22/23 Causewayhead, Penzance, Cornwall, TR18 2SP

Description

Comprising a ground floor shop with a separately let self-contained 3 bed flat above, accessed from the front. Shop let to Scope on a lease expiring 2028 (lease extended in 2023). Total accommodation of approx. 304.94 sq m (3,286 sq ft). Scope in occupation since 1985. Prominent town centre location. VAT is not applicable.

Accommodation

Ground floor shop and separately let self-contained 3 bed flat above; total accommodation approx. 304.94 sq m (3,286 sq ft). The flat is separately accessed from the front.

Location

Penzance is a market town and a well established tourist centre on the Cornish peninsular. The property is situated in the town centre on the northern side of Causewayhead. Occupiers close by include Savoy Cinema and Whitlocks.

Tenure / Property Information

Investment Analysis

The supplied nearby completed sales range from £125,000 to £165,000, with the latest sales at 27 Causewayhead (£165,000, November 2024) and 21 Causewayhead (£135,000, October 2024). These are not shown to be directly comparable to this larger mixed-use freehold property, which includes a shop and separately accessed three-bedroom flat totalling approximately 3,286 sq ft. The £225,000 guide cannot be validated from the supplied evidence because no rent, lease income, condition or directly comparable mixed-use sales evidence is provided.

Investment Snapshot

Strategy Recommendation

Proceed only as a conditional income-led freehold mixed-use investment after verifying both occupational arrangements, rents, lease terms, condition and all additional auction charges. Do not rely on a flip or refinance strategy on the current evidence.

Works Required

No refurbishment works or defects are evidenced. Allowance cannot be estimated without inspection and further property information. Priority should be verification of the shop and flat leases, rent schedules, condition and statutory documentation.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be supported because there is no reliable current income, refurbishment budget, GDV or refinance valuation. The existing shop and flat lettings may support an income-led strategy, but lease and rent verification is essential before considering acquisition or refinancing.

Buy-to-Let Analysis

The property has an existing commercial occupier, Scope, and a separately let three-bedroom flat, but no passing rents or sufficiently specific rental evidence are supplied. The shop lease is stated to expire in 2028 and was extended in 2023, but the rent, review provisions, repairing obligations and other terms are unknown. Rental yield, coverage and affordability therefore cannot be established.

Flip Analysis

A flip appraisal cannot be established. Nearby completed sales provide only broad context and are not demonstrated to be comparable to this mixed-use property. No refurbishment budget, directly comparable resale evidence or selling-cost allowance is supplied.

Investor Risks & Due Diligence

• The shop lease expires in 2028; rent, reviews, repairing obligations, break rights and renewal position are not supplied.

• No rent or tenancy terms are supplied for the separately let three-bedroom flat.

• No reliable rental comparables or auctioneer rent estimate are provided, so yield cannot be calculated.

• No condition, EPC, heating, council tax or parking information is supplied.

• Additional seller or third-party charges may apply, but no amounts are provided.

• The nearby sold comparables are not demonstrated to be directly comparable with this shop-and-flat property.

Recommendation

Proceed only as a conditional income-led freehold mixed-use investment after verifying both occupational arrangements, rents, lease terms, condition and all additional auction charges. Do not rely on a flip or refinance strategy on the current evidence.

Strategy Rating

Analysis Confidence

The evidence confirms the use, tenure, occupancy statements, guide price and limited nearby sales, but omits rents, lease economics, condition, EPC, costs, fees and directly comparable mixed-use valuation evidence.