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2 Bridgend, Fore Street, Looe, Cornwall. PL13 1HH
£7,000
Bathrooms
Polperro is a quaint and historic fishing village on the south-east Cornwall coast approximately 7 miles (11 km) east of Fowey and 5 miles (6 km) west of the neighbouring town of Looe. It is a noted tourist destination, particularly in the summer months, for its idyllic appearance, fisherman`s cottages, individual shops, delightful harbour and attractive coastline. This is an opportunity to acquire a lock up retail shop within the heart of the village and on the main pedestrian and vehicular route to the harbour. It is available on a new lease at a commencing rental of 7000 per annum with all other terms negotiable. It may also be possible to purchase as a freehold if desired. The shop is double fronted with large, almost floor to ceiling windows either side of a pair of doors that open into a light and generous sales area. Beyond this there is a useful store room and WC.
Sales Area
Pair of glazed doors from the street open into a spacious and open plan sales area. Pair of large, almost full height display windows to the front. The walls are finished with slatwall panels giving a light, modern feel. Eye level meter cupboards. Suspended ceiling with recessed lighting panels. Door at the rear opens into the store room.
Store Room
Fitted stock shelving. Small recess. Door to WC
WC
Low level WC and wash hand basin
Services
Mains water, electricity and drainage
Tenure
Leasehold - The owner is prepared to offer a new lease at a rental of 7000 per annum. The length of lease, terms etc are negotiable.
If purchased Freehold it would include the flat above that is held on the remainder of a 999 year lease from 01 September 2005 and with a ground rent of 50 per annum.
Rateable Value
The current rateable value is 6600 which equates to a sum payable of approximately 3293.40. If you qualify for small business rates relief then it is possible that this could reduce the amount payable to 0.
EPC Rating
C64
Access
It is possible to drive to the shop to load and unload but there is no parking in the immediate area. It is a level access into the shop.
Restrictions
The shop is in an area of outstanding natural beauty and a conservation area.
Flood Risk
The property is on the edge of Zone 2 & 3. (source Cornwall Interactive Mapping)
Use
In recent years the shop has been used as a retail gift shop.
Directions
Proceed out of Looe and head west towards Polperro. As you descend the hill into the village park in the main car park on your right and walk towards the harbour. You will pass the Crumplehorn Inn on your left, continue along The Coombes passing the Kitchen Restaurant on your right and the doctors surgery on your left. The shop can then be found on your left under the signage of The Lizard.
Notice
IMPORTANT NOTE: Messrs Seasons Estate Agents Ltd for themselves and for the vendors or lessors of this property whose agents they are give notice that: these particulars are set out as a general outline only for the guidance of intended purchasers or lesses, and do not constitute part of, an offer or contract; all descriptions, dimensions, floor plans, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; no person in the employment of Messrs Seasons Estate Agents Ltd has any authority to make or give any representation or warranty whatsoever in relation to this property.
Council Tax
Cornwall County Council, Business Rates
Utilities
Electric: Mains Supply
Gas: None
Water: Mains Supply
Sewerage: Mains Supply
Broadband: None
Telephone: None
Other Items
Heating: Not Specified
Garden/Outside Space: No
Parking: No
Garage: No
New Home: Non New Home
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
2 Bridgend, Fore Street, Looe, Cornwall. PL13 1HH
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