FREEHOLD INVESTMENT FOR SALE - GROUND FLOOR SHOP, 2 MARKET STRAND
Offers in the region of £90,000 sought for the freehold investment
Ground floor retail investment opportunity, subject to a new 6 year lease
Falmouth is one of the County’s leading holiday resorts with an increasingly long season. The town has a resident population of around 28,000 persons which increases considerably during the summer months. The area also has a significant student population with the main hub site for the Combined University of Cornwall located in the neighbouring town of Penryn accommodating 5,000 students.
The town has a good mix of independent and national retailers including Marks and Spencer and niche retailers such as Henri Lloyd and Seasalt.
The property is situated at the north western end of Market Strand, at the bottom of High Street. The secondary retailing area comprises a mix of independent retailers, cafes, public houses, fast food outlets and estate agencies. The property benefits from being in close proximity to the Prince of Wales Pier which ensures all year round tourist activity in this area. Public car parking is available nearby.
The ground floor premises comprise an open plan lock up shop with a storeroom and toilet facilities at a raised level to the rear. A glazed display window and a recessed entranceway front Market Strand.
ACCOMMODATION: (All dimensions and areas are approximate)
Net internal width 5.00m
Shop depth 10.08m
Sales area 44.22m² (475 ft²)
Store 6.19m² ( 67 ft²)
The first and second floors are under separate ownership and are not included within the sale of the ground floor shop premises.
Offers are sought in the region of £90,000 for freehold interest, subject to an existing lease.
The property is let to a local retailer on a 6 year internal repairing and insuring lease commencing 20th June 2014. The tenant is also responsible for the repair and decoration of the shop frontage. The passing rent is £5,200 per annum Year 1, £7,000 per annum Year 2 and £8,000 per annum Year 3. A rent review and a tenant only break option are incorporated on the third anniversary.
Rateable Value - £11,250
For further information regarding rates payable and eligibility for small business relief contact Cornwall Council – Tel. 0300 1234 171.
We understand that the property is not registered for VAT and therefore VAT will not be payable on the purchase price.
Mains electricity, metered water and drainage are connected.
We have not tested the services connected to the premises and the ingoing tenant/purchaser should carry out their own inspections.
Interested parties should satisfy themselves that their proposed use complies with the existing planning consent.
Each party will be responsible for their own respective legal costs incurred.
ENERGY EFFICIENCY RATING - C
Certificate Reference Number: 0710-0934-7069-3004-5002
Report Reference Number: 0593-0947-6040-7000-1403
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