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Old Custom House, Custom House Quay

For sale: £945,000.00|2917 Sq Ft|Pubs/Bars/Clubs, Restaurants/Cafes, Licensed & Leisure

PROPERTY DETAILS

FOR SALE£945,000.00
SIZE2917 Sq Ft
ADDRESSOld Custom House, Custom House Quay, Falmouth, TR11 3JT
TYPEPubs/Bars/Clubs, Restaurants/Cafes, Licensed & Leisure
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON18th September 2020

DESCRIPTION

Key Points

  • Prominent historic property occupying prime quayside location
  • Situated in Falmouth town centre close to main commercial thoroughfare
  • One of Cornwall’s most popular tourist and visitor destinations
  • Restaurant and bar with 126 internal and 168 external seats
  • Let to The Stable Bar & Restaurants Limited t/a The Stable
  • Current rent £50,000 per annum
  • Next rent review September 2023
  • Occupational lease expires September 2028 (approximately 8 years unexpired)
  • Trading over two floors with GIA 271 Sq M (2,917 Sq Ft)
  • We are seeking freehold offers of £945,000 (5.01% NIY)
  • Summary

    An opportunity to acquire a prominent waterside, Grade II* listed property.

    Description

    The Stable is located within a character Grade II* listed property known as The Old Custom House and occupies an end terrace position with Arwenack Street to the front and Custom Quay to the rear. The property dates back to c.1814 and is of a Greek Revival style with numerous notable features. The building has a single-storey frontage with a two-storey elevation to the rear and sits within a plot of approximately 0.078 acres (0.03 hectares). The ground floor is accessible from Arwenack Street and comprises an entrance foyer leading to a bright and spacious restaurant and bar, kitchen and preparation area, private dining rooms and accessible WC. 74 seats are available. The lower ground floor is accessible from the ground floor via an open stairwell and from Custom Quay. Customer areas include an open plan restaurant and bar, customer WCs, cellar, office and storage, 52 seats are available. Located to the rear of the property within the demise is outside seating for 48 customers. Further seating for 120 is located on the quayside; this is held on a temporary agreement running from May to September at a cost of £20,000 per annum.

    Viewings

    All viewings must be made via prior appointment and under no circumstances should any direct approaches be made to the occupational business or staff.

    Location

    Falmouth is a historic coastal town located in South Cornwall. The town is well known for having one of Europe’s deepest natural harbours on the Fal Estuary. Falmouth is Cornwall’s largest town with an estimated population of 22,455 (ONS 2015). The area is a popular tourist and heritage location; notable amenities include Pendennis Castle, the National Maritime Museum with the local harbour and beaches nearby. The town centre comprises a mix of local independent and traditional High Street retailers and commercial businesses. The town’s food and beverage offering is equally varied, with well known brands including Rick Stein Fish & Chips and St Austell Brewery operating alongside other high quality independents.

    Terms

    Freehold. The occupational lease is held on a term of 15 years to The Stable Bar & Restaurants Limted (Company Number 08231786) expiring 29 September 2028. The passing rent is £50,000 per annum exclusive subject to five yearly upwards only rent reviews, with the next in September 2023. We have considered rental values in the area and also are aware of the historic trading performance of this unit (more information provided upon request and subject to status). We are of the opinion the property is underrented. We are instructed to invite offers in the order of £945,000 for the freehold interest subject to the occupational lease. A purchase price at this level represents a Net Initial Yield of 5.01%, assuming typical purchaser’s costs at 6.51%. VAT will not be applicable as the sale will be treated as a TOGC.

    LOCATION

    Location: Old Custom House, Custom House Quay, Falmouth, TR11 3JT

    Falmouth Town (0.4 miles)

    Falmouth Docks (0.4 miles)

    Penmere (0.8 miles)

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