Freehold Investment for Sale Including 17 residential apartments on instructions from the Joint LPA Receivers Mr N London & Mr D Mason CGI of proposed development Pentire Mews, 21 Pentire Crescent, Newquay, Cornwall TR7 1PU
Freehold investment for sale Modern, attractive development Highly sought-after location 17 self-contained apartments Fully let on Assured Shorthold Tenancies Producing 142,800 per annum Break-up potential OIEO 2,500,000 f/h Example Kitchen Description Built in 2007, Pentire Mews is attractive in both its design, and the size and standard of accommodation it offers. Located on Newquay s sought-after Pentire peninsular, the development offers views across the River Gannel estuary, and easy access to Fistral Beach and the town centre. The scheme comprises 23 units, 17 of which we are instructed to sell along with the freehold interest. All of the units have UPVC double glazing, gas central heating and an allocated parking bay. The apartments are individually let on Assured Shorthold Tenancies producing total income of 142,800pa. The secure rental yield and break-up potential are likely to prove of interest to private and corporate investors alike. Example Bedroom
Location Pentire mews, 21 Pentire Crescent, Newquay, Cornwall TR7 1PU Newquay is a seaside resort and fishing port in Cornwall; England s Western most county. The popular town is situated on the North Atlantic coast, approximately 20 miles West of Bodmin and 12 miles North of Truro. Newquay Airport is just 7 miles from the subject property, with daily flights to London Gatwick, Bristol, Leeds, Bradford, Manchester, Dublin and beyond. The A30 and A39 Atlantic Highway provide the main road access routes into the town. The development benefits from a sheltered location overlooking the picturesque River Gannel estuary, and is just a short walk from Fistral Beach. The location is convenient for the various other attractions that Newquay has to offer, and is less than 1 mile from the town centre. Pentire Mews - By Road London Bristol Birmingham Exeter Plymouth Manchester 280 miles 163 miles 244 miles 83 miles 51 miles 324 miles Nearby Beach Pentire Mews - By Air Gatwick Manchester Isles of Scilly Bradford Edinburgh Bristol Leeds Dublin 1hr 10mins 1hr 20mins 30mins 1hr 30mins 1hr 25mins 40mins 1hr 30mins 1hr 5mins Car Park
Background Pentire Mews has been under the supervision of the Receivers since December 2012. There is a proactive management company in place and block maintenance is to a high standard which is immediately apparent on inspection. Of the 23 units, 6 have been sold on leases of 999 years from 2008 at peppercorn rents. The current service charge contributions for the 17 units combined are approx 14,672 pa, which makes up 65.5% of the overall maintenance costs. Service charge apportionments are available upon request. No individual long leases have been granted to date on the 17 units to be sold. Planning Planning permission for the construction of 14 residential apartments and 9 holiday apartments was granted in 2004 under ref 05/00879. A further application for the removal of the holiday restriction was later granted in December 2013 under ref PA13/08143. The development is therefore free of any holiday restriction, and it is worthy of note that no affordable housing provision was required. Additional information EPC s and Tenancy Agreements are available upon request. Please contact our offices on or via. Floor plans can be found on www. pentiremews.com. We understand that the property is connected to all mains services, however, any potential purchaser should satisfy themselves in this regard. Viewings Block viewings will be held during which access to a selection of flats will be available. Please contact us for dates and times. All viewings are strictly by appointment only. No casual callers under any circumstances please.
Schedule of Accommodation & Tenancies Property Beds Size (sqft)* Tenancy Start Date Renewal Date Tenancy Rent Flat 4 2 894 12/03/2014 12/09/2014 700 pcm Flat 5 2 894 19/02/2010 Holding over 600 pcm Flat 6 2 890 22/11/2013 22/05/2014 725 pcm Flat 8 2 894 03/03/2014 03/09/2014 700 pcm Flat 9 2 897 21/09/2013 20/09/2014 700 pcm Flat 10 2 1,025 22/10/2010 Holding over 600 pcm Flat 11 2 897 08/03/2014 08/09/2014 725 pcm Flat 12 2 1,025 27/07/2013 27/01/2014 750 pcm Flat 14 2 1,025 13/02/2014 Holding over 775 pcm Flat 15 2 966 18/12/2013 17/06/2014 750 pcm Flat 16 2 892 01/11/2013 31/04/2014 725 pcm Flat 17 2 934 10/03/2014 10/09/2014 725 pcm Flat 18 2 966 19/02/2011 Holding over 650 pcm Flat 19 2 892 01/03/2013 Holding over 700 pcm Flat 20 2 934 15/11/2013 14/11/2014 725 pcm Flat 22 1 968 17/12/2013 17/06/2014 625 pcm Flat 23 2 1,042 22/03/2014 22/09/2014 750 pcm 16,035 11,925 pcm (*measurements are taken from the development s historic website and have not been verified) Terms Offers in excess of 2,500,000 are invited for the freehold interest subject to contract and the existing leases. It is likely that a deadline for offers will be set and therefore interested parties are advised to contact us for further information. VAT We understand that VAT is not applicable in this matter.