St Ives

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LEASE ASSIGNMENT PRIME RETAIL LOCK UP UNIT 1A THE WHARF, ST IVES, CORNWALL, TR26 1LG

Lease Assignment

Situated in an excellent trading location at the commencement to The Wharf, this shop has traditional retail frontage with a recessed door and excellent views over the harbour

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 a prime trading location at the commencement to The Wharf, the busy thoroughfare comprising numerous popular restaurants, takeaways and retail outlets and boutique retail outlets overlooking the character harbour and beach. Next door to the property is The Cornish Company Premises while other premises in close proximity include the busy Porthminster Kitchen and Yallah Café. The shop is in close proximity to the commencement of Fore Street, an all round busy retail area along with The Sloop car park.

DESCRIPTION:
The small lock up shop has a traditional retail frontage with a recessed door and excellent views over the harbour. Toilet and kitchen facilities are accessible to the rear of the premises.


ACCOMMODATION: (All dimensions and areas are approximate)

Shop width (max) 4.32m
Shop depth (max) 10.35m

Total Sales area 37.2m² (403 ft²)
Rear Kitchenette and WC

LEASE TERMS:
The premises are available by way of an assignment of the existing Lease for 5 years commencing 1st January 2022 inside The Landlord and Tenant Act at a rent of £21,700 per annum payable monthly in advance. An internal repairing, decorating and insuring lease and has 3 yearly rent reviews.

The lease allows for use of the property to include the sale of light food including ice-cream and pasties. There is no permitted use for hot food takeaway.

RENT:
At an initial rent of £21,700 per annum, increasing to £22,500 with effect from January 2025, payable monthly in advance.

PREMIUM:
A premium is sought in excess of £20,000.

RATES:
Rateable Value £21,250 (1 April 2023 to present).

Cornwall Council are the charging authority and enquiries regarding the rates payable and eligibility for small business relief should be made with them - Tel: 0300 1234171.

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

VAT:
We understand that VAT is not payable on the rent.

LEGAL COSTS:
The ingoing tenant will be responsible for the landlord’s reasonable legal costs incurred in the preparation and execution 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.


VIEWING:
Viewing arrangements may be made through sole agents Charterwood on (01872) 261216.

Contact Chris Waters – chris@charterwood.com
or Rosie Brenton – rosie@charterwood.com


ENERGY EFFICIENCY RATING - C (61)

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