- RETAIL AND GROUND RENT INVESTMENT OPPORTUNITY
- CORNWALL HOSPICE CARE.
- FLATS SOLD OFF
- YARD FOR PARKING
- PRODUCING £9,440 PER ANNUM.
- ADJACENT TO CO-OP
- ON STREET PARKING
This investment has been re-developed by Excel Properties in 2008 and then acquired by our client in 2010, It comprises a substantial shop let to Cornwall Hospice Care, (and four flats which were all sold off on 199 year leases from 2008) The property also has a good sized rear car park / yard for 4 vehicles – allocated to the flats. Cornwall Hospice Care who have been in occupation for many years and are the only charity shop in St Columb. The shop provides the principal rental income£8,220 from 07.07.2022 rising to £8640 for the final two years of the current lease, and the flats pay a ground rent of £200 per annum each totalling £800 per annum. Total rent – £9,440 per annum. The property is easily managed with each occupation paying a fair proportion to the costs of maintaining the exterior/common parts and buildings insurance.
The town of St Columb Major is situated close to the North Cornish coast and affords easy access to Newquay, Newquay Airport, Wadebridge and the A30 which is main route through the County. The town is a real gem and has arguably some of the most Architecturally interesting buildings within the region together with a beautiful church almost adjacent, and has seen investment through housing developments in recent years.
PROPERTY: This investment is a substantial property that has been re-developed by Excel Properties in 2008 and then acquired by our client in 2010, who now wish to sell for retirement purposes. It comprises a substantial shop let to Cornwall Hospice Care, (and four flats which were all sold off on 199 year leases from 2008) and are all either owned and occupied privately, or let out as investments using professional letting agencies. The property also has a good sized rear car park / yard for 4 vehicles – allocated to the flats. A further lease in favour of the CO-OP for 125 year from 01.02.2006 is in place. There is no rent, and this provides access to their adjoining unit. The rear of the property is due to be repainted this summer as routine maintenance.
The shop is let to Cornwall Hospice Care who have been in occupation for many years and are the only charity shop in St Columb. The property is well maintained with each occupancy having separate utilities.The shop provides the principal rental income £8,220 from 07.07.2022 rising to £8640 for the final two years of the current lease, and the flats pay a ground rent of £200 per annum each totalling £800 per annum.Total rent – £9,440 per annum.The property is easily managed with each occupation paying a fair proportion to the costs of maintaining the exterior/common parts and buildings insurance.
The shop is essentially rectangular in shape having a wide frontage to the street which has plenty of on street parking. Width: 12.4m x Depth: 6.0, Totalling 74.5 sqm (800 sqft)Flat 1;-two bedroomsFlat 2;-two bedroomsFlat 3;-two bedroomsApartment 4;-three bedrooms
LOCAL AUTHORITY: Cornwall Council
General Enquiries 0300-1234-100
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
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 £8700.
ENERGY PERFORMANCE CERTIFICATE: The Energy Performance Rating for this property is X (NN).
TENURE AND PRICE: FreeholdGuide Price: £100,000. This Guide Price represents a gross yield of 9.44% based off the income for the latter two years of the lease totalling £9,440.
NOTE: The property is registered at Land Registry under Title Number CL208760 with Possessory Title. In the event of re-marketing the shop for other commercial uses, rather than conversion to residential subject to planning, please further note the following restrictions of use/prohibited uses noted following the sale by CO-OP previously: a) Use as a retail sale or retail supply of food (excluding use as a restaurant and/or as a hot food takeaway) b)The sale of alcoholic drinks c)Use as a supermarket d) Use as a convenience store e) Use as a freezer centre; or f) Use as a funeral parlour or for any other purpose connected with that of an undertaker. NOTE: Our Client, pursuant to section 5 of the Landlord and Tenant Act 1987, has advised that they have served section 5 notices on the occupational tenants of the property offering them a first right of refusal for the purchase of the freehold, and that they have confirmed that they are not interested in the purchase.CONTACT INFORMATION:
For further information or an appointment to view please contact :-
Peter Heather on 01872 247007
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