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Commercial Development for sale

Investment Premises, New Portreath Road, Redruth, Cornwall

Offers Over £130,000
3,303 sq. ft.

Property Description

Commercial information

  • Use class orders: A1 Shops

Key features

  • CLOSE TO A30

Full description

The property is located 3 miles from Redruth and 2 miles from Portreath and is easily accessible from the A30. It comprises a parcel of land 0.39 acres which includes two buildings. The first larger building currently operates as a Vintage Home and Fashion Centre with accompanying Tea Rooms. The second building is currently used as storage and workshop facilities. Both premises are let to the same occupiers on full repairing and insuring leases for a term of six years from July 2014 at a combined passing rental of £14,000. Offers are sought over £130,000 for the premises which represents a return of 10.61% after assumed purchase costs of 1.5%. VAT is not payable on the purchase which should be below the stamp duty threshold.

Location - Situated approximately 3 miles from Redruth and 2 miles from Portreath, the property is easily accessible from the A30 trunk road on the New Portreath Road.

Property - The premises comprise a site of approximately 0.39 acre which includes two buildings of concrete block construction. They are currently traded as a Vintage Home and Fashion Centre with Tea Room. The larger building is used for retail purposes whereas the smaller building is utilised as ancillary storage and workshop facilities. The premises benefit from kitchen, store, WC facilities and parking for at least 20 vehicles.

Schedule Of Accommodation - All areas and measurements approximate:
Building 1
Five Retail Areas have been created totalling 2253 sq.ft (209.3 sq.m). These premises include two wc's and a kitchen which serves the cafe.
Building 2
A workshop/storage building which includes a kitchen and wc totals 97.6 sq.m (1050 sq.ft)

Tenure/Lease Terms - The premises are offered on a freehold basis subject to and with the benefit of the existing leases.
The buildings are let on two leases to the same occupier. They are let under 6 year leases from July 2014 on full repairing and insuring terms. The rental for Building 1 is £9,000 per annum and Building 2 £5,000 per annum.

Proposal - Offers are sought in excess of £130,000 which provides a net initial yield of 10.61% assuming 1.5% purchase costs. This is below the stamp duty threshold and VAT is not payable on the purchase price.

Legal Costs - Each Party to bear their own.

Services - 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

Local Authority - Cornwall Council
General Enquiries 0300-1234-100
Planning 0300-1234-151

Energy Performance Certificate - The Energy Performance Rating for both buildings is within Band E.

Business Rates - We refer you to the valuation office website or call 0300-1234-171

Contact Information - For further information or an appointment to view please contact either:-
Mike Nightingale on 01872 247008 or via email or
Peter Heather on 01872 247007 or via email

PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate.

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] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] 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.

VIEWING: Strictly by prior appointment through Miller Commercial.

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