Located in the heart of Falmouth town centre, on the south coast of Cornwall, the property commands an enviable position, overlooking the harbour and located adjacent to the largest town centre car park at Fish Strand Quay. Nearby retailers include Seasalt, Fat Face, Ann’s Cottage, Moshulu, Joules and Henri Lloyd as well as a range of local pubs, restaurants, bars and cafes. Falmouth’s reputation as a destination and place to work has soared in recent years with the expansion of the university campus and has recently been voted best coastal town in Britain.
The property comprises a retail unit on the ground floor, with a basement store, and two upper floors, accessed separately with each floor benefitting from two separate office rooms. Communal WCs to the upper floors are on the 2nd floor. The first floor office suites have recently benefitted from a refurbishment to include new carpet, new electrics and data points and new lighting. The common parts have recently been redecorated and the electrics of the building have been overhauled to provide separate electricity meters for each demise. The property overlooks Falmouth Harbour with wonderful views over the estuary towards Flushing and St Mawes.
Schedule Of Areas
The property comprises the following net internal floor areas:
Ground floor retail – 535 sq ft (49.75 sq m) / 391 sq ft ITZA
Basement store – 113 sq ft (10.5 sq m)
First floor office – 239 sq ft (22.5 sq m)
First floor office – 243 sq ft (22.5 sq m)
Second floor office – 252 sq ft (23.4 Sq m)
Second floor office – 185 sq ft (17.2 Sq m)
TOTAL – 1,568 sq ft (145.6 sq m)
We are offering the freehold interest, with the benefit of the existing tenancies at a price of £535,000, which reflects a Net Initial Yield of 7.05% which will increase to a minimum 7.4% in 2 years’ time (subject to stepped rents and RPI increases) assuming purchaser’s costs of 5.04%.
The property is fully let on proportional FRI leases and each lease is subject to a service charge which covers external maintenance and repair and the internal repair, maintenance and re-decoration of the common parts and WCs. All leases benefit from security of tenure under the 1954 Landlord and Tenant Act.
Tenancies as follows:
Ground floor: let for 10 years for a term to expire 5th June 2027, subject to a Tenant only break option on 5th June 2022. There is an upwards only rent review to the market rent on the fifth anniversary of the term. The passing rent is £21,000 from 6th June 2018 and increases annually by £1,000 pa until June 2020 to a rent of £23,000 pa reflecting a current Zone A rent of £53.50 psf. The lease is held by The Valley Trading Post Ltd, trading as Beach Bomb, guaranteed by Ms Mandy Brown. A £10,000 rent deposit is held against the lease.
First Floor: Both first floor offices are let to Outlook SW Ltd, the sole provider of psychological therapy services for the NHS in Cornwall and the Isles of Scilly. The lease is for a term to expire on 10th April 2024, subject to Tenant only break options on the 2nd and 4th anniversaries of the term. The lease is subject to rent reviews coinciding with the break options to be reviewed upwards only in line with RPI. The passing rent is £9,000 pa.
Second floor: The upper floor is let to Mr Jason Ling, who has been in occupation of the building for in excess of 8 years, for a term to expire on 5th June 2027, subject to a Tenant option to break on 5th June 2022 at a passing rent of £9,600 pa. The lease is subject to a rent review on the 5th anniversary of the term to be in line with RPI. Jason Ling is an award winning tattoo artist with a strong and loyal following in the region.
Each party to bear their own costs incurred in the transaction.
The property is elected for VAT and as such, the above price is quoted exclusive of VAT.
The Energy Performance Rating for this property is “E” – 115.
For further information and to arrange a viewing please contact sole agents, Miller Commercial:
Thomas Smith- 01872 247013 – firstname.lastname@example.org
Jeremy Johnson – 01872 247291 – email@example.com
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.