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Thomas Smith Head of Commercial Agency View Profile

Contact us about this property

Call: 01872 247013
Email: ts@miller-commercial.co.uk

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The Old Grist Mill, Tresooth Lane, Penryn

Investments Commercial for sale

UNDER OFFER

£485,000 Asking price

Freehold

MULTI LET INVESTMENT opportunity comprising 8 FULLY LET studios and workshops as well as a residential flat all set within a single building, recognised for its artistic and architectural features. The property provides a GROSS INCOME OF £35,883 PA, reflecting an ATTRACTIVE NET INITIAL YIELD OF 7.07% allowing for purchaser's costs of 4.64%

  • FOR SALE
  • MIXED USE INVESTMENT
  • CHARACTERFUL HISTORIC FORMER MILL IN PENRYN
  • FULLY LET TO A RANGE OF CREATIVE OCCUPIERS AND INCLUDES A LARGE RESIDENTIAL FLAT
  • EPC OF OFFICE UNIT IS G (242)
  • RESIDENTIAL FLAT HAS AN EPC OF E (50)

Property Brochure PDF Location Map

Virtual Tour

Location

A town that has grown and developed significantly over the past 10 years, Penryn is home to the Tremough Campus incorporating Falmouth Univeristy, The University of Exeter’s Cornwall campus as well as the Camborne School of Mines making Penryn a hub of creativity and a thriving local community of both students and residents that are able to commute to Falmouth, Truro and Redruth easily.

The shopping streets in Penryn are renowned for their local traders and niche producers, while Commercial Road, along the water front has attracted a range of new, contemporary coffee shops, bars and restaurants as well as a number of essential local businesses. The property is located close to the B3292, The Praze, towards the lower end of Treluswell Hill, meaning is easily accessible and the property overlooks the popular Trelawney Park with children’s recreation area.

Description

The property is a former watermill of granite construction and extends to 4 floors. The property is well known locally due to its connection with local metal work artist Michael Chaikin and the building still boasts many artistic features by the artist himself. During his ownership, the property won an architectural award from Cornish Building Group in 2004. The property still shows signs of its former use as a mill with the remains of a leat and a covered pit for the water wheel.

The property now comprises a mixture of studio and work shop suites as well as spacious four bedroom flat with large open plan living area and a feature metal staircase leading to the bedrooms on the upper most floor. There is space for 2 to 3 cars to park outside the property.

Schedule Of Accomodation

Main Studio – 672 sq ft (62.44 sq m)
Studio 1 – 115 sq ft (10.7 sq m)
Studio 2 – 121 sq ft (11.28 sq m)
Studio 3 – 183 sq ft (16.96 sq m)
Studio 4 – 228 sq ft (21.18 sq m)
Studio 5 – 234 sq ft (21.7 sq m)
Studio 6 – ????????
Studio 7 – 213 sq ft (19.79 sq m)
Garage – 386 sq ft (35.86 sq m)
Residential flat – not measured
TOTAL – 2,152 SQ FT (199.91 SQ M)

Schedule Of Income

Studio 1 – £1,620 pa
Studio 2 – £1,620 pa
Studio 3 – £2,400 pa
Studio 4 – £3,180 pa
Studio 5 – £960 pa
Garage unit – £2,223 pa
Studio 7 – £1,680 pa
large studio – £6,000 pa
Residential flat – £16,200 pa
TOTAL £35,883 pa

Tenure

The property is to be sold freehold

Asking Price

The property is available for sale at a price of £485,000 excl reflecting an attractive net initial yield of 7.07% assuming purchaser’s costs of £4.64%

Business Rates

Each of the eight studios as well as the garage are independently rated and we understand all could benefit from small business rates relief. We refer you to the government website https://www.tax.service.gov.uk/view-my-valuation/search for further information.

Legal Costs

Both parties to be responsible for their own legal costs in association with thisn transaction.

Vat

All the above prices/rentals are quoted exclusive of VAT, where applicable.

Energy Performance Certificate

Given the nature of the workshops, we have been advised that an Energy Performance Certificate is not required for those units. The EPC of the office unit is “G” (242). The Energy Performance Rating for the flat is E (50).

Contact Information

For further information or an appointment to view please contact:
Tom Smith on 01872 247013 or via email ts@miller-commercial.co.uk or
Thomas Hewitt on 01872 247025 or via email th@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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Thomas Smith Head of Commercial Agency View Profile

Contact us about this property

Call: 01872 247013
Email: ts@miller-commercial.co.uk

Property Brochure PDF