Market Street, St. Austell, PL25

Fantastic opportunity to acquire this Historic building in the heart of St Austell, currently generating £45,668.13 per annum, planning permission to convert it in to 6 x 1 Bedroom Apartments, 2 x 2 Bedroom Apartments and 2 commercial units

Property Description

This historic building within the heart of St. Austell was originally built as a Steam Brewery by Walter Hicks in the 19th Century and was the former home of St. Austell Brewery. There has recently been significant works completed on the building where the roof and windows were overhauled/replaced, substantially reducing conversion costs. The property has been granted planning permission to convert the top 3 floors in to luxury self contained apartments, whilst retaining the commercial units at ground floor pedestrian level.

Currently, the property is let to three commercial tenants generating £45,668.13 per annum with a further unit currently vacant. The vacant office is currently advertised for £10,800 PA and so the whole property could generate circa £56,000PA. Therefore, the opportunity is to retain the property as a commercial investment, or utilitse the planning permission and convert the building. The lower ground floor, occupied by Millerson Estate Agents, is not affected by the planning permission. and can continue to produce income once the apartments are completed.

AUCTIONEERS NOTE The property is to be offered with planning consent for 'change of use to C3 to create 9 residential units on ground, first, second and third (loft) floors whilst lower ground floor remains as use class A2. Demolition to interior, alterations to existing windows and doors and addition of roof lights and dormers to roof'. Further information can be found using the Cornwall Planning Portal using the reference PA20/06665.
COMMERCIAL INCOME Lower Ground Floor - Millersons LLP - £11,518.13 PA.
Ground Floor - Victoria Community Care - £7,750 PA.
First, Second & Third Floor (front) - £26,000 Pa.
Two Parking Spaces To Rear - May Whetter Grosse - £400 PA (informal arrangement)
First & Second floor office - Vacant - Currenty advertised for £10,800 PA.

For further information in please request a copy of the legal pack.

ACCOMMODATION CURRENT:
Lower Ground Floor (Class A2) - Millerson LLP - 1,822 Sq Ft
Ground, first and second floor (front part) - LCL Solicitors - 3,500 Sq Ft
Ground Floor (rear part) - Victoria Community Care
First & Second Floor (rear) - Vacant - 2,246 Sq Ft


PROPOSED:
Lower Ground Floor (A2 Commercial premises) - No change
Ground Floor - One bedroom apartment - 595 Sq Ft
Ground Floor - Two bedroom apartment - 861 Sq Ft
Ground Floor - One bedroom apartment - 517 Sq Ft
First Floor - One bedroom apartment - 764 Sq Ft
First Floor - Two bedroom apartment - 818 Sq Ft
First Floor - One bedroom apartment - 614 Sq Ft
Second Floor - One bedroom apartment - 764 Sq Ft
Second Floor - Two bedroom apartment - 958 Sq Ft
Second/Third Floor - Two bedroom apartment - 936 Sq Ft.

JOINT AUCTIONEER Paul Stone - The Property Experts.
VIEWINGS Weekly block viewing sessions will be provided in the lead up to the auction. Please telephone Auction House South West T: to book a viewing slot.
NOTICE TO BIDDER Please be aware that if your Bid is successful on Auction day the exchange of contracts will happen immediately after the Auction.
FULL DETAILS Photographs, Dimensions, Floor Plans and Area Measurements (when available) are included within our full details online on our website. All published information is to aid identification of the property and is not necessarily to scale.

Tenure: Freehold

EPC Rating: D98 / D88 / D87

Administration Fee: £1200 inc VAT payable on exchange of contracts.

Disbursements: Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

Disclaimer:
DISCLAIMER: Whilst these particulars are believed to be correct and are given in good faith, they are not warranted, and any interested parties must satisfy themselves by inspection, or otherwise, as to the correctness of each of them. These particulars do not constitute an offer or contract or part thereof and areas, measurements and distances are given as a guide only. Photographs depict only certain parts of the property. Nothing within the particulars shall be deemed to be a statement as to the structural condition, nor the working order of services and appliances.