Unit A & A1, Narrowcliff, Newquay, Cornwall
, TR7 2FD
, United Kingdom Price: Sale Price: £245,000
Size: 1139 sq ft106 sqm Primary Category: Investment All Categories:
Investment, Property Ref/Movehut: MH647898 Property Ref/Agent: 18756
*Please use the agent ref when calling the agent directly.
Property Date Information
Last Updated: May 10, 2021
The Rocklands building was developed in 2008 to provide luxury apartments and retail / restaurant accommodation
overlooking Great Western and Tolcarne Beaches. Units A & A1 are on the ground floor next to Pizza Express and provide modern high-quality A1 & A2 use accommodation with a full height glass frontage. Both units have been let as per the tenancies described below.
Newquay is the fastest growing town in Cornwall with a permanent population of over 20,000 which increases to over 100,000 for six months over the summer with a town centre footfall of six million people per annum.
The property is situated on the ground floor of the Rocklands building on the North side of Narrowcliff a popular retail destination ideally positioned on the headland between Tolcarne and Great Western Beaches and close to Newquay train station.
Nearby occupiers include Pizza Express, Driftwood, Kahuna, Rip Curl, Rebellion,
Fat Willys Surf Shack, Great Western Hotel, Tesco, Prezzo, Argos, Tom Thumb, Safu and Nationwide.
All areas are approximate and measured in accordance with the RICS Code of Measuring Practice on a gross et internal basis.
87.0 sq m 936 sq ft
18.9 sq m 203 sq ft
105.9 sq m 1,139 sq ft
Rent / Price
Offers of £245,000 (Two Hundred and Forty Five Thousand Pounds) are sought for the virtual freehold which reflects a Net Initial Yield of 8.0% allowing for purchase costs of 2.6%.
999 year long leasehold interest which commenced in 2008
Unit A is let to Cornwall Based Dispensaries Ltd, a health supplement company, on a new full repairing and insuring lease for a term of 5 years from 28th March 2019, there is a tenant only break option on the 3rd anniversary of the lease.
Unit A1 is let to a private individual who runs a popular fashion boutique on a new full repairing and insuring lease for a term of 1 year from 5th September 2019. The tenant has confirmed their willingness to renew the lease for a longer term as they have been trading well in the first year.
The total rental income is £20,000 per annum and the tenants service charge contributions total £1,191 per annum.
From the Valuation Office Agency website () we understand that the current Rateable Value is £12,000 for unit A effective from the 1st April 2017.
Click here for advice on how to calculate your liability for the current financial year and to see if you might be eligible for any relief (if you qualify for small business relief up to 100% relief may be available).
As a new occupier of premise you have the right to appeal an assessment if it is too high, we have a team of rating advisors who can provide further advice if required.
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.
The property has an EPC rating of B (46).
Each party will be responsible for their own legal fees incurred in this transaction.
All figures quoted are exclusive of VAT if applicable.
Fully let investment opportunity for sale
Rent passing of £15,000 per annum with potential rental income of £20,500 per annum
Unit A recently let on a new FRI lease for a term of 5 years
Part of the landmark Rocklands development close to town centre, railway station and Tolcarne / Great Western Beaches.
£245,000 reflecting a reversionary yield of 8.2% (allowing for purchase costs of 2.6%)
EPC for Unit A & A1, Narrowcliff, Newquay, Cornwall
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