About this property
Key Features
Over 10 years remaining on current lease
Desirable town centre location
Total rent of £35,000 per annum
Well maintained freehold mixed use investment premises featuring commercial and residential elements
Description
An excellent opportunity to purchase an attractive Grade II Listed, 3 storey building in the heart of the popular town of St Ives, Cambridgeshire.
The property features a generous ground floor commercial area which has been fitted out and decorated to very high standard by the established tenant (Optician). The ground floor features a main reception/retail area with 3.7m window frontage (total frontal width of 6.5m), 3 private Examination Rooms and a further Break Room/Kitchen to the rear with a range of modern MDF base and wall units and access to the rear yard. The commercial space includes 2 Storage Rooms and a Cloakroom at first floor level, which are accessed via a staircase in the Break Room.
In addition, there is a self-contained 2 bed flat (known as 8A) which occupies the remainder of the first floor and second floor. 8A has separate access from Woolpack Lane (to the rear) with a private entrance door accessed via a metal staircase to the rear of the building. 8A has a GIA of 86sqm.
The building has benefitted from extensive refurbishment in recent years and therefore offers a fantastic investment income from a well-located mixed use property.
Tenure
Freehold subject to tenancy
Location
St Ives is a busy market town with a range of local and national traders. The subject property lies in a prominent corner location with a heavy footfall.
VAT
VAT is payable on the purchase price.
Lot Type
Commercial
Tenancies
The property is fully let to S C Harold Holdings Ltd. A 15 year lease was signed on the 26th September 2016 with a yearly rent of £35,000 per annum. There are no break clauses within the lease, whilst rent reviews are due in September 2021 and September 2026. There are therefore over 10 years remaining on the lease.
The lease includes the entirety of the building; the ground floor commercial space and storage rooms are used for the tenant's Optician practice, while the 2 bed flat (8A) is sublet on an AST basis.
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Nicola Kilby at Knights, 34 Pocklingtons Walk, Leicester, LE1 6BU
Viewing
Cheffins Property Auction Dept 01223 213777
Important notes
*Guide prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set up to or within the Guide Range or no more than 10% above a single figure Guide. The reserve price will remain confidential between the seller and the auctioneer.
Fees: The guide price excludes any additional fees that the purchaser may incur, to include, but not limited to, Buyers Contract fee, Stamp Duty Land Tax, VAT, legal and search fees etc. Please refer to relevant Auction Legal Packs for details.�