INVESTMENT OPPORTUNITY FOR SALE - CORNISH GEMS HOLIDAY HOMES LETTINGS & BRADLEYS ESTATE AGENTS
£360,000 is sought for the freehold interest subject to various leases
Occupied by Cornish Gems Holiday Homes Lettings and Bradleys Estate Agents, the ground floor retail premises have recessed glazed frontage on to Tregenna Hill
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.
The property is situated in the secondary retailing location of Tregenna Hill, one of the main vehicular streets leading into the centre of St Ives. The property is in close proximity to the St Ives bus depot, with nearby occupiers including Bradleys Estate Agents, Costcutters convenience store, British Heart Foundation, Natwest Bank and various local retailing outlets.
The ground floor retail premises are of regular shape with recessed glazed frontage on to Tregenna Hill with ancillary storage and toilet facilities to the rear. Currently occupied by Cornish Gems Holiday Homes Lettings and Bradleys Estate Agents Ltd, this investment offers an attractive opportunity within St Ives to interested parties.
ACCOMMODATION: (All dimensions and areas are approximate)
Cornish Gems -
Sales area 57.4m² (618 ft²)
Store 39.9m² (429 ft²)
Office 8.4m² ( 90 ft²)
Bradleys Estate Agents -
Sales area 42.9m² (462 ft²)
Basement stores 6.8m² ( 73 ft²)
Cornish Gems are in occupation under a 9 year lease commencing 1st February 2013 at a passing rent of £18,000 per annum, rising to £20,000 per annum in 2015, payable quarterly in advance and subject to three yearly rent reviews. The property is held on proportional full repairing and insuring terms. The tenant has an option to renew for a further 9 years at the end of the current lease.
Bradleys Estate Agents Ltd are in occupation under a 10 year lease commencing 1 January 2009 at a passing rent of £11,000 per annum subject to 3 yearly reviews, the next of which is due in 2015. The premises are to be used as an Estate Agents office and associated use only. A tenant only break clause is exercisable on the 5th anniversary only on giving not less than 6 months notice. The lease is held on an internal repairing and decorating basis with the tenant being liable to contribute a proportion for insurance.
£360,000 is sought for the freehold interest subject to long leases at peppercorn rents on the upper floor flats. Alternatively, consideration would be given to selling the investment premises off separately.
Cornwall Council (formerly Carrick District Council) are the local charging authority and enquiries should be made as to the rateable value or any transitional relief.
We understand that the property is not VAT registered.
Each party to bear their own respective legal costs incurred in the transaction.
We have not tested the services connected to the premises and the ingoing tenant/purchaser should carry out their own inspections.
Interested parties should satisfy themselves that their proposed use complies with the existing planning consent.
Viewing arrangements may be made through Charterwood on (01872) 261216.
Contact Chris Waters or Stuart Sly.
ENERGY EFFICIENCY RATING – CORNISH GEMS:
Certificate Reference Number: 9894-3094-0825-0500-2595
Report Reference Number: 0280-0542-9859-4994-5006
ENERGY EFFICIENCY RATING – BRADLEYS ESTATE AGENTS:
Certificate Reference Number: 0940-4962-0372-1220-9004
Report Reference Number: 9410-4024-0627-0990-2295
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