Acquired
Redruth – Vacant Offices with Residential Development Potential
31/32 Fore Street, Redruth, Cornwall TR15 2AEVirtual Freehold Office Investment with Residential Development Potential
Investment Consideration
- Comprises self-contained office accommodation on first and second floor, with residential potential (subject to consents)
- Planning previously approved in 2013 for conversion of the upper floors to form 3 x 1-Bed and 1 x 2-Bed residential flats. Permission now lapsed.
- Leasehold. To be held on a new 999 year lease from completion at a fixed ground rent of a peppercorn.
- Prominent corner position adjacent to pedestrianised Fore Street
- Nearby occupiers include Iceland, Superdrug, Shoe Zone, M&Co and Peacocks
Key Features
Tenure
Leasehold
VAT
VAT is Applicable
Property Description
The property comprises four self-contained office suites arranged over first and second floor, accessed via Fore Street and Green Lane. Planning - PA12/11483 - Conversion of the upper floors to 3 x 1-Bed and 1 x 2-Bed residential flats. Approved on 29/01/2013 - Permission now lapsed. For further information please visit planning.cornwall.gov.uk.
The property provides the following accommodation and dimensions:
First Floor (via Fore Street): 40.01 sq m (430 sq ft)
Second Floor (via Fore Street: 36.29 sq m (390 sq ft)
First Floor (Via Green Lane): 61.95 sq m (666 sq ft)
Second Floor (Via Green Lane): 72.69 sq m (782 sq ft)
The property provides the following accommodation and dimensions:
First Floor (via Fore Street): 40.01 sq m (430 sq ft)
Second Floor (via Fore Street: 36.29 sq m (390 sq ft)
First Floor (Via Green Lane): 61.95 sq m (666 sq ft)
Second Floor (Via Green Lane): 72.69 sq m (782 sq ft)
Tenancy Description
The First and Second Floor office space (via Fore Street) is at present vacant and the First and Second Floor office space (Via Green Lane) is at present vacant.
The ground floor/basement shop (via Fore Street) is at present let to Countrywide Estate Agents for a term 10 years from 25th August 2015 at a current rent of £18,000 per annum and the lease contains full repairing and insuring covenants (Ground floor is NOT included in the sale). The lease provides the tenant with option to determine on the 24th August 2020 and the next rent review is on the 25th August 2020.
The ground floor/basement shop (via Fore Street) is at present let to Countrywide Estate Agents for a term 10 years from 25th August 2015 at a current rent of £18,000 per annum and the lease contains full repairing and insuring covenants (Ground floor is NOT included in the sale). The lease provides the tenant with option to determine on the 24th August 2020 and the next rent review is on the 25th August 2020.
Tenancies & Accommodation
Location Description
The property is prominently positioned on the northern side of Fore Street, close to its junction with the pedestrianised pitch and Alma Place, in the heart of the town centre. Nearby occupiers include Iceland, Superdrug, Shoe Zone, M&Co and Peacocks. Redruth Railway Station is just a three minute walk from the subject property.
