Newquay

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RETAIL INVESTMENT FOR SALE - 40 BANK STREET, NEWQUAY

£400,000 is sought for the freehold.

Retail property situated at the corner of Bank Street and Cheltenham Place at the edge of the pedestrianized section of Bank Street.

LOCATION:
Newquay is located on the North Cornwall coast and is one of the most popular holiday resorts and surfing centres within the Country. The town has a resident population of 20,342 (2011 Census) which increases significantly during the tourist season. A large amount of residential development on the edge of the town is also underway which will increase the resident population. The town has a good range of national, regional and local retailers, banks, restaurants and public houses.

SITUATION:
The property is situated at the corner of Bank Street and Cheltenham Place at the edge of the pedestrianised section of Bank Street. The property occupies a prime retailing position and nearby occupiers include Costa Coffee, Specsavers, Superdry Clothing and W H Smith.

DESCRIPTION:
The property comprises an end of terrace building arranged on three floors. The ground floor has a shop front facing Bank Street and a return frontage onto Cheltenham Place. The property is occupied by a shoe retailer. The ground floor comprises a retail unit with a raised sales area to the rear and a small ground floor store. The first floor comprises a storage area, kitchen/staff room and toilet. The second floor is unused and comprises four rooms and a toilet.

ACCOMMODATION: (all dimensions and areas are approximate)
Ground Floor
Internal width 6.30 m
Shop depth 13.10 m
Sales area 72.68 m²
Store 11.06 m²

First Floor
Store/staff 65.52 m²
WC

Second Floor
Stores 55.76 m²
WC

LEASE TERMS:
The lease is for 10 years from 10th May 2011 and was subject to a five year review. The rent is £27,500 per annum. The lease is drafted on full repairing and insuring terms and was subject to a tenant’s option to break on the third anniversary which was not implemented. The lease is held by Goodenough (St Austell) Limited who are an established local shoe retailer trading as Clarks Shoes with eight shops throughout Cornwall and Devon.

TERMS:
£400,000 is sought for the freehold interest, subject to the existing lease.

RATES:
Rateable Value - £31,500 (2017 List)

ENERGY PREFORMANCE CERTIFICATE:

THIS PROPERTY HAS A RATING OF 75

Certificate Reference Number: 0270-1927-0378-1110-6010
Report Reference Number: 9111-4017-0287-0600-1721

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