Newquay

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RETAIL INVESTMENT FOR SALE - 40 BANK STREET, NEWQUAY TR7 1AX

£350,000 sought for the freehold.

Retail unit situated at the corner of Bank Street and Cheltenham Place and comprising end of terrace building arranged on three floors.

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 23,613 (2021 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 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 photographer and media company. 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 studio, kitchen/staff room and toilet. The second floor comprises four storage 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 6 years from 17th February 2022. The rent is £27,500 per annum payable quarterly in advance. The lease is drafted on full repairing and insuring terms subject to a pictorial schedule of condition and was subject to a tenant’s option to break on the third anniversary which was not implemented.

TERMS:
£350,000 is sought for the freehold interest, subject to the existing lease.

RATES:
Rateable Value - £27,000 (2023 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

SERVICES:
We have not tested the services connected to the premises.

LEGAL COSTS:
Each party to be responsible for their own legal fees.

VIEWING:
By appointment through sole agent Charterwood on (01872) 261216.
Contact Stuart Sly or Rosie Brenton.

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