£1,100,000

Retail premises for sale

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Offers over

£1,100,000

(£349.04/sq. ft)

Retail premises for sale

Channon Road, Carkeel, Saltash, Cornwall PL12

3,438 sq. ft

Local area information

Property location

Nearby amenities

  • Burraton Community Primary School 0.5 miles
  • Brunel Primary & Nursery Academy 0.9 miles
  • Saltash 1.4 miles
  • St Budeaux Victoria Road 2.4 miles

These distances are calculated in a straight line. The actual route and distance may vary.

Features and description

Executive Summary:
Attractive retail investment
Prominent roundabout junction location fronting A38
Circa 40,000 daily vehicle movements (2017 data)
New leases to Greggs plc and Cloudbreak Surf Ltd.
Car Parking licence to Williams Crawford Ltd.
Combined income £77,000 p.a.x.
Freehold
319.4 sqm (3,438 sqft) gia.
£1,100,000 plus VAT (subject to contract)
Combined niy 6.61%

Location:
Saltash is located on the eastern boundary of Cornwall adjacent to the City of Plymouth with a combined population of in excess of 280,000.

The property is located fronting the A38 junction roundabout at Carkeel, Saltash adjacent to a petrol filling station and opposite the new Carkeel Gateway Retail Park, as well as Saltash Parkway Business Park and Tamar View Industrial and Trade Park.

The A38 is the main, southern spine road in to Cornwall from the East with a high volume of traffic, particularly in summer months being a major tourist route into the county.

Description:
The property comprises a mainly single storey building built originally as a restaurant and providing 319.4 sqm 3,438 sqft gross of floor space with 20 vehicle parking spaces. The property has been divided in two and completely re-fitted to accommodate Greggs plc restaurant and the established Cloudbreak Surf shop together with an additional circa 10/11 car spaces to the side and rear of the property.

Accommodation: (Gross Internal Areas)

Greggs plc:

Ground Floor: 171.1 sqm (1,842 sqft)

Cloudbreak Surf Ltd:

Ground Floor: 109.15 sqm (1,175 sqft)
First Floor: 39.12 sqm (421 sqft)
Vehicle Spaces: 20

Williams Crawford Ltd:

Vehicle Spaces: 10/11

Tenure:
The property will be sold Freehold subject to the following leases and licence detailed below:

Greggs plc:
10 year lease drawn on Full Repairing and Insuring terms from 3rd January 2023.
5 Year review to cpi
5 year break.

Rent: £49,000 p.a.x.

Cloudbreak Surf Ltd:

5 year lease drawn on Full Repairing and Insuring terms from 3rd January 2023.
Rpi rent reviews annually.
Outside the Landlord and Tenant Act.

Rent: £22,000 p.a.x.

Williams Crawford Ltd:
Licence agreement for circa 10/11 car spaces.

Rent: £6,000 p.a.x.

Combined Rent: £77,000 p.a.x. Plus VAT

EPC:
The units have an Energy Performance rating of C59.

VAT:
The property is elected for VAT and will therefore be chargeable on the purchase price. It is anticipated the sale will be dealt with as a togc.

Other:
Under the Money Laundering Regulations 2017, Monk & Partners will require any purchaser to provide proof of identity along with any other associated documents prior to exchange of contracts.

Price:
£1,100,000 plus VAT (6.61% net initial yield after costs) for the Freehold and with the benefit of the income detailed above.

Viewing and Further Information:
Strictly by prior appointment through sole agents:-

Monk & Partners
4 The Crescent
Plymouth
Devon
PL1 3AB

John H Slade, BSc mrics

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