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Commercial Property for sale

Chapel Street, Cornwall, TR14

Sold STC £425,000

Property Description

Key features

  • A Freehold Town Centre Bank Investment Property, Let to Barclays Bank Plc,
  • with two floors of vacant offices above having the benefit of planning permission for conversion to four Apartments
  • Current Rental Income: 28,000 pa.
  • EPC Rating: D.

Full description

Sold at auction on Thursday 15th February 2018 at Birmingham Auction for £415,000.

A Freehold Town Centre Bank Investment Property, Let to Barclays Bank Plc, with two floors of vacant offices above having the benefit of planning permission for conversion to four Apartments
Current Rental Income: £28,000 pa.

The property comprises an attractive and prominent three storey bank premises with vacant offices on the upper floors, of local stone construction with a slate mansard style roof.

Internally the property is divided to provide a modern bank facility, briefly comprising banking hall, cashiers area, three partitioned interview rooms and a further open plan office/interview area off the main banking hall. There is also a back office, plant room, staff room, kitchen together with male and female WCs. On the lower ground floor is the strong room.

The upper floors which are self-contained and have a separate front door access briefly comprise on the first floor eight former offices, three stores and WCs, whilst on the second floor there are two further former offices.


Location

The property occupies a prominent corner position within the heart of Camborne Town Centre, fronting Chapel Street and being just off Commercial Square.

The property is situated within a mix of local retailers, professional offices and other commercial users. Nearby occupiers include Natwest Bank, WH Smith, Superdrug, William Hill, Subway and the Card Factory.

Camborne is located in west Cornwall and has a population of 20,845 (2011 Census), the neighbouring town of Redruth lies approximately 3 miles to the east.


Tenure

We understand that the property is Freehold.

The ground floor is subject to a Lease to Barclays Bank Plc, for a term of 20 years with effect from 25th April 2007, having approximately 9 years unexpired and with a Tenant Option to break in 2022. The current rent is £28,000 per annum and there is provision for a rent review on the 25th March 2019. Further details and a copy of the Lease will be available for inspection within the legal pack.

The upper floors will be available with vacant possession upon completion.


Town Planning

The property benefits from conditional planning permission for conversion of offices into 4 flats, application number PA10/08623 granted by Cornwall Council, dated 15th February 2011.

We understand that by way of an Extension of Planning Permission ref: BC11/01220/DOMFPP, Building Control Services within Cornwall Council have recorded a building control date of 16th January 2014. Therefore it appears that the project started prior to the expiry date and will remain valid until completion.

All interested parties are advised to make their own enquiries of the Planning Department within Cornwall Council. Copies of all planning documentation and drawings will be available for inspection within the legal pack.


Value Added Tax

We understand that VAT is not chargeable on this transaction. All interested parties are advised to refer to the Special Conditions of Sale within the legal pack.


Viewings

Strictly by arrangement with the Auctioneers.


Joint Agent

Mark Painter


Tenure
Freehold

Conditions of Sale

The Conditions of Sale will be deposited at the offices of the auctioneers and vendors solicitors/licensed conveyancers prior to the auction and the purchaser shall be deemed to have knowledge of same whether inspected or not. Any questions relating to them must be raised prior to the auction. Prospective purchasers are advised to check with the auctioneers before the sale that the property is neither sold nor withdrawn.

The purchaser will also be deemed to have read and understood the auction conduct notes printed within the sale catalogue.


*Guide Prices and Reserve Prices

*Guide Prices and Reserve Prices
Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, would ordinarily be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction. For a full definition of Guide Price and Reserve Price go to www.sdlauctions.co.uk


Energy Performance Certificates

EPCs can be viewed in full on our website www.sdlauctions.co.uk on the sales details page or in the legal pack.


Note

Prospective purchasers will need to register within the auction room before the sale commences. Two items of identity will be required together with an indication of how a contractual deposit will be paid. We do not take cash or credit card deposits.

The sale of each lot is subject to a buyer's fee of £1074 (inc VAT) payable on the fall of the hammer.


Auction Fees

The purchase of this property may include associated fees not listed here. Any additional fees will be confirmed in the legal pack which can be downloaded from our website, www.sdlauctions.co.uk or to find out more about any additional fees associated with this property please contact the auction office.



Map & Street View

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*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.

Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”

Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call SDL Auctions Bigwood, Birmingham on 0121 233 5046.


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