Available for the first time since construction is this mixed retail/residential building offering two retail units, six residential flats and twelve garages which are all currently occupied. A unique investment opportunity with direct views to the front over Hayle harbour and the estuary beyond. The development is based within the Foundry area of the town within close proximity to the railway station, car park and bus stops.
Tenure : Freehold
10 year lease commencing 17th August 2021 at £22,500 per annum on proportional full repairing and insuring terms. The tenant has the option to determine the lease at the end of the fifth year by giving due notice. The lease contains five yearly upward only rent reviews.
20 year lease commencing 8th December 2015 at present passing rent of £22,000 per annum. The tenant is responsible for all internal repair and decoration and contribution to insurance. There is a tenant break clause at the end of the fifth year, tenant has the benefit of a break clause with effect from 7th December 2025 by giving prior notice. The rent reviews are fixed with the agreed rent effective from 8th December 2025 increasing to £26,000 per annum and with effect from 8th December 2030 to £28,000 per annum. There is an option for the tenant to extend the lease.
The six residential flats are located on the first and second floors, all let under Assured Shorthold Tenancies producing an annual income of £57,000. They are all of an identical layout, incorporating two bedrooms, lounge, separate kitchen area and bathroom. The flats all enjoy superb views of the harbour, towards Lelant and Porthkidney Beach.
To the rear of the development are two blocks of garages, a block of five and a block of seven. Each flat has the use of one, plus one each for the shops. The other four are rented out at a cost of £20.00 per week, equating to a total income of approximately £4,160 per annum.
Short term parking to the front of the development benefitting the retail units.
Total rental income at present is approximately £105,720 per annum increasing to £109,720 per annum in 2025.
The development is located within the retail area in the Foundry part of the town, close to the railway station, the carpark, and bus stops. On the North Coast at the head of the Estuary. A popular tourist destination and within easy reach of St Ives and all main tourist attractions in the area.
The property is constructed of block under a slate roof. The mobile signal with EE is adequate. We understand from Openreach.com that superfast fibre is available to the premises.
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