Residential Development for sale

Assay House, James Place, Truro, Cornwall

Guide Price £330,000

Property Description

Key features

  • RESIDENTIAL INVESTMENT WITH GROWTH POTENTIAL
  • SUBSTANTIAL DETACHED BUILDING COMPRISING THREE SELF-CONTAINED FLATS, PLUS 5 X PARKING
  • CENTRAL TRURO
  • GARAGES SEPARATE.
  • IDEAL FOR RESIDENTIAL LETTING MARKET
  • ENERGY PERFORMANCE ASSET RATING BAND E/F

Full description

A substantial detached building with plenty of parking (which may offer additional letting income) and arranged as three independently accessed flats on three floors, right in the heart of Truro. All flats are let on Assured Shorthold Tenancies totalling £20,100 pa. We feel that the accommodation, whilst reasonable, with some improvements would generate better rental returns, and that this is an excellent investment opportunity. The ground and first floor flats are very spacious, comprising circa 55 SqM each. Garages available by separate negotiation.

Overview - A substantial detached building with plenty of parking (which may offer additional letting income) and arranged as three independently accessed flats on three floors, right in the heart of Truro. All flats are let on Assured Shorthold Tenancies totalling £20,100 pa. We feel that the accommodation, whilst reasonable, with some improvements would generate better rental returns, especially the first floor flat which is under rented, and should command an additional £1,200pa, and that this is an excellent investment opportunity. The ground and first floor flats are very spacious, comprising circa 55 SqM each. We recommend viewing. Adjoining garages available separately.

Location - The city of Truro has an excellent range of shopping facilities with many of the national multiples, a historic Cathedral, several private and state schools and main line railway station with direct connection to London Paddington. The Hall For Cornwall offers a varied program of entertainment. The property is in a secluded road a short distance behind the "Trafalgar Garage".

The Property - Assay House is detached, substantially constructed and features brick elevations under a hipped slate roof with PVC double glazed windows. The property provides independent access to each of the three flats, and offers a total of five car parking spaces. The flat on the lower ground floor offers limited floor space due to the split level nature of the building.
The two adjacent garages are also available by separate negotiation and are held on their own Title Deeds. They currently provide a joint income of £2,400 pa and may be suitable for development subject to planning.

Schedule Of Accommodation - (All measurements and dimensions are approximate)

Flat 1 - Upper Ground Floor - Let on an AST at £675pcm. Lobby, leading through to hallway with airing cupboard - hot water cylinder with immersion heaters. Sitting room,10'7" x 8'9" (3.23 x 2.67). Myson heater. TV aerial point. Kitchen,8'10" x 8'5" (2.69 x 2.57). With a range of base cupboards, matching wall mounted cupboards, sink and drainer inset. Gas fired central heating boiler. Bedroom 1. 11'0" x 9'6" (3.35 x 2.90). Bedroom 2. .9'0" x 8'0" (2.74 x 2.44). Bedroom 3. 8'0" x 7'6" (2.44 x 2.29). Bathroom. Bath with shower, WHB and WC.

Flat 2 - First Floor - Let on an AST at £600pcm. Entrance hall leading to lounge 20'0" (6.10 x 2.74). Dual aspect room to the front and rear. Kitchen.9'9" x 7'9" (2.97 x 2.36). Window to the rear elevation, fitted base and wall units incorporating a one and a half bowl stainless steel sink unit and drainer. Gas central heating boiler. Bedroom 1. 9'9" x 8'6" (2.97 x 2.59). Bedroom 2. 10'4" x 7'2" (3.15 x 2.18). Bathroom. White bath with electric shower over, tiled surround and glazed shower screen. Pedestal wash basin. Separate WC.

Flat 3 - Lower Ground Floor - Let on an AST at £400pcm. This flat is only suitable for single occupancy and briefly comprises sitting room, kitchenette, bedroom and shower room.

Income - The flats currently generate an income of £20,100 and as noted above, should be £21,000 pa. We consider more would be reasonable following a modest upgrade, and separate lettings of surplus car parking spaces; would result in an increased income of in the region of £23/24,000 per annum, which would produce a yield of circa 7%.
The garages are let at £1,200 pa each and not included in this calculation.

Price - Offers are sought at £330,000 for the flats or £375,000 to include the garages.

Outside - To the front of the building is a tarmac parking area with space for up to 5 cars and to the rear is a gravelled yard area suitable for drying clothes or sitting out.

Legal Costs - Each party is to bear their own reasonably incurred legal fees

Local Authority - Cornwall Council
General Enquiries 0300-1234-100
Planning 0300-1234-151
www.cornwall.gov.uk

Energy Performance Certificate - The Energy Performance Rating for this property is within Band E/F.

Business Rates - We refer you to the valuation office website www.voa.gov.uk or call 0300-1234-171.

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

Vat - All the above prices/rentals are quoted exclusive of VAT, where applicable.

Contact Information - For further information or an appointment to view please contact either:-
Peter Heather on 01872 247007 or via email pgh@miller-commercial.co.uk or
Will Attlee on 01872 247004 or via email wa@miller-commercial.co.uk

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.


More information from this agent

Energy Performance Certificates (EPCs)

Nearest stations

  • Truro (1.2 mi)
  • Perranwell (4.9 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Miller Commercial, Truro

Mansion House Princes Street, Truro, TR1 2RF

01872 490012 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

  • Truro (1.2 mi)
  • Perranwell (4.9 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Miller Commercial, Truro

Mansion House Princes Street, Truro, TR1 2RF

01872 490012 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 25647504. 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 Miller Commercial, Truro. 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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