The property comprises a single storey lock up retail unit, situated on New Bridge Street, Truro and sits aside the bridge over the River Kenwyn fronting New Bridge Street, and a pedestrian walkway to Old Bridge Street and car park. The property is utilised as a hairdressing salon and is to be let under a new five year lease from completion of the sale to be in name of Taylor Cole Ltd at £8,250 for first three years and increasing to £9,120 for years four and five. The lease is outside the security of tenure provisions of the Landlord and Tenant Act 1954.
Truro is situated in the former district of Carrick and has a resident population of over 20,000 people. It is connected to the rest of the County via the A390 leading to the A38 and A30 trunk roads, the latter being the main road through the County connecting to the national motorway network at Exeter.The subject property is situated on New Bridge Street, a busy tertiary retail location, situated a short distance from the city centre.
The investment comprises a single storey lock up retail unit which sits to the side of the bridge crossing the River Allen, on New Bridge Street, Truro. Internally, the property comprises a small hair salon, with a stock room/kitchen area and WC. Note: The property has been used as a hairdressing salon for the last couple of decades. This tenant has been in occupation since 2019.
SCHEDULE OF ACCOMMODATION::
The hairdressing salon comprises a total area of circa 25.6 m (275 ft)Stock room 3.98 m (43 ft)WC and wash hand basin.
TENURE AND BASIS OF SALE:
The property is held freehold within a SIPP and is available either within or outside a SIPP.The property is to be held under a lease to Taylor Cole Ltd on full repairing and insuring terms for a term of five years from the completion of the sale at a rent of £8,520 per annum for the first three years, increasing to £9,120 for the fourth and fifth years. The security of tenure provisions of the landlord and tenant act 1954 are excluded for the purposes of this lease.
PRICE:Offers are sought in excess of £90,000 for this property.The average gross yield over the term of the five year lease is 9.56%
LEGAL COSTS:Each party to bear their own.
Our client advises that this property is not elected or subject to VAT.
SERVICES Prospective owners should make their own enquiries of the appropriate statutory undertakers:Western Power: 0845 601 2989South West Water: 0800 169 1144Transco: 0800 111 999
ENERGY PERFORMANCE CERTIFICATE: The Energy Performance Rating for this property is EXEMPT
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 is £4,250
CONTACT INFORMATION: For further information or an appointment to view please contact either:-
Peter Heather on 01872 247007
VIEWING: Strictly by prior appointment through Miller Commercial.
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