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East Street, Newquay, TR7 1EE

Guide Price £725,000

East Street, Newquay, TR7 1EE

Guide Price £725,000
SUBSTANTIAL INVESTMENT/DEVELOPMENT OPPORTUNITY IN NEWQUAY TOWN CENTRE WITH A CURRENT ANNUAL COMMERCIAL RENTAL INCOME OF £27,000 ALONG WITH OUTLINE PLANNING PERMISSION FOR THE DEVELOPMENT OF 6 APARTMENTS WITH PARKING TO THE REAR.
THE PROPERTY
The property, the former Police Station represents a composite investment and development project in the heart of Newquay Town Centre comprising of a fronting fully let commercial property and a detached block of 4 apartments to the rear, with outline planning permission for demolition and the construction of 6 new build apartments with parking for onward sale, or as a residential addition to the commercial rental element.

The opportunity offers the investor or developer an opportunity to acquire an ongoing investment, providing an income, with further potential in respect of the rear development site, having outline planning permission for 6 apartments on three floors, all with designated parking. The existing four apartments are contained within an old building and are largely dilapidated (although 2 of them are currently let on AST’s) but, as an alternative, they could simply be refurbished for onward let to increase the investment element without new build development.

The sale includes the forecourt, the front parking, the commercially let front building, access down the partly owned side driveway, the rear dilapidated building (4 x flats, 2 let), the rear car parking area and a row of three garages.

THE LOCATION
Situated in the centre of Newquay, 35-37 East St is next to the main Post Office in Newquay, diagonally opposite Tesco Express. From our office, proceed up Cliff Road towards the town and the property can be found on your right hand side immediately past the Hotel Victoria.

THE COMMERCIAL LEASES
The ground floor of 35 East St is subject to a lease to BETFRED at a passing rental of £21,500 per annum on the residue of a 15 Year lease expiring in January 2023. The next rent review date is the 25th January 2018. A copy of the lease is available upon request.

The first floor of 35 East St has been let since April 2011 on a rolling monthly contract to a private hairdresser at a passing annual rental of £5500 per annum.

THE EXISTING FLATS & TENANCIES
The 4 flats are situated in the rear building, all with independent utilities and rates liability.

Flat 1 – Large ground floor 1 Bed flat (unoccupied)

Flat 2 – 2 Storey 1 bedroom maisonette (let at £3,000 per annum, statutory periodic tenancy)

Flat 3 – 2 Storey 2 bedroom flat (unoccupied)

Flat 4 – 2 Storey bedroom maisonette (let at £4200 per annum, statutory periodic tenancy)

THE PLANNING APPROVAL
Outline planning permission was granted on the 12th April 2016, application number PA16/01444 for the demolition of existing building and erection of 6 no apartments and associated parking, with some matter reserved. Full copies of the plans, decision notice and the design and access statement can be found at https://www.cornwall.gov.uk/environment-and-planning/planning/online-planning-register/ using the application number quoted.

THE SALE
The whole site is available for immediate sale, subject to the existing tenancies and partial vacant possession. Consideration can be given to serving notice on the residential tenants and the first floor commercial user if required. In any case, the sale is subject to the lease, under the terms of the landlord and tenant act, in favour of BETFRED, expiring in January 2023. Vacant possession is not available for the ground floor element.

The sellers are prepared to consider a split sale of either the fronting commercial investment property and/or the rear residential development site, subject to terms. The guide price indicates the price for the entire site.

VIEWING
Viewing is available strictly by appointment. Call Bradley Start on (01637) 875847

TENURE
The entire site is offered freehold, subject to the existing leases.

SERVICES
It is understood that all mains services are on site, or nearby.

RATES
Flat 1 - Band A
Flat 2- Band A
Flat 3 - Band A
Flat 4 - Band A
BETFRED Rateable Value - £17,250
FRIZZ Rateable Value - £5,900

EPCs
The 2 commercial and 4 residential EPCs are available on request.
Viewing
Please contact our Newquay Office on 01637 875847 if you wish to arrange a viewing appointment for this property or require further information.
Disclaimer
Start & Co endeavour to maintain accurate depictions of properties in Virtual Tours, Floor Plans and descriptions, however, these are intended only as a guide and purchasers must satisfy themselves by personal inspection.

KEY FEATURES

  • Rare composite opportunity offering income and potential
  • Secure commercial tenants in front premises, £27,000pa
  • Large block of 4 flats to rear, currently with 2 tenants, £7200pa
  • OPP to demolish flats and replace with 3 storey new build comprising 6 new flats
  • Proposed upper flats having sea and North Coast views
  • Car parking to front and rear, 3 x single garages
  • Vendor will consider splitting investment and rear development
  • Ideal development project with consistent rental income through build
  • Post development, flats could be sold or let for capital, or income
  • Prime Town Centre location with deep forecourt, next to main Post Office

ASSETS:

BOOK A VIEWING

Speak to our experienced team on
01637 875847 Or click here to submit a short form with your contact details so we can arrange a viewing on this property.

Latest Reviews (7 Reviews)

Sale of Property
by kevin &sue willcock (Vendor) 10/10/2017
SUSTAINED BUSINESS RELATIONSHIP
by Brian P (Buyer) 08/07/2016
challenging purchase ended in success ??
by Rachel (Buyer) 25/05/2016

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