Description
The building is a substantial property extending over three stories. The ground floor of the property was remodelled and refurbished in circa 2020 to provide two modern retail units, both let in recent years. A vacant storage area with WC and staff welfare facilities occupies the first floor and is accessed by a rear external staircase. The 1st floor could be suitable for commercial or residential development (subject to obtaining planning and Building Regulations consent). There is a spacious self contained 2 bedroom flat on the second floor which is currently let on an Assured Short Hold Tenancy.
Accommodation
The property is primarily accessed from Queen Street, although there is a pedestrian access from Belle Vue Lane to the rear of both ground floor shops and the upper floors via a passageway and external staircase. The ground floor shops each include an accessible toilet and are recently refurbished and fitted out (see indicative floor plan for layout (available to download at A3). Free time restricted on street parking is available to a number of the surrounding streets and there are also long stay public car parks nearby (Summerleaze and Crescent).
The first floor patio over the flat roof to the rear of the shops is accessed from a staircase within a pedestrian access leading from Belle Vue Lane. Double access doors lead from the patio to the 1st floor store area and a single door to the right leads to the 2nd floor flat entrance lobby.
The largely open plan store with 3 No. large windows overlooking Queen Street is accessed via a lobby which also links to the staff welfare area/kitchen, toilet and small store room. The 1st floor storage area might be suitable for conversion to office/commercial or residential use (subject to planning and Building Regulations consent).
Legal Costs
Each party will be responsible for their own legal costs.
Price
Offers in the region of £695,000 are sought for the freehold interest of the property.
Lease Terms
The large ground floor shop was let to the Church of England Children’s Society (trading as The Children’s Society) on the 15th April 2019 on a 10 year internal repairing and insuring lease. The Initial Rent is £22,000 PA plus a fixed 7% maintenance rent. There is a rent review and Tenant only break option (6 months notice to break) in year 5 (2024). The smaller ground floor shop was let to Fizzy Bude Limited (trading as Fizzywhizzywoo) on the 23rd January 2023 on a 5 year internal repairing and insuring lease. The Initial Rent is £11,160 PA plus a 7% maintenance rent. There is a Tenant only break option (3 months notice to break) in year 2.5 (July 2025) and rent review in year 3. Both commercial leases are contracted out of the Security of Tenure provisions (s.24 to s.28) of the 1954 Landlord and Tenant Act. The 2nd floor flat is let on an Assured Shorthold Tenancy with a passing rent of £7,200PA (£600 PCM) which commenced on the 1st March 2019.
Business Rates
The current rateable value (RV) for 23 Queen Street is £6,900. The current rateable value (RV) for 19 & 21 (listed as 19-21) Queen Street is £20,250. The RV’s are as stated on the Valuation Office Agency (VOA) website service (effective dates 1st April 2023). Information concerning how rates are calculated are available on the Cornwall Council website.
VAT
The property is not understood to be elected for VAT.
Subject to Contract
This brochure is for guidance purposes only and does not constitute an offer or contract. All descriptions, particulars and dimensions stated are understood to be correct, but prospective purchasers or tenants must satisfy themselves that the information is correct and not rely on the information if entering into a contract or incurring expenses.
Viewing Arrangements
Viewings are by appointment only. Contact Phil Wiltshire on:
01208 812 812
For full details please download the PDF Brochure, which also contains some useful links.