COMMERCIAL FREEHOLD INVESTMENT FOR SALE - GF SHOP, 12 WESTGATE STREET, LAUNCESTON - Launceston - Cornwall

LOCATION:
Launceston is the ancient capital and acknowledged gateway to Cornwall and sits astride the A30, one mile from the Devon/Cornwall border and accessible to both north and south coasts as well as the cities of Exeter, Plymouth and Truro.

Situated within the former North Cornwall District Council, Launceston is a busy market town with numerous shops and businesses located in and around the town square.

SITUATION:
The premises are situated in Westgate Street, a small character street, just off the main square and comprising a mix of local butchers, shops and restaurants along with NatWest Bank, almost adjoining the premises, and the main town Post Office situated almost opposite.

DESCRIPTION:
The property comprises a two storey premises. The first floor flat has been separately sold off on a long leasehold interest. The ground floor premises are presently used as a pet shop occupied under a new tenancy from the start of the year with the tenant having a long-established business record. The tenant has expressed a wish to remain in the premises beyond the initial contractual term but in the lack of any renewal the property does also offer alternative development potential for residential purposes with large rear enclosed yard being of added benefit.

ACCOMMODATION: (All dimensions and areas are approximate)

Shop width max 5.13 m
Shop depth max 10.44 m
Total sales area 53.8 m² (579 ft²)

Ground floor ancillary accommodation including kitchen 10.2 m² (110 ft²)

First Floor
Storeroom 8.0 m² (86 ft²)
Two toilets

Outside
To the rear of the property is situated a large, enclosed yard with rear access.

INTEREST:
The freehold interest in the property is offered subject to long leasehold interest on the first floor self-contained flat at a peppercorn rent. The residential accommodation contributes a fair proportion to the insurance, repair and maintenance of the building.

The shop is occupied under a three-year lease, with an option to extend for a further three years and is granted inside the provisions of the Landlord and Tenant Act 1954 with security of tenure. The tenant occupies effectively on an internal repairing and insuring lease at a rent of £9,000 per annum payable monthly in advance. The lease commenced with effect from 1st March 2020 with all rents being paid up to date.

BUSINESS RATES:
The property is assessed as “Shop and Premises” with a Rateable Value of £7,100. The occupier will therefore qualify, subject to satisfying appropriate conditions, for Small Business Rate Relief.

For further information regarding rates payable and eligibility for small business relief contact Cornwall Council.
Tel: 0300 1234171.

SALE PRICE:
Offers sought for the freehold investment in the sum of £85,000.

SERVICES:
We understand the shop is connected to mains electricity, mains water and mains drainage.

We have not tested the services connected to the premises and the ingoing purchaser should carry out their own inspections.

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

PLANNING:
Interested parties should make their own enquiries with Cornwall Council Planning Department to satisfy themselves
that consent exists for the proposed use.

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

MONEY LAUNDERING REGULATIONS:
In line with The Money Laundering Regulations 2017, Charterwood are obligated to verify ID for all clients that are conducting property transactions through the Company.

ENERGY EFFICIENCY RATING:
THIS PROPERTY HAS A RATING OF 95 (BAND D).
Certificate Reference No: 0299-0789-8430-8000-4206
Report Reference No: 0080-4902-0482-9840-7094