Bank Street, Newquay, TR7 1AX
An investment or redevelopment property in the main street of Newquay Town Centre. Comprising 3 shops, first floor restaurant, 3 bedroom flat and rear parking.Unspecified income of £62,000 representing an approximate Gross return of 8.6%BUSINESSES NOT AFFECTED
The current annual income is £60,500 (exclusive) which equates to an 8.6% gross return on the investment.
The 3 properties are all on secure maintenance and insuring leases, 2 of which have regular rent reviews.
The property forms part of the main Newquay shopping centre less than 100 yards from the pedestrianised area.
The property is suitable for redevelopment, subject to planning, which could increase the amount of shops with flats over.
Unit 1, 54 Bank Street, Newquay, TR7 1AX
Lock up shop occupied by tobacconists on a 12 year lease from 21st March 2011 within the Landlord and Tenant Act on a full maintenance and insuring lease with 4 yearly rent reviews, at the passing rental of £9000 p.a (exclusive).
Retail shop floor area (average): 15.04 sqm
Rear stores: 8.8 sqm
Unit 2, 46-50 Bank Street, Newquay, TR7 1AX
Lock up ground floor shop with store rooms and offices on the first floor occupied by Trespass Ltd on a new maintenance and insuring 5 year lease from March 2016 (no rent reviews) at the passing annual rental of £31,000 (exclusive).
Shop floor areas (average): 102.29 sqm
Stores & offices (ground and first floors): 121.79 sqm
Unit 3, The Shack, 46-50 Bank Street, Newquay, TR7
Ground floor entrance, first floor restaurant/kitchens and second floor 3 bedroom flat. Let to patisserie from March 2017 at £22 pa on new 7 year lease
Ground floor area: 17.7 sqm
Restaurant and kitchens: 175.50 sqm
Second floor flat: 147.16 sqm
Rear car park accessed off Towan Road jointly used within the leases by Spalls and The Shack
Mains, water, electricity, gas and telephones, all paid by tenants.
R.V (all paid by the tenants)
54 Bank Street - £10,750
52 Bank Street - £24,250
46-50 Bank Street - £42,250
EPC not applicable
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