3 Beachfield Ave, Newquay, Cornwall TR7 1DP – Newquay
Retail to let £5,000 per annum 17.9 sq m
• GROSS INCOME £15,309
• CLOSE TO PRIME RETAIL PITCH
• NET INITIAL YIELD 10.35% (AFTER PURCHASE COSTS OF 2%)
• EPC RATING - BAND F
A substantial 4 storey building located centrally within Newquay; close to the prime retailing area of Bank Street. The premises include a ground floor retail unit which is currently let at an annual rental of £9,000 together with basement beauty salon which will be let at an annual rental of £5,000 per annum exclusive. There are 7 flats which have been sold off on 125 year leases and these pay a ground rent totalling £1,316 per annum.
The premises are located within Beachfield Avenue which connects Bank Street, the prime retailing area of Newquay with Beach Road and Towan Beach/The Blue Reef Aquarium. The premises are located close to Costa Cofffee, Clarks Shoes, Superdry, WH Smith and Specsavers amongst others.
The ground floor comprises a retail unit which is let as a Hair Stylists together with a basement which has recently been refurbished and operates as a beauty salon. The upper floors include 7 flats which are owned separately with the owners paying the freeholder an annual ground rent.
Ground Floor - this is let to a local Hair Stylist under a 5 year lease from June 2016 at an annual rental of £9,000. The lease is on proportional internal repairing and insuring terms, includes a rolling 6 month tenant only break clause and is excluded from the security of tenure provisions of the Landlord and Tenant Act 1954.
Basement - this is to be subject to a 5 year lease from completion of the sale. The lease is to be on proportional full repairing and insuring terms at an annual rental of £5000.
Flats - The 7 flats have all been sold on long leases (100 years unexpired) and each pays a ground rent of £188 per annum together with a service charge to cover the repair and maintenance of the exterior and common parts.
This shop, retail unit to rent is located in Newquay.