Investment Consideration:
Gross Initial Yield: 10.87%
Rental Income: £13,042 p.a.
VAT is applicable to this property
Comprises four ground floor shops with two flats above (sold off)
Located in the heart of the town centre with occupiers close by including Aldi, Lloyds Bank, Costa Coffee, Argos, Costcutter, NatWest and more.
Property Description:
The property is arranged on ground and two upper floors to provide 4 ground floor shops and two flats above (sold off), providing the following accommodation and dimensions:
No. 1 & 2 Ground Floor Shop: 30.45 sq m (328 sq ft)
No. 3 & 4 Ground Floor Shop: 28.05 sq m (302 sq ft)
No. 5 Ground Floor Shop: 16.45 sq m (177 sq ft)
No. 6 Ground Floor Shop : 16.10 sq m (173 sq ft)
Tenancy:
Shop No. 1 & 2 is at present let to an Individual for a term of 3 years from 1st October 2020 at a current rent of £3,200 p.a. and the lease contains full repairing and insuring covenants. Tenant break option in April 2022 NOT exercised.
Shop No. 3 & 4 is at present let to an Individual for a term of 3 years from 1st April 2020 at a current rent of £3,600 p.a. and the lease contains full repairing and insuring covenants. Tenant break option in October 2021 NOT exercised. Deposit held of £600.
Shop No. 5 is at present let to an Individual for a term of 3 years from 29th March 2022 at a current rent of £3,120 p.a. and the lease contains full repairing and insuring covenants. Tenant option to determine on 29.09.23 with minimum 3 months notice. Deposit held of £520.
Shop No. 6 is at present let to an Individual for a term of 3 years from 1st July 2022 at a current rent of £3,120 p.a. and the lease contains full repairing and insuring covenants. Tenant option to determine on 01.01.24 with minimum 3 months notice. Deposit held of £780.
The two residential flats on the first and second floors are sold off on long leasehold to an individual for a term of 999 years from the 25th March 1988 at a current ground rent of £2 per annum (£1 per annum for each flat).
Location:
The market town of Camborne is located in South Cornwall, between Penzance some 14 miles south-west and Newquay approximately 20 miles to the north-east. The town centre is located just a mile from the A30, Cornwall’s main arterial dual carriageway. The rail station also provides regular services on the London-Penzance line. The property is situated north of Gurneys Lane, close to its junction with Cross Street. It is 1 mile south of the A30.Occupiers close by include Boots Chemist, Boots Opticians, Aldi supermarket, Lloyds Bank, Costcutter, Consol, Shoe Zone, Royal Mail and The John Francis Bassett public house.
