Retail Property (high street) for sale

Bank Street, Newquay

£700,000

Property Description

Full description

An investment or redevelopment property in the main street of Newquay Town Centre. Comprising 3 shops, first floor restaurant, 3 bedroom flat and rear parking.
Annual income of £60,500 representing Gross return on 8.6%

BUSINESSES NOT AFFECTED

The current annual income is £60,500 (exclusive) which equates to an 8.6% gross return on the investment.
The 3 properties are all on secure maintenance and insuring leases, 2 of which have regular rent reviews.
The property forms part of the main Newquay shopping centre less than 100 yards from the pedestrianised area.
The property is suitable for redevelopment, subject to planning, which could increase the amount of shops with flats over.

Unit 1, 54 Bank Street, Newquay, Tr7 1Ax - Lock up shop occupied by tobacconists on a 12 year lease from 21st March 2011 within the Landlord and Tenant Act on a full maintenance and insuring lease with 4 yearly rent reviews, at the passing rental of £9000 p.a (exclusive).
Retail shop floor area (average): 15.04 sqm
Rear stores: 8.8 sqm

Unit 2, 46-50 Bank Street, Newquay, Tr7 1Ax - Lock up ground floor shop with store rooms and offices on the first floor occupied by Trespass Ltd on a new maintenance and insuring 5 year lease from March 2016 (no rent reviews) at the passing annual rental of £31,000 (exclusive).
Shop floor areas (average): 102.29 sqm
Stores & offices (ground and first floors): 121.79 sqm

Unit 3, The Shack, 46-50 Bank Street, Newquay, Tr7 - Ground floor entrance, first floor restaurant/kitchens and second floor 3 bedroom flat. Now vacant. Formerly let on a long secure lease at £18,500 PA.
Ground floor area: 17.7 sqm
Restaurant and kitchens: 175.50 sqm
Second floor flat: 147.16 sqm

Exterior - Rear car park accessed off Towan Road jointly used within the leases by Spalls and The Shack

Services - Mains, water, electricity, gas and telephones, all paid by tenants.
R.V (all paid by the tenants)
Spalls £42,250
The Shack £24,250
Tobacconist £10,750

EPC not applicable

Viewings - Appointments to view must be made through Start & Co in view of the leases.




More information from this agent

Nearest stations

  • Newquay (0.4 mi)
  • Quintrell Downs (2.5 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Start & Co, Newquay

25 Cliff Road, Newquay, TR7 2NE

01637 470007 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Newquay (0.4 mi)
  • Quintrell Downs (2.5 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Start & Co, Newquay

25 Cliff Road, Newquay, TR7 2NE

01637 470007 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 26516968. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Start & Co, Newquay. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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