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Lot 8

6 Week Completion

Situation

Located in a prime position in the heart of this pedestrianised part of the town centre, close to the junction with Central Street amongst such multiples as Caffé Nero, Ben & Jerry's, Millets, Mountain Warehouse, New Look, Boots, WH Smith and a host of independent retailers.
Newquay is a popular coastal town and major tourist destination lying some 15 miles north of Truro, well served by Cornwall Airport Newquay and Newquay National Rail Station.

PROPERTY (see Note 1)

Forming part of a mid terrace building comprising a Ground Floor Shop with Ancillary Accommodation at rear first floor and internal and separate rear access to a Self-Contained Flat on the entire second floor of Nos. 5a & 7.

Note 1: The front section of the first floor is not included with the property.
Floor plans available from Auctioneers.

Accommodation

Ground Floor Shop
Gross Frontage 18'10"
Internal Width 17'8"
Shop Depth 37'7"
Built Depth 44'3"
WC
Rear First Floor Ancillary
Area Approx 260 sq ft
Second Floor Flat
3 Rooms, Living Room/Kitchen, Bathroom, Shower Room
(GIA Approx 860 sq ft)

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 999 years from 29th June 1981 at a fixed ground rent of £1 p.a.

Tenancy

The property is let on a full repairing and insuring lease (subject to a schedule of condition) to Trans Surf Ltd t/a Married to the Sea (having 2 branches) for a term of 5 years from 1st March 2019 at a current rent of £23,000 per annum exclusive (rising to £24,000 in 2020 & £25,000 in 2021).

Tenant's Break March 2023

Note 2: The flat requires full modernisation which the occupational tenant is obliged to do under the terms of the lease.

Note 3: £2,000 Rent Deposit held.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

5a Bank Street, Newquay, Cornwall TR7 1EP