Commercial Development for sale

Flushing Quay, Trefusis Road, Falmouth

Sold STC £1,250,000

Property Description

Key features

  • A TROPHY ASSET
  • LEISURE / INVESTMENT & DEVELOPMENT OPPORTUNITY
  • CURRENT NET INCOME 44,136 pa
  • INCOME GROWTH POTENTIAL
  • "A BEAUTIFUL SPOT"

Full description

Flushing is a coastal village that neighbours Mylor, approximately 3 miles east of Penryn, 5 miles east of Falmouth and 10 miles south of Truro. The village sits opposite Falmouth, on the Penryn River; an arm of Carrick Roads and has a gentle port feel, having been settled by the Dutch in the 17th Century, and now a very sought-after residential area.
This is an exciting opportunity to acquire one of the region's most recognisable Maritime landmarks which has been owned by the current family for more than 35 years. It is anticipated that interest will recognise the obvious appeal of securing the Quay in its current configuration and net income of £43,136 per annum or appealing to those who wish to utilise The Quay for their commercial Restaurant or own leisure purposes, as a deep-water Mooring-40 m from the Quay - is also available by transfer in the sale (rented annually from the Trefusis Estate).

Location - Flushing is situated in the Parish of Mylor, approximately 3 miles east of Penryn, 5 miles east of Falmouth and 10 miles south of Truro. The village sits on the arm of Carrick Roads, facing Falmouth, across the Penryn River, and has a gentle port feel, having been settled by a Dutch community in the 17th Century, and now a very sought-after residential area.

Opportunity - This is an exciting opportunity to acquire one of the region's most instantly recognisable Maritime landmarks which has been owned by the current family for more than 35 years. It is anticipated that interest will be high for this "once in a lifetime opportunity" as the village boasts a significant number of high value second homes, whose owners may recognise the obvious appeal of securing the Quay in its current configuration. Equally, the site may appeal to those who wish to utilise The Quay for their own leisure or commercial purposes, as a deep-water mooring - 40 metres from the Quay - is also available by transfer in the sale (rented annually from the Trefusis Estate).

Description - Flushing Quay has been in existence for over 400 years, represents a diverse investment and perhaps potential development opportunity, subject to necessary planning consents. It has a number of constituent parts, comprising:
1. The Waterside Restaurant: With 54 covers, let under a lease for a term of two years at £14,000 (Outside the security provisions of the Landlord and Tenant Act 1954) from 01.08.2017
2. 19 car parking spaces, subject to annual licence from 1 July annually at £750 per annum - £14,250 pa
3. Nine pay and display car parking spaces normally producing £2,500 pa plus.
4. Store: let to Southwest Water for 10 years from the 29 September 2010 at £2,000
5. Store: let at £1,650
6. Store: let at £1,650
7. Store: let at £1 per annum for 99 years from 10 February 1972.
8. Flushing Ferry Ltd; A lease with rights over the Quay for 999 years, expiring 28 September 3005 at a peppercorn rent.
9. Outhauls/Moorings £300 pa
10. Fisherman income: Equating to percentage of the value of the catch landed.. Current Estimate £10,500 pa

Income Summary - Fish landing Dues £9,920 (four year average)
Pay and display plus permits £16,365 (latest year)
Restaurant Lease £14,000
Other rents £5,601
Total £45,886
Expenses: maintenance (£650) insurance (£1,800) sundries (£300) £2,750
Top Line/Profit £43,136

Tenure - Freehold, subject with benefit of the agreements noted above.

Business Rates - We refer you to the government website https://www.tax.service.gov.uk/view-my-valuation/search. To find out how much business rates will be payable there is a business rates estimator service via the website. The Restaurant is currently under the threshold to pay rates and no rates are payable on the Quay.



The Quay -

Flushing -

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
All services are paid by the Restaurant

Flushing Ferry -



The Waterside Restaurant -

Price - Guide Price: £1,250,000

Vat - All the above prices/rentals are quoted exclusive of VAT, where applicable.
The asset is not registered for VAT

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



The Waterside Restaurant -

Contact Information - For further information or an appointment to view please contact Peter Heather on 01872 247007 or via email pgh@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

  • Penmere (1.1 mi)
  • Falmouth Town (1.1 mi)
  • Falmouth Docks (1.1 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

  • Penmere (1.1 mi)
  • Falmouth Town (1.1 mi)
  • Falmouth Docks (1.1 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 28133769. 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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