Commercial Development for sale

108 A, B and C, Kenwyn Street, Truro

Sold STC £220,000

Property Description

Key features

  • CITY CENTRE RETAIL INVESTMENT
  • YIELD OF CIRCA 8%
  • TWO SHOPS
  • FLAT ALSO AVAILABLE 105,000
  • POPULAR SHOPPING AREA
  • EPC B, D AND G - SEE OVER

Full description

This property investment comprises two lock up shops producing £18,350 per annum and offering a net initial yield of circa 8%. The investment is a simple building and includes the very well known and long established Acorn Records, together with VAPE HQ (VAPE now occupy in the place of 108 Coffee who have relocated to the adjoining property),
NB. If required, we are also instructed to sell the first floor flat which is Let under an AST - see below.

The property may appeal to a range of local investors.

Location - 108 Kenwyn Street sits just off Victoria Square and is in a popular trading position, set amongst niche retailers, restaurants, jewellers and a short walk from the museum and City centre. The property is close to the bus stop for the park and ride and within a short walk of the main line railway station.

Description - This property investment comprises two lock up shops producing £18,350 per annum and offering a net initial yield of circa 8%. The investment is a simple building and includes the very well known and long established Acorn Records, together with VAPE HQ (VAPE now occupy in the place of 108 Coffee who have relocated to the adjoining property),
NB. If required, we are also instructed to sell the first floor flat - see below.

The property may appeal to a range of local investors.

Accommodation - 108 (A) Acorn Records. This unit has a net frontage of 3.05 m and a total depth of 10.13 m. The shop has a total net internal area of approximately 23.71 sq m (255 sq ft.) together with WC and wash hand basin facilities.
108 (C) VAPE HQ. This unit has a net internal width of 4.47 m and a shop depth of 6.09 m. The shop has a total net internal area of approximately 30.96 sq m (333 sq ft) together with WC and wash hand basin facilities.

Residential Flat. See below. Comprising a bedroom, lounge, kitchen, shower room and separate WC and wash basin.

Tenancies - 108 (A). Let to Robert Dennis (trading as Acorn Records) for 20 years from 25/03/01 on proportional full repairing and insuring terms (21%).
108 (C) Let to VAPE HQ Truro Limited for six years from 24/11/17 on proportional full repairing and insuring terms (39%).
The independently accessible first floor flat was sold under a 125 year lease from 24/06/15 on proportional full repairing and insuring terms (50%).
The Flat is let under an AST at £595pcm (£7,140 pa)

Rental Income Summary - Shop A: Current rent is £7,750 per annum
Shop C: Current rent is £10,500 per annum
Flat B: Current ground rent is £100 per annum (subject to RPI increase on the 10th anniversary)
Total Rent: £18,350 per annum

Flat - £595 pcm - £7,140 pa.

Price And Yield - Price for the FREEHOLD with the benefit of the income from the two shops and ground rent of the flat - £220,000. This shows a net initial yield of 7.96% after allowing for all purchasers normal costs of acquisition.

Price for the FLAT LONG LEASEHOLD is a set price of £105,000

General Information - 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 108 A is within Band D with a specific score of 86.
The Energy Performance Rating for 108 B-the flat- is within Band G with a specific score of 19.
The Energy Performance Rating for 108 C is within Band D with a specific score of 75.
The EPC for the flat is below Band E. An exemption has been registered on the basis of required costs V benefit for the style of building.

Legal Costs - Each party to bear their own.

Business Rates - We refer you to the government website https://www.tax.service.gov.uk/view-my-valuation/search which shows the current rateable value.

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.

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
Thomas Hewitt on 01872 247025 or via email th@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 (0.4 mi)
  • Perranwell (4.2 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 (0.4 mi)
  • Perranwell (4.2 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 28132182. 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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