18 River Street, Truro, Cornwall, TR1 2SQ

Guide Price* : £250,000

Prime Mixed Use Investment In Truro City Centre

  • High Yielding Mixed Use Investment
  • Commercial Ground Floor with residential Uppers
  • Current rental income of £20,400 per annum
  • Guide Price of £250,000
  • Potential reversionary yield of 10.75%

Description

The property comprises a three storey end terrace building with self contained ground floor retail unit and two studio flats above.

The property is located on River Street in a prime location opposite the Royal Cornwall Museum. Nearby occupiers include White Stuff, Salt Rock and Rohan Outdoor Wear.

Location

Truro has a resident population of 23,600 and is the administrative capital for Cornwall, being the county's
principal shopping, civic and business centre.

Located centrally within the county it is easily accessed from
the main A30 arterial trunk route via the A390 at Chiverton and the A39 at Carland Cross. The A30 links with the M5 at Exeter.

Truro is located on the main Great Western railway line, which has daily services to London Paddington.

Tenure

Freehold

Tenancy

The commercial unit is currently let to Treyone Woodcraft Ltd on a full repairing and insuring 6 year lease from September 2019 with 3 year tenant only break and 3 year rent review at a rent of £15,000 per annum. The tenant has been in occupation since 2010.

Flat One is let on a 6 month periodic tenancy from 09/05/2014 at a rent of £5,400 per annum (£450 PCM)

Flat Two is newly vacant, but was previously let on a 6 month periodic tenancy from 15/06/2020 at a rent of £6,300 per annum (£525 PCM)

We envisage there is scope for rental uplift to Market Rent of £525 pcm for Flat One, whilst Flat Two is likely to re-let quickly, therefore achieving a combined rent of £12,600 per annum for the residential units. We therefore anticipate the total reversionary rent for the property to be in the region of £27,600 per annum.

Tenant Information

Treyone Woodcraft Ltd (company registration number 01876021) design, manufacture and install high quality, custom made kitchens.

Treyone Woodcraft Ltd has an Experian credit score of 98 – Very Low Risk.

VAT

We understand that VAT is not applicable on the sale price. Please refer to the legal documents for more information

Accomodation

Address Accommodation Sq M Sq Ft
18 River Street Commercial 66.73 718
Residential Flat 1 33.06 355
Residential Flat 2 36.99 398
Total 136.78 1,471

Contact

Joint auctioneers

Vickery Holman Will Oldrieve
01392 453027
woldrieve@vickeryholman.com

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.

Log in to view your status

Sold for £294,000

This auction is now closed.

Ended on

Connecting to server...

The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.


Joint Agent

Will Oldrieve
01392 453027

Office Contact

Max Mason
07917 865 212

Agreement Documents


Subject to Contract and Exclusive of VAT © Lambert Smith Hampton April 2021

Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.