66, West End
Redruth
Cornwall
TR15 2SQ
Mixed Investment - Tower House, Fore Street, Redruth
Guide Price £950,000
Investment
- Mixed Investment Premises
- 3 Retail Shops & 9 Flats
- Net Initial Yield Of 9.59%
- Prominent Location In Central Redruth
- Annual Rent Of £91,140
- Energy Performance Certificates Available
A high yielding multi-let investment in Redruth comprising three ground floor shops with seven studios and two one bedroomed flats above which are accessed separately.
Located in a prominent position on the corner of Fore St and Penryn St in Redruth. Redruth is a historic mining town in central Cornwall with a population of some 16,000. Recent investment into the Butter Market alongside numerous independent and national retailers have turned Redruth into a bustling town with plenty to offer.
A high yielding multi-let investment in Redruth comprising three ground floor shops with seven studio and two one bedroomed flats above which are accessed separately. Full leases are available on request and our clients have recently repaired the roof, decorated the exterior and in all it presents very handsomely. The flats are all let on ASTs. The commercial units are as follows: Unit 1: 5 year lease expiring 30 April 2029 at a passing rent of £6,000 plus VAT Unit 2: 5 year lease expiring 31 January 2028 at a passing rent of £7,200 plus VAT Unit 3: 5 year lease expired on 31 January 2026 at a passing rent of £7,500 plus VAT.
TENURE:
Freehold with the benefit of existing leases. Copies are available on request.
VAT:
The property is elected for VAT and it is envisioned that this will be sold by way of a TOGC.
LEGAL COSTS:
Each party to bear their own costs in regards to this transaction.
BUSINESS RATES AND COUNCIL TAX:
We refer you to the government website https://www.tax.service.gov.uk/view-my-valuation/search which shows that the current rateable values are below:
Unit 1 £7,000
Unit 2 £7,200
Unit 3 £9,900.
To find out how much business rates will be payable there is a business rates estimator service via the website.
The flats all fall under band 'A' for council tax purposes.
ENERGY PERFORMANCE CERTIFICATE:
The Energy Performance Rating for the units are below
Unit 1 E (104)
Unit 2 C (55)
Unit 3 C (71)
Although these particulars are thought to be materially correct their accuracy cannot be guaranteed and they do not form part of any contract.
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