PRIME RETAIL INVESTMENT FOR SALE - 11 FORE STREET, ST IVES TR26 1AB - St Ives - Cornwall

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 Fore Street, the busy main retailing centre of the town predominantly made up of boutique local and regional traders interspersed with a number of nationals and restaurants. Within the immediate vicinity of the premises are Fat Face, Seasalt and White Stuff. The property is a short distance from the town’s beaches, RNLI Lifeboat Station and harbour front.

DESCRIPTION:
The property comprises open retailing space on the ground floor with additional sales and storage accommodation at first, second and basement levels. The property has character retail frontage with recessed door and curved window panes either side, feature exposed floorboard finishes within the sales space and good natural light.

ACCOMMODATION: (All dimensions and areas are approximate)

Ground Floor
Total sales 31.6 m² (340 ft²)
Sales ITZA 26.5 m² (285 ft²)

First Floor
Sales area 16.0 m² (172 ft²)
Store 10.5 m² (113 ft²)
Cupboard storage 2.0 m² (22 ft²)

Second Floor
Store 12.70m² (137 ft²)
Store 2.40m² (26 ft²)
Store 10.30m² (111 ft²)

Basement
Store 24.70m² (266 ft²)
WC

INTEREST:
The freehold interest in the premises is available subject to the occupational lease. The lease is for a nine-year term commencing 22nd January 2023 on full repairing and insuring terms and no break clause. The rent is £30,000 per annum with a concession in the first year to £27,500 per annum. There is provision to review the rent on the standard upward only review clause at three yearly intervals.

SALE PRICE:
Offers are sought in the region of £500,000 (Five Hundred Thousand Pounds).

BUSINESS RATES:
The property is presently assessed at £19,000 (2017 list) with a proposed Rateable Value of £25,000 with effect from the 1st April 2023.
For further information regarding rates payable, contact Cornwall Council – Tel: 0300 123 4171.

VAT:
We understand that no election to tax has been made and consequently there will be no VAT payable on the sale price.

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

SERVICES:
We understand the property is connected to mains water, electricity and drainage.

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 95 (BAND D)
Certificate Reference Number: 0790-9674-2930-9000-9603
Report Reference Number: 0790-9907-0426-4990-6004

VIEWING:
Viewing arrangements may be made through Charterwood on (01872) 261216.
Contact Chris Waters or Rosie Brenton.