INVESTMENT OPPORTUNITY FOR SALE - 36 ARWENACK STREET - Falmouth - Cornwall

LOCATION:
Falmouth is one of the county’s leading holiday resorts with an increasingly long season and 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, partially 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 accommodation over 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 & Spencer and niche retailers such as Henry Lloyd and Seasalt.

SITUATION:
Grade II listed property is situated at the junction of Arwenack Street and Quay Street and is a short distance from Trago Mills department store and close to the Harbour and Quay car parks. The area is popular with tourists and there are a number of restaurants, clubs and public houses nearby.

DESCRIPTION:
The property comprises a prominent corner end of terrace building arranged on five floors. The ground and lower ground floors are occupied as a restaurant/café with access via a glazed retail frontage facing onto Arwenack Street. The upper floors comprising the first, second and third floors are accessed from a doorway in the Quay Street elevation and comprise a total of eleven bedsits, three kitchens, three shower rooms and three toilets.

ACCOMMODATION: (All dimensions and areas are approximate)

Commercial Part
Ground floor
Net internal width 6.87m
Maximum depth 5.40m
Restaurant/kitchen/stores 62.65m² (674 ft²)

Lower ground floor 38.49m² (414 ft²)
Male and female toilets

Residential part
First floor
Bedsit 1 3.70m x 3.20m (max)
Bedsit 2 3.15m x 4.30m (max)
Bedsit 3 3.10m x 4.20m (max)
Bedsit 4 4.10m x 3.80m (max)
Kitchen 2.80m x 2.15m (max)
Shower room
WC

Second floor
Bedsit 5 3.70m x 4.20m (max)
Bedsit 6 3.15m x 4.55m (max)
Bedsit 7 3.80m x 5.20m (max)
Kitchen 3.10m x 3.50m (max)
Shower room
WC

Third floor
Bedsit 8 3.80m x 4.00m (max)
Bedsit 9 3.35m x 4.30m (max)
Bedsit 10 3.00m x 3.65m (max)
Bedsit 11 and
adjoining private kitchenette 5.30m x 4.30m (max)
Kitchen 3.40m x 2.10m (max)
Shower room
WC

LEASE DETAILS:
The ground floor and basement are let on a lease dated 24 June 2004 for a term of 20 years from 24 June 2004 at a current rent of £20,524 per annum.

The bedsits within the first, second and third floors are let on assured shorthold tenancy agreements at a combined gross rental of £45,429 per annum which gives rise to a net rental income of approximately £35,000 per annum after utilities, repairs, cleaning and managing agents costs.

PRICE:
Freehold offers in excess of £600,000 are sought for the entire premises. The upper floors are capable of being sold separately on the basis of the 999 year lease for around £350,000.

RATES:
Ground and basement restaurant Rateable Value £11,750.

Residential units – there are 5 individual units assessed at Band A and one HMO (effectively covering 6 units) at Band A.

VAT:
We understand the property is not registered for VAT.

LEGAL FEES:
Each party to bear their own respective legal costs incurred in the transaction.

SERVICES:
We understand the property is connected to mains electricity (the residential bedsits all have individual meters), metered water and mains drainage.

VIEWING:
Viewing arrangements may be made through Charterwood on (01872) 261216. Contact Chris Waters or Stuart Sly.

ENERGY EFFICIENCY RATING:

Commercial part (Ground and lower ground floors)

THIS PROPERTY HAS A RATING OF 98

Certificate Reference Number: 0664-3092-0018-0290-9095

Residential part (First, second and third floors)

THIS PROPERTY HAS A RATING OF TBC

Certificate Reference Number: TBC