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FREEHOLD INVESTMENT FOR SALE MERMAID RESAURANT WITH FLAT, 21 FISH STREET, ST IVES, TR26 1LT
Offers sought in the region of £500,000 for the freehold interest |
The two storey mixed commercial and residential property is situated within the popular down-along area of St Ives close to all amenities.
Offers are sought in the region of £500,000 for the freehold interest subject to the occupational lease.
LOCATION:
St Ives is one of the most characterful and busiest resorts in the south west. The quaint harbour town is extremely popular during the summer season but also benefits from tourist trade throughout the year due largely to the Tate Gallery and its links with the artist community. The town is highly sought after by National, Regional and Local retailers and there are numerous respected restaurants, bistros and cafes.
SITUATION:
The two storey mixed commercial and residential property is situated within the popular down-along area of St Ives close to all amenities. Within the heart of St Ives, one of Cornwall’s most desirable and vibrant seaside towns, the property benefits from its prime location within easy walking distance of the town’s harbour, popular beaches – Porthmear being within close proximity, and renowned cultural attractions – the Tate Gallery within easy walking distance, with a strong retail and hospitality presence. Fish Street is a well-established thoroughfare, home to a variety of independent shops, cafés, and restaurants, interspersed with character former fishing cottages now predominantly holiday homes.
DESCRIPTION:
The granite stoned former cottage was converted many years ago comprising of a ground floor restaurant, including character display windows, and an entrance leading into the main dining area. To the rear, there is a storage room and WC, along with the added benefit of a garage accessed off Back Road West. The stairwell to the rear of the restaurant provides access to the first floor residential flat made up of a kitchen, lounge, two bedrooms, an office, and a shower/WC room.
The property is occupied under a long expired lease with the family, trading as Mermaid Restaurant having traded from the property for well over 55 years. The restaurant is consistently one of the busiest in town with an all year round trade attracting tourist and locals alike. The business is not affected by the sale of the freehold and will continue trading under its occupational lease.
For clarity the sale is of the freehold investment only.
ACCOMMODATION: (All dimensions and areas are approximate)
Ground floor
Restaurant 59.4m² (639 ft²)
Kitchen 11.3m² (122 ft²)
Garage 16.5m² (178f t²)
Store 14.4m² (155 ft²)
WC’s
Total Area: 101.6m² (1,093 ft²)
First Floor
Kitchen 7.7m² (83 ft²)
Lounge 30.1m² (324 ft²)
Bedroom one 9.3m² (100 ft²)
Bedroom two 10.2m² (110 ft²)
Office 6.4m² (69 ft²)
Shower/WC
Total Area: 63.7m² (685 ft²)
LEASE TERMS:
The lease offers long term security at a realistic passing rent. The lease is for a term of 21 years commencing April 2023 on full repairing and insuring terms at a present passing rent of £30,000 per annum. There is provision for 4 yearly upward only rent reviews. There are no break clauses.
SALE PRICE:
Offers are sought in the region of £500,000 for the freehold interest subject to the occupational lease.
BUSINESS RATES/COUNCIL TAX:
Groundloor commercial premises
Rateable Value £13,250 (1st April 2023).
For further information regarding rates payable, contact Cornwall Council – Tel: 0300 1234171.
First foor Flat
Council Tax Band A Local authority reference number: 15021100997000
VAT:
VAT will not be payable on the purchase price.
SERVICES:
We have not tested the services connected to the premises and the ingoing tenant should carry out their own inspections.
PLANNING:
Interested parties should make their own enquiries with Cornwall Council Planning Department to satisfy themselves
that consent exists for the proposed use.
LEGAL COSTS:
The ingoing tenant to contribute to the landlord’s reasonable legal fees in dealing with the documentation.
MONEY LAUNDERING REGULATIONS:
In line with The Money Laundering Regulations 2017, Charterwood are obligated to verify ID for all clients that are conducting property transactions through the Company.
ENERGY EFFICIENCY RATING:
THIS PROPERTY HAS A RATING OF C (58)
Certificate Reference Number: 2570-3685-2082-1629-7293
Report Reference Number: 8070-6170-4108-2858-5186
VIEWING:
Viewing arrangements may be made through sole agents Charterwood on (01872) 261216.
Contact Chris Waters – chris@charterwood.com or Rosie Brenton – rosie@charterwood.com
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