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Lot 109 Multi-Component Investment/development OpportunityAuction Date:
4th May 2023
Atlas Garage, Wesley Yard, Newquay, Cornwall, TR7 1LB
Currently part let at £18,819.96 per annum
Located in the popular and sought after coastal town of Newquay, known for Fistral and Watergate Bay Beaches, Wesley Yard comprises a popular and well established motor vehicle repair garage, plus a row of ten garages and a variety of lock-up stores and single and two storey workshops as well as various yard areas with undercover parking facilities.
This freehold property is situated in a mixed use area with the town centre and its wide range of amenities a short distance away.
Extending to approximately 0.18 hectares (0.45 acres), the property offers significant opportunities for active asset management and rental growth/development potential. Currently commanding a very modest income totalling £18,819.96 per annum, the majority of the buildings are let with scope to increase the rental figures, making this an ideal investment opportunity. Others may see potential for redevelopment, whether commercial, residential or a combination of both, subject to all necessary consents being obtainable.
Unit 11
Former warehouse currently used as a yoga studio.
Ground Floor
Entrance hall and W.C. facilities.
First Floor
Open-plan studio area.
Tenancy
Let on a commercial lease at a current rental of £3,120 per annum.
Unit 12
Currently used for storage.
Tenancy
Let on an Assured Shorthold Tenancy at a current rental of £480 per annum.
Unit 13
Currently being used as an artists studio.
Tenancy
Let on an Assured Shorthold Tenancy at a current rental of £1,820 per annum.
Unit 14
Tenancy
Currently vacant. Previously used as a woodwork workshop and was let at £3,120 per annum.
Unit 15
Currently used for storage.
Tenancy
Let on an Assured Shorthold Tenancy at a current rental of £780 per annum.
Unit 16
Currently used as a workshop.
Tenancy
Let on an Assured Shorthold Tenancy at a current rental of £520 per annum.
Unit 17
Garage/domestic storage.
Tenancy
Let on an Assured Shorthold Tenancy at a current rental of £519.96 per annum.
Unit 18
Garage/domestic storage.
Tenancy
Let on an Assured Shorthold Tenancy at a current rental of £780 per annum.
Unit 21
Large vehicle repair garage trading at Atlas Garage.
Tenancy
Let on a commercial lease at a current rental of £6,600 per annum.
Outside
Wesley Yard has ample parking and turning space with further and undercover parking facilities to the rear and side of Atlas Garage.
Auctioneer's Note 1
Units 19 and 20 are currently being informally used by Unit 21, Atlas Garage.
Auctioneer's Note 2
For information relating to the rateable value and other available data go to www.gov.uk/correct-your-business-rates and enter the postcode for the property into the appropriate search field.
Site Measurements
The site extends to approximately 0.18 hectares (0.45 acres).
Viewing
Strictly by prior confirmed appointment with the Auctioneer's Office. Interested parties are requested not to make contact with the tenants direct.
Local Planning Authority
Cornwall Council. Tel: 0300 1234 151. Website: cornwall.gov.uk.
Freehold with Part Vacant Possession
There is an addendum available to be read
in conjunction with the legal documentation.
Important
All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.
* Price Information
Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).
We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.
Additional Fees
An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.
All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to Buyers Fees
