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Retail Property (high street) for sale

Bank Street, Newquay

£695,000

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 £62,000 representing an approximate Gross return of 8.9%

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 - 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 - 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 - Ground floor entrance, first floor restaurant/kitchens and second floor 3 bedroom flat. Let to patisserie from March 2017 at £22,000 pa on new 7 year lease
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 Trespass & the patisserie

Services - Mains, water, electricity, gas and telephones, all paid by tenants.
R.V (all paid by the tenants)
54 Bank Street - £10,750
52 Bank Street - £24,250
46-50 Bank Street - £42,250

EPC not applicable

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




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