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RETAIL INVESTMENT PROPERTY FOR SALE - 54/55 CHURCH STREET, FALMOUTH
Offers sought in the region of £350,000 for the freehold interest. |
Property lies on the eastern side of Church Street and the rear elevation backs onto the local authority owned Church Street car park.
LOCATION:
Falmouth is one of the County’s leading holiday resorts with an increasingly long season, encouraged by several quality marina
developments together with the National Maritime Museum. The town has a resident population of around 28,000 persons which increases considerably during the summer months. The town 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 town has a good mix of independent and national retailers.
SITUATION:
The property lies on the eastern side of Church Street and the rear elevation backs onto the local authority owned Church
Street carpark and enjoys views over the inner harbour. Nearby occupiers include Quba & Co., Heather and Lay Estate Agents,
the St George’s Arcade Indoor Market and Mango’s Bar and Restaurant.
DESCRIPTION:
The building is a Grade II Star Listed Building and comprises the following:
55 Church Street comprises a ground floor shop with lower ground floor sales/storage and toilets. The shop has recently been let to a local retailer.
54 Church Street comprises a ground floor sales area with a lower ground floor office, kitchenette and staff WC. Let to a greengrocer.
54A Church Street comprises a store room let to the greengrocer.
Ground Floor Workshop 54B Church Street comprising a workshop/studio, basement storage and WC. This workshop/studio been let at £3,000 per annum
ACCOMMODATION: (All dimensions and areas are approximate)
55 Church Street
Ground Floor
Sales area 38.91 m² (419 ft²)
Rear decking 14.63 m² (157 ft²)
Lower Ground Floor
Sales area 19.52 m² (210 ft²)
Kitchenette 7.45 m² (80 ft²)
Store 1.80 m² (19 ft²)
Male and female WC’s
Covered store not measured
54 Church Street
Ground Floor
Sales area 3 9.31 m² (423 ft²)
Lower Ground Floor
Office 35.88 m² (386 ft²)
Kitchenette 4.47 m² (48 ft²)
Staff WC
54A Church Street
Office/studio 19.72 m² (212 ft²)
Ground Floor 54B Church Street
Studio 27.42 m² (295 ft²)
Basement 16.45 m² (177 ft²)
LEASE DETAILS:
55 Church Street
Tenant: A local limited company with a personal guarantor.
Term: Six years from 17th July 2024.
Rent: £15,000 per annum payable quarterly in advance.
Rent Review: 17th July 2027.
Break Clause: No break clause.
Repairs: Internal repairing and insuring terms to include the shop front.
Insurance: The tenant is liable for 20% of the total insurance premium.
54 Church Street
Tenant: A local limited company with a personal guarantor.
Term: Six years from 26th November 2024.
Rent: £15,000 per annum payable monthly in advance.
Rent Review: 26th November 2028.
Break Clause: No break clause
Repairs: Internal repairing and insuring terms to include the shop front.
Insurance: The tenant is liable for 20% of the total insurance premium.
54A Church Street
Tenant: A local limited company with a personal guarantor.
Term: Three years from 17th September 2025.
Rent: £2,400 per annum payable monthly in advance.
Repairs: Internal repairing and insuring terms
Insurance: The tenant is liable for 3% of the total insurance premium.
Ground Floor 54B Church Street
Tenant: A local individual.
Term: Twelve months from 1st June 2023.
Rent: £3,000 per annum payable monthly in advance.
Repairs: Internal repairing and insuring terms
Insurance: The tenant is liable for 2% of the total insurance premium.
First and Second Floor Residential Maisonette
Sold off on a long lease for a term of 999 years from 10th May 1982 at a rent of £1 per annum. The lease was amended by a Deed of Variation dated 21st April 2006 and an extra first floor room was added under a long lease dated 27th March 2024.
PRICE:
Offers are sought in the region of £390,000 for the freehold interest.
BUSINESS RATES:
Rateable Value 54 Church Street: £15,000 (1 April 2023 to present).
Rateable Value 55 Church Street: £15,000 (1 April 2023 to present).
For further information regarding rates payable contact Cornwall Council - Tel: 0300 1234 171
VAT:
We are advised that the property is not registered for VAT.
ENERGY EFFICIENCY RATING:
54 Church Street, Falmouth
THIS PROPERTY HAS A RATING OF 67 (C )
Certificate Reference Number: 0320-0831-5949-5998-4002
Report Reference Number: 0495-9885-4940-3900-2103
55 Church Street, Falmouth
Certificate Reference Number: 9530-3000-0712-0190-1201
Report Reference Number: 0150-0141-3729-0000-2092
MONEY LAUNDERING REGULATIONS:
In line with The Money Laundering Regulations 2017, Charterwood are obliged to verify ID for all clients that are conducting property transactions through the Company.
VIEWING:
Strictly by appointment with sole agents Charterwood on (01872) 261216.
Contact Stuart Sly.
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