1 trelowarren street, camborne, tr14 8ad - Realla
1 TRELOWARREN STREET, CAMBORNE, TR14 8AD
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ATTRACTIVE HIGH YIELDING RETAIL INVESTMENT LET TO MR & MRS RUSSELL (TRADING AS RACKY'S) LEASE EXPIRY 25/10/2019 GROUND RENT FROM RESIDENTIAL UPPER FLOORS (SOLD OFF) PASSING RENT £17,200 PER ANNUM NET INITIAL YIELD 10% FREEHOLD
ASKING PRICE £170,000 FREEHOLD
C39403 LOCATION Camborne forms part of the largest conurbation in Cornwall and was formerly one of the richest mining areas of the world. It is located in the heart of Cornwall, 15 miles from Truro and 16 miles from Penzance. Camborne station is on the main line to London Paddington and the town is 60 miles from Plymouth. Trelowarren Street provides the prime retail pitch for Camborne. 1 Trelowarren Street is situated amongst other national and regional retailers including: WC Rowe, WHSmith, Card Factory, Santander, M&Co, Specsavers, Boots and Superdrug. DESCRIPTION The property comprises a mid terraced three storey building providing a retail unit on the ground floor with a small element of ancillary accommodation to the rear. The upper floors comprise 2 apartments which have been sold long leasehold. ACCOMMODATION The property provides the following net internal areas; Ground floor sales 635 sq ft ITZA 635 sq ft Ground floor ancillary 380 sq ft Total 1015 sq ft We have not measured the upper floors. TENANCY The ground floor retail unit is let to Mr & Mrs Russell (trading as Racky's) on a 7 year lease from 26th October 2012, expiring 26th October 2019 at a passing rent of £17,000 per annum, The lease is on full repairing and insuring terms and incorporates an upwards only rent review on 26th October 2017. The tenant did not activate a tenant break option last year, demonstrating their commitment to the location. There is a ground rent of £200 per annum from the upper floors. The total passing rent is therefore £17,200 per annum. ASSET MANAGEMENT Due to the strength of the retail pitch we anticipate it may be possible to secure a national/regional tenant in the ground floor retail unit should the existing tenant vacate in the future. The passing rent is at a rack rented level, providing potential for future rental growth. TENURE Freehold LEGAL COSTS Each party to bear there own costs. BUSINESS RATES We refer you to the valuation office website www.voa.gov.uk or call 0300-1234-171 Current rateable value £20,500 Proposed 2017 rateable value £17,000 EPC The energy performance certificate rating is within band C PROPOSAL Offers in excess of £170,000 Subject to Contract and exclusive of VAT for our clients Freehold Interest, reflecting a net initial yield of 10% after usual purchasers costs and stamp duty. CONTACT INFORMATION Laura Gardner - 01872 247 032 [email protected] Thomas Smith - 01872 247013 [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.
ESTATES GAZETTE Awarded MILLER COMMERCIAL Cornwall’s Most Active Agent 2011 - 2012 - 2013 - 2014 - 2015
• • • • • • •
ATTRACTIVE HIGH YIELDING RETAIL INVESTMENT LET TO MR & MRS RUSSELL (TRADING AS RACKY'S) LEASE EXPIRY 25/10/2019 GROUND RENT FROM RESIDENTIAL UPPER FLOORS (SOLD OFF) PASSING RENT £17,200 PER ANNUM NET INITIAL YIELD 10% FREEHOLD
ASKING PRICE £170,000 FREEHOLD
C39403 LOCATION Camborne forms part of the largest conurbation in Cornwall and was formerly one of the richest mining areas of the world. It is located in the heart of Cornwall, 15 miles from Truro and 16 miles from Penzance. Camborne station is on the main line to London Paddington and the town is 60 miles from Plymouth. Trelowarren Street provides the prime retail pitch for Camborne. 1 Trelowarren Street is situated amongst other national and regional retailers including: WC Rowe, WHSmith, Card Factory, Santander, M&Co, Specsavers, Boots and Superdrug. DESCRIPTION The property comprises a mid terraced three storey building providing a retail unit on the ground floor with a small element of ancillary accommodation to the rear. The upper floors comprise 2 apartments which have been sold long leasehold. ACCOMMODATION The property provides the following net internal areas; Ground floor sales 635 sq ft ITZA 635 sq ft Ground floor ancillary 380 sq ft Total 1015 sq ft We have not measured the upper floors. TENANCY The ground floor retail unit is let to Mr & Mrs Russell (trading as Racky's) on a 7 year lease from 26th October 2012, expiring 26th October 2019 at a passing rent of £17,000 per annum, The lease is on full repairing and insuring terms and incorporates an upwards only rent review on 26th October 2017. The tenant did not activate a tenant break option last year, demonstrating their commitment to the location. There is a ground rent of £200 per annum from the upper floors. The total passing rent is therefore £17,200 per annum. ASSET MANAGEMENT Due to the strength of the retail pitch we anticipate it may be possible to secure a national/regional tenant in the ground floor retail unit should the existing tenant vacate in the future. The passing rent is at a rack rented level, providing potential for future rental growth. TENURE Freehold LEGAL COSTS Each party to bear there own costs. BUSINESS RATES We refer you to the valuation office website www.voa.gov.uk or call 0300-1234-171 Current rateable value £20,500 Proposed 2017 rateable value £17,000 EPC The energy performance certificate rating is within band C PROPOSAL Offers in excess of £170,000 Subject to Contract and exclusive of VAT for our clients Freehold Interest, reflecting a net initial yield of 10% after usual purchasers costs and stamp duty. CONTACT INFORMATION Laura Gardner - 01872 247 032 [email protected] Thomas Smith - 01872 247013 [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.
ESTATES GAZETTE Awarded MILLER COMMERCIAL Cornwall’s Most Active Agent 2011 - 2012 - 2013 - 2014 - 2015
