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Commercial Development for sale

Investment Opportunity, 53, Causewayhead, Penzance, Cornwall

27,001 sq. ft. | £420,000

Property Description

Commercial information

  • 27,001 sq ft (2,508 sq m)

Key features

  • MIXED INVESTMENT OPPORTUNITY
  • GROSS ANNUAL INCOME OF 32,020
  • 50% RETAIL 50% RESIDENTIAL
  • ENERGY ASSET RATING (C)

Full description

Mixed Freehold investment premises located in the pedestrianised shopping precinct of Causewayhead. The ground floor shop benefits from A1 retail use trading as an office supplier and stationer. Above this there are three residential units, to the front a one-bedroom flat and first floor and another at second floor level. To the rear there is a studio flat at first floor level, all have independent access from a side door off Causewayhead and there are no internal common areas.

Location - Penzance is the regional centre of West Cornwall. This attractive town stands on the south facing shores of Mounts Bay. The bay itself is dominated by the granite heights of St Michaels Mount. As well as being a thriving holiday location, Penzance is also a town in its own right and has the full range of facilities to meet the needs of the local inhabitants.

Penzance is an ancient market town which has kept much of its character and originality. Its location, close to a multitude of attractions makes it an exciting holiday base. The chief shopping areas are Market Jew Street with its raised granite walkway and Causeway Head a pedestrian precinct.

Premises - A mixed Freehold investment property located in the pedestrianised shopping precinct of Causewayhead. The ground floor shop benefits from A1 retail use trading as an office supplier and stationer. Above this there are three residential units, to the front a one-bedroom flat at first floor and another at second floor level. To the rear there is a studio flat at first floor level, all have independent access from a side door off Causewayhead and there are no internal common areas.

Schedule Of Accommodation - (All areas and dimensions are approximate)
Ground Floor Retail Unit - 98.6sqm (1,062sqft)
Flat A - Approx. 56sqm (600sqft)
Flat B - Approx. 56sqm (600sqft)
Flat C - Approx. 46sqm (500sqft)

Schedule Of Income - Ground Floor - £16,000PAX (7-Year Lease)
Flat A - £5,760pa (on a 6-month AST)
Flat B - £5,760pa (on a 6-month AST)
Flat C - £4,500pa (on a 6-month AST)
Total - £32,020 (Gross Income)

Tenure - Freehold subject to the following leases:
Ground Floor - 7-year term to expire 14th November 2017 with Rent Review 15th November 2014. A copy of the lease is available upon request.

The residential units are subject to 6-month Assured Shorthold Tenancy Agreements.

Legal Costs - Each party to bear their own legal costs in connection with the transaction.

Energy Performance Certificate - The Energy Performance Rating for this property is within Band (C)

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

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

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

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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