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INVESTMENT OPPORTUNITY FOR SALE - 36 FORE STREET
Freehold offers sought in the region of £530,000 subject to the existing 10 year FRI lease to Joules |
Situated in the prime retailing location of Fore Street, the ground floor retail premises are occupied by Joules Ltd and are available by way of a freehold investment
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 property is situated in the prime retailing location of Fore Street, an all year round busy retail area which comprises numerous popular restaurants, takeaways and retail outlets. The property is adjacent to Crew Clothing, the popular Sea Food Café, a number of local retailers, The Sloop pay and display car park and the Harbour front.
DESCRIPTION:
The ground floor retail premises are of regular shape with good glazed frontage on to Fore Street with ancillary storage and toilet facilities to the rear. The premises are currently occupied by Joules Ltd, a popular national clothing outlet.
ACCOMMODATION: (All dimensions and areas are approximate)
Floor area ITZA 46.80m² (504 ft²)
Sales area 60.80m² (654 ft²)
Store 21.70m² (233 ft²)
WC
LEASE DETAILS:
Joules Ltd are currently in occupation under a 10 year full repairing and insuring lease, commencing 9 January 2009. The passing rent is £34,000 per annum with an upward only rent review due on 9 January 2014. A tenant only option to break is incorporated, exercisable at any time giving not less than 6 months written notice.
COVENANT STRENGTH:
Joules Ltd was established in 1994 as a family clothing company based in Market Harborough. In 2005 Joules expanded into high street retailing, having now over 50 high street units and numerous stockists including Harrods and John Lewis. For the year ending 30th May 2010 Joules Ltd reported a turnover in excess of £51m.
SALE PRICE:
Freehold offers in the region of £530,000 are sought, reflecting a net yield of 6.02%, after allowing for usual purchasers costs.
BUSINESS RATES:
Rateable Value £24,000 (2010 list).
PLANNING:
Interested parties should make their own enquiries with Cornwall Council Planning Department to satisfy themselves that consent exists for the proposed use.
ENERGY PERFORMANCE CERTIFICATE:
A certificate will be available upon request.
VAT:
Figures are quoted exclusive of VAT where applicable.
LEGAL FEES:
Each party to bear their own respective legal costs incurred in the transaction.
VIEWING:
Viewing arrangements may be made through Charterwood on (01872) 261216.
Contact Chris Waters.
ENERGY EFFICIENCY RATING:
Certificate Reference Number: 0940-9939-0372-1240-7080
Report Reference Number: 9918-4044-0327-0700-2991
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