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INVESTMENT OPPORTUNITY FOR SALE - PROMINENTLY LOCATED SHOP WITH TWO LARGE MAISONETTES - 4/5 MARKET STREET
Producing £42,400 p.a. increasing to £45,400 p.a. by December 2019 |
The premises are prominently positioned at the commencement of Market Street, comprising excellently presented open plan retail accommodation and two self-contained terraced houses
LOCATION:
Falmouth is one of the County’s leading holiday resorts with an increasingly long season, situated approximately 12 miles south west of Truro. The town has a resident population of around 28,000 persons which increases considerably during the summer months, partly due to its strong maritime history which makes Falmouth a very popular venue for yachting and dinghy racing events. 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 Falmouth For Business website reports Falmouth to have the lowest empty retail unit rate, at 6%, throughout the South West. The town has a good mix of independent and national retailers including Marks and Spencer and niche retailers such as Henri Lloyd and Seasalt.
SITUATION:
The property is located on Market Street which comprises the town’s prime retail location. The premises are prominently positioned at the commencement of Market Street with nearby occupiers including Marks and Spencer, Rowes Bakery, Tesco Metro and the Prince of Wales Pier, all of which ensures year-round tourist activity in the vicinity. Public car parking is available nearby.
DESCRIPTION:
The premises comprise excellently presented open plan retail accommodation at ground and mezzanine levels. Recessed double doors lead into the sales area which boasts an attractive lockable glazed display window fronting Market Street and hardwood flooring. The mezzanine, which incorporates feature built-in display units, is carpeted throughout and provides additional sales space or storage, as required. A small store and staff toilet facilities are situated to the rear of the first floor where a fire exit leads on to the steps adjacent to the shop itself.
Accessed via Smethick Steps running alongside the building, two self-contained terraced houses provide three and four bed accommodation. The premises are currently occupied under student tenancies but would equally suit private family or shared tenancies. All bedrooms have an en-suite shower room with toilet and wash hand basin. There is a shared, private yard with ample room for outside seating and bin stores.
ACCOMMODATION: (All dimensions and areas are approximate)
Ground Floor Shop
Net internal width 7.25m
Shop depth 4.60m
Sales area 31.30m² (337 ft²)
Mezzanine sales area 15.30m² (165 ft²)
Store 5.10m² ( 55 ft²)
WC
Accommodation ITZA 33.27m² (358 ft²)
Inner Terrace House
First Floor
Lounge 3.85m x 3.37m 12.97m²
Kitchen 1.96m x 3.06m 6.00m²
Bedroom 1 - 3.01m x 4.27m 12.85m²
En-suite 0.77m x 2.29m 1.76m²
Second Floor
Bedroom 2 - 5.29m* x 2.05m* 10.16m²
En-suite 2.09m x 0.80m 1.67m²
Bedroom 3 - 4.32m* x 3.86m* 9.60m²
En-suite 1.60m x 1.20m 1.92m²
Bedroom 4 - 3.58m x 3.15m 11.28m²
En-suite 1.87m x 1.34m 2.51m²
End Terrace House
First Floor
Lounge 2.64m x 2.69m 7.10m²
Kitchen 3.95m* x 2.20m* 6.81m²
Bedroom 1 - 2.42m x 4.13m 10.00m²
En-suite 1.70m x 1.70m 2.89m²
Second Floor
Bedroom 2 - 2.53m x 4.64m 11.74m²
En-suite 0.90m x 1.84m 1.66m²
Bedroom 3 - 2.68m x 4.07m 10.91m²
En-suite 1.78m x 0.96m 1.71m²
* Maximum length or width of room
LEASE DETAILS:
Fone Mechanix are currently in occupation of the ground floor shop premises under a 5 year internal repairing and insuring lease, commencing 16 December 2014 at £13,000 per annum in Year 1, £14,000 per annum in Year 2, £15,000 per annum in Year 3, £15,500 per annum in Year 4 and £16,000 per annum in Year 5. A tenant only break option is incorporated within the lease, exercisable during the third year on providing six months’ notice. The lease is inside the security of tenure provisions of the Landlord and Tenant Act 1954.
The residential accommodation is currently fully let under twelve month Assured Shorthold Tenancy Agreements, each due to expire on 30th June 2016. Each of the seven occupants pay a rent of £350 per calendar month exclusive of oil, water and electricity charges. All tenancy agreements are subject to parental guarantees in respect to rental payments and repairing/decorating obligations. A total income of £29,400, exclusive of utilities, is currently being achieved.
SALE PRICE:
Freehold offers in the region of £550,000 are sought for the entire premises, providing an initial yield of 7.29% and a reversionary yield of 7.80% after usual purchaser’s cost.
RATES:
Ground Floor Shop
Rateable Value - £21,750 (2010 List)
Residential Premises
Both premises are listed under Council Tax Band A.
VAT:
All figures are exclusive of VAT where applicable.
SERVICES:
Mains electricity, metered water and drainage are connected, with separate meters for each aspect of the building. Oil central heating is connected to the residential accommodation.
COSTS:
Each party to bear their own respective legal costs incurred in the preparation and execution of the legal documentation.
VIEWING:
Viewing arrangements may be made through Charterwood on (01872) 261216.
Contact Stuart Sly or Chris Waters.
ENERGY EFFICIENCY RATING:
Ground Floor Shop - E
Certificate Reference Number: 0690-0251-4030-9200-4703
Report Reference Number: 0050-4926-0447-1900-2004
Inner Terrace House - D
Certificate Reference Number: 0702-2848-7098-9627-3211
End Terrace House - D
Certificate Reference Number: 0209-2848-7097-9627-5251
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