IMMACULATELY PRESENTED RETAIL GALLERY IN SPECIALIST QUARTER - 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 The Island, a small square in the Downalong area, comprising the old fishing cottages now converted predominantly for holiday cottages and second homes. The area has established itself as a specialist artist area with numerous galleries and studios benefitting from its close proximity to the Tate Gallery. Further, the property is readily accessible to the town centre along with the popular beaches of both Porthmeor and Porthgwidden.

DESCRIPTION:
The property is accessed by a dual staircase with small external patio leading to kiosk style character gallery/retail space presented in immaculate condition. The space benefits from exposed timber trusses, nicely presented laminate wood floor finish and significant natural light provided by both retail windows and Velux roof lights. The surrounding area is predominantly residential, a mix of private dwellings, second homes and holiday cottages, but with numerous artist studios and galleries along with café and restaurants – The Olive’s Café is situated adjoining the property.

ACCOMMODATION: (All dimensions and areas are approximate)

Maximum depth 3.98 m
Maximum width 6.98 m
Total sales area 25.6 m² (275 ft²)
Toilet facilities – toilet and wash hand basin

External patio with seating approx. 8m² (86 ft²)

External store cupboard approx. 3 m² situated below the patio at ground floor level with the benefit of electricity

LEASE TERMS:
The premises are available by way of an assignment of the existing 12-year lease commencing 6th November 2009, i.e., due to expire 5th November 2021. The lease is a protected tenancy and also incorporates an option to extend by a further 12-year term, with three-year rent reviews and six-year break clause. The current passing rent is £9,500 per annum. The permitted use is for a gallery or any use under A1 (retail), A2 (estate agents/professional offices) or A3 (café).

Alternatively, we understand that the landlord would be amenable to discussing terms for a new lease.

PREMIUM:
A premium is sought at around £7,500.

BUSINESS RATES:
Rateable Value £4,100 (2017 list). Subject to eligibility the property qualifies for small business rate relief.

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

VAT:
All figures quoted are exclusive of VAT where applicable.

SERVICES:
We have not tested the services connected to the premises and the ingoing purchaser 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.

NEW USE CLASSES ORDER:
The property can be used for A3 (café) for a period up to three years without needing consent.

LEGAL COSTS:
The ingoing assignee to be responsible for the assignor’s and landlord’s reasonable legal costs incurred in the preparation and execution of the assignment of the lease.

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

ENERGY EFFICIENCY RATING:

THIS PROPERTY HAS A RATING OF 69 WITHIN BAND C
Certificate Reference Number:0393-0413-0030-6300-2103
Report Reference Number: 0010-2933-0401-3600-4034

VIEWING:
Viewing arrangements may be made through sole agents Charterwood on (01872) 261216.
Contact Chris Waters – chris@charterwood.com
or Jo Counter – jo@charterwood.com