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RETAIL INVESTMENT PREMISES FOR SALE - 40 MARKET JEW STREET
Freehold investment available for £45,000, subject to existing 3 year FRI lease |
The premises comprise ground floor sales, with glazed frontage onto Market Jew Street. Storage and a staff facilities lie to the rear.
LOCATION:
Penzance lies at the western end of the Cornish peninsula facing on to Mount’s Bay on the south coast of Cornwall. The town is the principal retailing centre in the district previously known as Penwith and is a relatively busy commercial centre accommodating the Council offices and Magistrates Courts. Communications from Penzance are good with a direct link on to the A30 which forms the arterial road into and out of the County, linking with the M5 at Exeter. The town also has an Intercity Railway station providing a regular service to Paddington, London.
SITUATION:
The property is situated at the bottom of Market Jew Street, the prime retailing location within the town. Market Jew Street has attracted a mixture of regional and local traders interspersed with national outlets with nearby occupiers including The Painted Bird, Warrens Bakery, Sport Direct and the Wharfside Shopping Centre. The railway station and main Pay & Display car park are also in close proximity.
DESCRIPTION:
The premises comprise ground floor sales, with glazed frontage onto Market Jew Street. Storage and a staff kitchen lie to the rear, whilst toilet facilities are within the rear yard. We understand that the yard belongs to the first floor residential tenant but that a right of way exists for the shop to access the facilities.
ACCOMMODATION: (All dimensions and areas are approximate)
Main Accommodation
Net internal width 3.62m
Internal depth (max) 11.27m
Sales area 35.50m² (382 ft²)
Kitchen 3.72m² ( 40 ft²)
Outside
WC
SERVICES:
We understand that mains water, electricity and drainage are connected to the premises. We have not tested the services connected to the premises and the ingoing tenant/purchaser should carry out their own inspections.
FREEHOLD SALE:
£45,000 is sought for the freehold interest.
LEASE TERMS:
The premises are let to a local retailer on a 3 year full repairing and insuring lease, commencing 21st March 2014, at a rent of £4,500 per annum. A tenant only break option is incorporated on the second anniversary.
RATES:
Rateable Value £7,300 (2010 list)
Cornwall Council are the charging authority and enquiries regarding the rates payable and eligibility for small business relief should be made with them - Tel: 0300 1234171.
VAT:
We understand that the property is not registered for VAT and that VAT will therefore not be payable on the sale price.
COSTS:
Each party to bear their own respective legal costs incurred in the transaction.
PLANNING:
Interested parties should satisfy themselves that the use complies with the existing planning consent.
VIEWING:
Strictly by appointment with Sole Agent Charterwood on (01872) 261216.
Contact Stuart Sly or Chris Waters.
ENERGY EFFICIENCY RATING:
Certificate Reference Number: 0980-7971-0327-4450-6050
Report Reference Number: 9745-4058-0772-0600-4191
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