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UNIQUE INVESTMENT OPPORTUNITY FOR SALE - PRIME RETAIL PREMISES - 6 SOUTH QUAY PLUS OPTION TO PURCHASE 4 SOUTH QUAY AS INVESTMENT/OWNER OCCUPATION
The property is situated in possibly one of the best retailing locations in Cornwall on South Quay and is held on a 999 year lease with effect from 25 August 2011
LOCATION:
Padstow lies on the north coast of Cornwall on the western side of the Camel Estuary, approximately 7 miles west of Wadebridge. The town is popular with day visitors during the holiday season due to its interesting range of shops, its reputation for restaurants together with features such as the harbour, ferry to Rock and the Camel Trail cycle path to Wadebridge and Bodmin. Padstow has a resident population of approximately 7,000 persons although this number increases significantly during the holiday season.
SITUATION:
The property is situated in possibly one of the best retailing locations in Cornwall on South Quay, a busy area which comprises numerous restaurants, cafes, National and Local retail outlets. The property fronts the popular harbour and is in close proximity to The Harbour Inn public house, Rick Stein’s Seafood Restaurant, the Padstow Cycle Hire Centre and the Harbour Pay and Display car park.
DESCRIPTION:
The ground floor retail premises are of regular shape with good glazed frontage overlooking Padstow harbour. Ancillary storage and toilet facilities are situated to the rear. The premises are currently occupied by Buttermilk Confections Ltd, a popular local confectionery company, trading as Country Goodness. The premises have a shared entrance with the adjacent shop, Footprints.
ACCOMMODATION: (All dimensions and areas are approximate)
Net Internal width - 5.25m
Shop depth - 9.77m
Floor area ITZA - 37.16m² (400 ft²)
Sales area - 43.18m² (465 ft²)
Store - 4.05m² ( 44 ft²)
Toilet facility
LEASE DETAILS:
The premises are held on a 999 year lease with effect from 25 August 2011. Buttermilk Confections Ltd are currently in occupation of the subject premises under a 6 year internal repairing and insuring lease, commencing 1 March 2010. The passing rent is £35,000 per annum with an upward only rent review due on 1 March 2013. The review is to be determined in line with the Retail Price Index. Incorporated within the lease, the tenant has a right to renew for a further 6 years.
**There is a potential option to purchase the long leasehold interest of the adjacent premises, 4 SOUTH QUAY, either as an additional investment opportunity or with vacant possession for owner occupation.
BUSINESS RATES:
Rateable Value £24,500 (2010 list).
This figure is in respect to both 4 and 6 South Quay and should be separately assessed.
USE:
The sale of footwear and the preparation and/or sale of hot foods is not permitted under the terms of the above lease.
PLANNING:
Interested parties should make their own enquiries with Cornwall Council Planning Department to satisfy themselves that consent exists for the proposed use.
VAT:
Figures are quoted exclusive of VAT where applicable.
LEGAL FEES:
Each party to bear their own respective legal costs incurred in the transaction.
SERVICES:
We have not tested the services connected to the premises and the ingoing tenant/purchaser should carry out their own inspections.
VIEWING:
By appointment through Charterwood on (01872) 261216.
Contact Chris Waters.
ENERGY EFFICIENCY RATING:
Certificate Reference Number: 0030-4959-0319-2350-1090
Report Reference Number: 9429-4053-0591-0100-3901
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