1 high street, launceston, pl15 8er
1 HIGH STREET, LAUNCESTON, PL15 8ER
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RETAIL/ RESIDENTIAL INVESTMENT OPPORTUNITY GENEROUSLY PROPORTIONED BUILDING HISTORIC TOWN CENTRE LOCATION TOTAL INCOME £15,900 PAX ENERGY PERFORMANCE ASSET RATING (D)
GUIDE PRICE £197,500 FREEHOLD
C38582 LOCATION Launceston is a well-located market town on the Devon/Cornwall border right next to the A30. The town is some 43 miles from Exeter, 25 miles from Plymouth, 45 miles from Truro and had a population of circa 9,000 according to the 2011 census. High Street is a one way street in the centre of town leading off the Town Square. The property is moments from national retailers such as Boots and the Co-Op as well as Barclays, Lloyds and HSBC banks. DESCRIPTION An attractive brick built building set out over five storeys including a basement and converted loft/attic space. The building comprises circa 1,000 Sq Ft of retail and residential accommodation (excluding the attic) with two retail units on the ground and basement floors and a 2/3 bedroom maisonette above. The maisonette has very generous proportions, with two bedrooms, an attic room, a sitting / reception room and a kitchen and bathroom. The building is in good condition throughout and we understand that the roof has recently been replaced. SCHEDULE OF ACCOMMODATION AND TENANCIES Unit 1 126 sqft (11.70 sqm) Unit 2 367 sqft (34.08 sqm) (Including Basement) 1st & 2nd Floors 560sqft (52.3 sqm) Total 1,053sqft (97.83 sqm) TENANCY COMMENTARY Unit 1 (The Little Shop) is let on a 6 month Law Society Lease to Mr and Mrs Longlands (t/a Mystique) at a passing rent of £3.120 pax Unit 2 (The Big Shop) is let on a 15 year Law Society Lease with 7 years unexpired to Mrs Debbie Parnell at a passing rent of £6,300 pax The Flat is let on an AST at a passing rent of £6,480 pax INVESTMENT SUMMARY 1 High Street generates a net income of £15,900 pax. We are instructed to market the property with a guide price of £197,500, reflecting a Net Initial Yield of 7.7%, assuming purchaser's costs of 4.8%. LEGAL COSTS Each party to bear their own costs in relation to the transaction. TENURE Freehold. LOCAL AUTHORITY Cornwall Council General Enquiries 0300-1234-100 Planning 0300-1234-151 www.cornwall.gov.uk SERVICES Prospective owners should make their own enquiries of the appropriate statutory undertakers: Western Power: 0845 601 2989 South West Water: 0800 169 1144 Transco: 0800 111 999 BUSINESS RATES We refer you to the valuation office website www.voa.gov.uk or call 0300-1234-171. VAT All the above prices/rentals are quoted exclusive of VAT, where applicable. EPC The Energy Performance Rating for this property is within Band 'D'. CONTACT INFORMATION For further information or an appointment to view please contact Will Attlee on 01872 247004 or via email [email protected]
PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate. AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent. Miller Commercial is the trading name of Miller Commercial LLP registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial LLP. VAT Registration No.643 4519 39. VIEWING: Strictly by prior appointment through Miller Commercial.
• • • • •
RETAIL/ RESIDENTIAL INVESTMENT OPPORTUNITY GENEROUSLY PROPORTIONED BUILDING HISTORIC TOWN CENTRE LOCATION TOTAL INCOME £15,900 PAX ENERGY PERFORMANCE ASSET RATING (D)
GUIDE PRICE £197,500 FREEHOLD
C38582 LOCATION Launceston is a well-located market town on the Devon/Cornwall border right next to the A30. The town is some 43 miles from Exeter, 25 miles from Plymouth, 45 miles from Truro and had a population of circa 9,000 according to the 2011 census. High Street is a one way street in the centre of town leading off the Town Square. The property is moments from national retailers such as Boots and the Co-Op as well as Barclays, Lloyds and HSBC banks. DESCRIPTION An attractive brick built building set out over five storeys including a basement and converted loft/attic space. The building comprises circa 1,000 Sq Ft of retail and residential accommodation (excluding the attic) with two retail units on the ground and basement floors and a 2/3 bedroom maisonette above. The maisonette has very generous proportions, with two bedrooms, an attic room, a sitting / reception room and a kitchen and bathroom. The building is in good condition throughout and we understand that the roof has recently been replaced. SCHEDULE OF ACCOMMODATION AND TENANCIES Unit 1 126 sqft (11.70 sqm) Unit 2 367 sqft (34.08 sqm) (Including Basement) 1st & 2nd Floors 560sqft (52.3 sqm) Total 1,053sqft (97.83 sqm) TENANCY COMMENTARY Unit 1 (The Little Shop) is let on a 6 month Law Society Lease to Mr and Mrs Longlands (t/a Mystique) at a passing rent of £3.120 pax Unit 2 (The Big Shop) is let on a 15 year Law Society Lease with 7 years unexpired to Mrs Debbie Parnell at a passing rent of £6,300 pax The Flat is let on an AST at a passing rent of £6,480 pax INVESTMENT SUMMARY 1 High Street generates a net income of £15,900 pax. We are instructed to market the property with a guide price of £197,500, reflecting a Net Initial Yield of 7.7%, assuming purchaser's costs of 4.8%. LEGAL COSTS Each party to bear their own costs in relation to the transaction. TENURE Freehold. LOCAL AUTHORITY Cornwall Council General Enquiries 0300-1234-100 Planning 0300-1234-151 www.cornwall.gov.uk SERVICES Prospective owners should make their own enquiries of the appropriate statutory undertakers: Western Power: 0845 601 2989 South West Water: 0800 169 1144 Transco: 0800 111 999 BUSINESS RATES We refer you to the valuation office website www.voa.gov.uk or call 0300-1234-171. VAT All the above prices/rentals are quoted exclusive of VAT, where applicable. EPC The Energy Performance Rating for this property is within Band 'D'. CONTACT INFORMATION For further information or an appointment to view please contact Will Attlee on 01872 247004 or via email [email protected]
PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate. AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent. Miller Commercial is the trading name of Miller Commercial LLP registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial LLP. VAT Registration No.643 4519 39. VIEWING: Strictly by prior appointment through Miller Commercial.
