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Mike Nightingale Partner View Profile

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Call: 01872 247008
Email: msn@miller-commercial.co.uk

For Sale
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Investment – British Heart Foundation, 58, Bank Street, Newquay

Investments Commercial for sale

£270,000 Price

The British Heart Foundation Annual report and Accounts for 2019 shows income resources of £168 million. The retail operations produced a net profit of £22.9 million.

The premises are let under an internal repairing and insuring lease for a term of 10 years from 17th June 2019 at an annual rental of £28,500. The first floor flat has been sold under a 999 year lease at an initial ground rent of £200 per annum. This provides a return of 10.15% after purchase costs of 4.5%.VAT will not be payable on this property.

  • LET TO BRITISH HEART FOUNDATION AND PRODUCING £28,700 PER ANNUM
  • VAT WILL NOT BE PAYABLE ON THE PURCHASE
  • YIELD 10.15% (AFTER ASSUMED PURCHASE COSTS OF 4.5%)
  • ENERGY PERFORMANCE ASSET RATING – APPLIED FOR

Property Brochure PDF Location Map

Schedule Of Accommodation

Ground Floor
Retail Area 101.7 sq.m (1094 sq.ft)
Area in Terms of Zone A 54.4 sq.m (585 sq.ft)

First Floor
This is owned separately and access is via Manor Road to the rear.

Lease Terms

The premises are held by British Heart Foundation under a 10 year lease from 17th June 2019 at a current passing rental of £28.500 per annum exclusive. The lease provides for an upwards only rent review upon expiry of the fifth year. The tenant is responsible for internal repairs and maintaining the shop front only and also for paying a reasonable contribution towards insuring the premises. There is a tenant only break on the 19th June 2022 and 2025.
The flat is sold under a 999 year lease from April 2013 at a ground rent of £200 per annum. The flat owner is responsible for paying a contribution towards insurance and external repairs.

Proposal

The property is being marketed seeking £270,000 which represents a return of 10.15% after purchase costs of 4.5%.

Mundic Content

The building includes an element of Mundic Block. A copy of the report is available from Miller Commercial.

Business Rates

The ground premises have a rateable value of £29,250. The charity sector sector receives substantial rate relief.

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

Vat

All the above prices/rentals are quoted exclusive of VAT, where applicable. VAT is not payable on the purchase price.

Energy Performance Certificate

The Energy Performance Certificate relating to this property is available via our website www.miller-commercial.co.uk by clicking on the property details under the property search screen. It has expired and a new has been applied for.

Contact Information

For further information or an appointment to view please contact either:-
Mike Nightingale on 01872 247008 or via email msn@miller-commercial.co.uk or
Tom Smith on 01872 247013 or via email ts@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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Mike Nightingale Partner View Profile

Contact us about this property

Call: 01872 247008
Email: msn@miller-commercial.co.uk

Property Brochure PDF