Property Information
Address:
Retail Premises Garrison Lane, Garrison Lane, St Mary's, Isles Of Scilly
, TR21 0JD
, Isles Of Scilly
, United Kingdom
Price: Property no longer available.
Size: 2162 sq ft201 sqm
Primary Category: Shop
All Categories:
Shop,
Property Ref/Movehut: MH647878
Property Ref/Agent: 18546
*Please use the agent ref when calling the agent directly.
Property description
The property comprises a terraced building with an extensive ground floor retail area which is vacant.
There are two self contained residential flats on the upper floors which are sold off. The freeholder benefits from additional income from two licences granting access over the property to neighbours which totals £2,500 per annum.
Location
St Marys is the largest island that form the Isles of Scilly which is an archipelago lying to the south west of the Cornish mainland around 28 miles distant and reached by sea from Penzance and air from Lands End and Newquay airports. St Marys is a very popular holiday destination and the main commercial centre for the Islands. This property is situated in the heart of Hugh Town and there are a range of other retail units in the vicinity.
Accommodation
All areas are approximate and measured in accordance with the RICS Property Measurement (2nd Edition).
Ground floor retail sales: 166.15 sq m (1,788 sq ft)
Ground floor stores: 10.80 sq m (116 sq ft)
GF floor staff/ kitchen/office: 23.90 sq m (257 sq ft)
Total GF NIA: 200.85 sq m (2,162 sq ft)
Upper floors - 2 x residential flats
Rent / Price
£450,000 guide for the freehold
£30,000 per annum for the ground floor
Business Rates
From the Valuation Office Agency website () we understand that the current Rateable Value is £32,750, reference 40. Therefore making the approximate Rates Payable £16,342 per annum for 2022/23. From the 1st April 2023 a new rating list comes into effect which will see the approximate Rateable Value reduce to £28,000, making the Rates Payable £13,972 per annum for 2023/24.
Services
We understand that mains electricity, water and drainage are connected to the property however these services have not been tested by the agents. Interested parties should make their own enquiries.
EPC
D (87) - Ground floor
Legal Fees
Each party to be responsible for their own legal fees in relation to this transaction.
VAT
We are advised by our clients that VAT is not applicable.
Rare opportunity to secure a larger retail floor area in an exceptional island location
Available as a whole on a freehold basis with vacant ground floor
Alternatively the ground floor may be available on a leasehold basis £30,000 per annum
Further licence income totalling £2,500 per annum
Combined net initial yield of 6.4% allowing for purchase costs of 4.70%
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