former military town with a growing population of around 16,000 persons It is centrally located in mid-Cornwall and forms a major interchange for transport links; the A30 and A38 and is the gateway to the North Coast. The central train line runs through Bodmin Parkway connecting to Plymouth, Exeter and beyond to the east, and Truro and Penzance to the west. It incorporates a wide range of restaurants and food outlets as well as a large range of retail opportunities and its famous Jail. It provides access to the Camel Trail and a short distance away are the Cardinham Woods and Bodmin Moor.

Opportunity

This is an INVESTMENT property and the chance to secure a mix of residential and commercial income.
The property comprises a former hotel which has been substantially altered, modernised and refurbished, and has been owned and operated as the Vraj Indian Restaurant by our clients for some 20 years. They intend to continue to operate under the terms of a new 10 year lease to include nine bedroomed staff accommodation: details below.
Five residential units which are all independently accessed and serviced provide additional income: details below.
The site incorporates more than sufficient car parking for both the restaurant, and the residential units.
There is an opportunity to sell individual elements/the residential units and retain the core commercial investment.

Description

Restaurant: circa 4.58 m x 22.75 m-104.3 m.
Restaurant ancillary staff accommodation – nine bedrooms
Flat 1: Two bedrooms, kitchen/lounge and bathroom
. 89 m.
Flat 2: Two bedrooms, kitchen/lounge and bathroom. 65 m.
Flat 3: Two bedrooms, kitchen and lounge, and bathroom. 58 m
Flat 4: Top floor flat. Two bedrooms, kitchen/lounge and bathroom. 39 m
Flat 5: End of terrace house. Two bedrooms, kitchen/lounge and bathroom. 52 m
Also separate owners room with shower.

Income Summary

Restaurant and staff flat £24,000 per annum.
Flat 1: £480 PCM
Flat 2: £480 PCM
Flat 3: £480 PCM
Flat 4: £480 PCM
Flat 5: £480 PCM
Total Rent £52,800 per annum.

Tenure And Price

Freehold. The property is for sale by way of an investment at offers around £800,000.
Restaurant and staff accommodation. A new lease will be granted at £24,000 per annum to our client/proprietor of the Vraj, on internal repairing and insuring terms for a term of 10 years subject to a rent review and tenant only Break Clause after year Five to be granted simultaneously upon the sale of the investment.
All flats are occupied under terms of Assured Shorthold Tenancies and all occupiers are working people.

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 (1st April 2017) is £5,800. 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/rentals are quoted exclusive of VAT, where applicable.
We are advised by our client that the property is not elected for VAT.

Energy Performance Certificate

The Energy Performance Ratings for this property are as follows:
Restaurant and staff flat C (51)
Flat one. D (61), and the same potential score
Flat two. D (62) and the same potential score.
Flat three. D (62) and the same potential score
Flat four. D (64) and the same potential score
Flat five. D (56) and a potential grade of C (76)

Contact Information

For further information or an appointment to view please contact
Peter Heather on 01872 247007 or via email pgh@miller-commercial.co.uk or
Thomas Hewitt on 01872 247025 or via email th@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