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ATTRACTIVE INVESTMENT FOR SALE - BARCLAYS BANK, HIGH STREET, ST IVES TR16 1RR
Offers are sought in the region of £900,000 |
Ornate three storey property with upper floors predominantly converted to residential flats situated in a prominent position at the entrance to the main town centre.
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.
MARKET:
St Ives has prospered over recent years and properties are highly sought after with very few, if any, genuinely empty premises. Due to such demand rentals have increased significantly over recent years and as a result investments are highly sought after. There are very few large retail premises within St Ives and as such demand for such occupations, either as retail or restaurant/licensed premises, is particularly strong.
SITUATION:
The property is situated in a prominent position at the entrance to the main town centre – all traffic coming through Tregenna Place looks head on to the property. The surrounding area comprises a mix of national, regional and local retail outlets along with a number of food and pub establishments with Boots being in close proximity. The adjoining premises are in the process of being refurbished for a popular retail outlet.
DESCRIPTION:
The ornate building, surprisingly not Listed, comprises three storey property with the upper floors predominantly converted to two residential flats occupied on long leasehold basis. Barclays Bank occupy the ground floor banking hall comprising a large retail space with ancillary store/safe to the rear and first floor staff room. To the rear of the property is a single garage allowing one internal car space with the additional benefit of a parking space in front of the garage.
The property is presented in excellent condition.
ACCOMMODATION: (All dimensions and areas are approximate)
Ground floor
Sales, including side interview office 110.9 m² (1,193 ft²)
The banking hall has three large windows fronting High Street along with additional windows along the side of the building. The banking hall has a character entrance lobby, presently also incorporating cash point, with an additional side entrance and access to the upper staff room which, due to the split level of the site, is effectively a mezzanine.
Safe 17.8 m² (192 ft²)
Large character room.
Storeroom (former safe) 9.0 m² (97 ft²)
Mezzanine/first floor
Staff room 10.5 m² (113 ft²)
Plant room
Toilet facilities
Outside
To the rear of the property is situated a single garage providing internal car space with the additional benefit of a car space in front of the garage door – no restricted parking.
LEASE DETAILS:
The property is presently occupied by Barclays Bank Plc under a standard 20-year lease commencing 21st May 2008. The tenant is effectively on a full repairing and insuring basis by means of a service charge. The present passing rent is £47,250 per annum and there is a forthcoming rent review due on 29th September 2022. The lease incorporates a single break clause on the 15th anniversary of the commencement, i.e., 20th May 2023.
INTEREST FOR SALE:
The freehold interest in the property is offered for sale, subject to the occupational lease to Barclays Bank Plc, along with the long leasehold interests in connection with the residential flats above which are occupied at peppercorn rent.
SALE PRICE:
Offers are sought in the region of £900,000 for the freehold interest.
BUSINESS RATES:
Rateable Value - £40,250 – (2017 List).
For further information regarding rates payable and eligibility for Small Business Relief contact Cornwall Council on 0300 123 4171.
VAT:
We understand that VAT is not payable on the rent or the sale price.
LEGAL FEES:
Each party to be responsible for their own costs in dealing with documentation and the transaction.
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.
ENERGY EFFICIENCY RATING:
THIS PROPERTY HAS A RATING OF 79
Certificate Reference Number: 9437-3021-0552-0200-5021
Report Reference Number: 0540-0245-3529-7221-0002
VIEWING:
Viewing arrangements may be made through Charterwood on (01872) 261216.
Contact Chris Waters or Rosie Brenton.
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