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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 - Costcutter, 40, 40a, Fore Street, Bodmin, Cornwall

Investments Commercial for sale

£450,000 Offers in the region of

Freehold

  • INVESTMENT AND DEVELOPMENT OPPORTUNITY
  • LET TO COSTCUTTER UNTIL JULY 2030 AT £34,000 P.A.
  • NO BREAK CLAUSES
  • VACANT VERY LARGE FLAT
  • GARAGE AND STORES
  • YIELD NOW 7.34%
  • YIELD POTENTIAL 10% PLUS
  • EPC RATING SHOP -D, AND FLAT-C

Property Brochure PDF Location Map

Location

Bodmin is a market town in mid-Cornwall with a resident population of some 14,500. It is located 26 miles east of Truro and 12 miles west of Liskeard and is within close proximity to the A30 and A38. The property is situated on the south side of Fore Street within the prime retailing area. Other retail operators within close proximity include WH Smith, Lloyds, Halifax, Superdrug, Costa and Boots.

Description

Investment with potential development opportunity.
Costcutter supermarket occupies the ground floor with first floor ancillary space. Personnel access is available to the second floor flat from either side of Costcutter fronting Fore Street or alternatively from the rear of the property. To the rear, there is substantial land incorporating garaging, storage facilities and ample car parking, accessed via Mount Folly Car Park. The flat, store, garage and rear yard are all available with vacant possession. We consider that development may be possible within the grounds, together with the possibility of reconfiguring the large flat into two flats, subject to relevant planning consent et cetera.

Schedule Of Accommodation

Ground Floor Retail – 222.16 sq m (2,390.5 sq ft)
First Floor Ancillary – 201.3 sq m (2,165 sq ft)
Second Floor Residential – 133.8 sq m (1,440 sq ft)
Total NIA – 557.3 sq m (5,996 sq ft)
ITZA Retail – 101.73 sq m (1,095 sq ft)

Second Floor – Residential
4 Bedrooms
Kitchen/Diner
2 Reception Room
Conservatory
Bathroom

plus Garaging, Stores and Parking Area

Tenure

Freehold
The ground and first floors of this property are let to Costcutter Supermarkets Group Ltd.
In addition to the above there is a large flat which is offered as seen, with vacant possession.
All of the car park and stores are offered as part of the freehold and with vacant possession.

Lease

The lease to Costcutter Supermarkets Group Ltd. Company Registration Number 02059678 is dated 28th November 2005 and is for a term of 25 years from 26th July 2005 at a current rent of £34,000 per annum, payable quarterly in advance comprising ground and first floor, including the rear yard.
The tenant has a proportional full repair and insurance liability.
There is no option to break.
Subletting: Dated 23rd December 2016 to Nimal Service Ltd and Navaratharajah Nimalesan, for the remainder of the term, but ending 25th April 2030.

Costcutter’s Accounts

Accounts for the year ended 30th December 2018 are available for inspection. Endole Reports as at 20th February 2020 highlight that Costcutter Supermarkets Group Ltd have a ‘STABLE” Credit Limit and Risk, scoring of 64 (out of 100), which is a much improved position than the previous score. Total Assets as at December 2018 are noted as £52.07 million.

Local Authority

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

Value Added Tax

We are advised that the Property is not elected for VAT.

Energy Performance Certificate

The Energy Performance Rating for:
1) The commercial element of this property is within Band D (82).
2) The flat has a C (71) rating.

Contact Information

For further information or an appointment to view please contact either:
Peter Heather on 01872 247008 or via email pgh@miller-commercial.co.uk or
Thomas Hewitt on 01872 247025 or via email th@miller-commercial.co.uk or
Tom Smith on 01872 247013 or via email ts@miller-commercial.co.uk

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] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [c] 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.

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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