St Ives

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FOR SALE - PRIME HARBOUR FRONT INVESTMENT - THE SLIPWAY (TAKEAWAY), WHARF ROAD, ST IVES

Freehold of the property is available with offers sought in the region of £450,000.

Prime harbour front investment for sale comprising ground floor shop of a four-storey building with local well-established tenant selling hot food takeaway including pasties.

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:
As the name suggests, the property is situated directly opposite the main slipway to the harbour beach and is probably one of the closest takeaway outlets to the beach itself. In close proximity is the Sloop Inn, undoubtedly the busiest pub in the town with significant outside seating, whilst to the rear is situated the extremely busy Sloop public car park. The surrounding area comprises predominantly food and drink establishments with residential/holiday accommodation above.

DESCRIPTION:
The property comprises the ground floor shop of a four-storey building with a well-established local tenant selling hot food takeaway including pasties. The investment offers a rare opportunity to buy a freehold interest along the harbour front. It is stressed that the purchase is subject to the occupational lease and that the business itself is not affected or for sale.

ACCOMMODATION: (All dimensions and areas are approximate)

Ground floor
Shop width (max) 3.85 m
Shop depth (max) 6.00 m
Total sales area 23.1 m² (249 ft²)
Toilet facility

Store cupboard 2.00 m² (22 ft²)
Rear preparation area 6.30 m² (68 ft²)

Basement
Storage 13.6 m² (147 ft²)

Outside
There is a small forecourt in front of the shop.

SERVICES:
The property has an independent supply to mains water, electricity and drainage.

LEASE DETAILS
The freehold of the property is available.

The ground floor shop is subject to an occupational lease for a term of seven years commencing 16th January 2023. The rent is £27,000 per annum, payable quarterly in advance. The tenant is responsible for the repair and decoration of the demised premises and to contribute a fair proportion to the building’s insurance. There is provision to review the rent at three yearly intervals. There is no break clause.

The freehold will also be subject to the long leasehold interest in the residential accommodation situated on the upper floors. This accommodation is subject to a 999-year lease commencing 1st January 2011 at a fixed annual rent of £50 per annum. The tenant is responsible for the full repair of the roof and structural walls relating to the premises and to make a 2/3 contribution to the building’s insurance. It is stressed that there is no right to occupation in respect to the residential accommodation.

BUSINESS RATES:
The property is assessed under the St Ives Pasty Bakery, “ Shop and Premises”, with a Rateable Value effective from the 1st April 2023 of £19,500.

For further information regarding rates payable and eligibility for small business relief contact Cornwall Council.
Tel: 0300 1234171.

PRICE
Offers are sought in the region of £450,000 (Four Hundred and Fifty Thousand Pounds) for the freehold interest, subject to the occupational lease on the ground floor shop and the long lease on the residential accommodation above at a peppercorn rent.

VAT:
The property is not registered for VAT, therefore will be no VAT payable on the sale price.

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:
Each party to be responsible for their own legal fees in the transaction.

MONEY LAUNDERING REGULATIONS:
In line with The Money Laundering Regulations 2017, Charterwood are obliged to verify ID for all clients that are conducting property transactions through the Company.

ENERGY EFFICIENCY RATING:
THE PROPERTY HAS A RATING OF 84
Certificate Reference Number: 7272-7587-8050-4325-2463
Report Reference Number: 1057-4861-0766-4178-8217
The EPC certificate is valid until 29th March 2032.

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