About this property
Prime retail location
Rental income of £42,000 per annum
Freehold commercial investment opportunity
A prominent 3 storey building in the heart of the popular market town of St Ives, Cambridgeshire, generating a strong rental income , and with future potential to convert the upper floors (subject to lease and planning). The property therefore offers a wonderful opportunity to investors and developers alike.
The building is part let to Barnardo's on a 5 year lease dating from November 2018, and part let to Countrywide Estate Agents.
Freehold subject to tenancies
St Ives is a busy market town with a range of local and national retailers nearby, including Barclays, HSBC, M&Co, Greggs, WH Smith and Costa Coffee. The subject property lies in a prominent location adjacent to the Market Hill (which still hosts regular markets) and therefore benefits from good footfall.
St Ives is a busy market town approximately 14 miles west of Cambridge and 6 miles east of Huntington. The town has good travel links including its close proximity to the A14 trunk road and the guided busway to Cambridge.
No VAT is payable on the purchase price.
Barnardo's occupy approximately 57.6m² of ground floor retail and ancillary space, with a small yard area to the rear of the building. A renewed 5 year lease was signed on the 15th November 2018, at a rent of £23,000 per annum. Barnardo's have been in occupation for over 15 years.
The remainder of the property is let to Countrywide Estate Agents and features a range of retail space at ground floor level, as well as office, storage, kitchen and cloakroom areas at first and second floor levels, all totaling approx 109 sqm, with yard area to the rear. Countrywide Estate Agents have a 10 year lease dating from 25th March 2011 at a rent of £19,000 per annum, but are not currently in occupation.
The generous accommodation may lend itself to future re-arrangement / conversion of the uppers subject to the existing Countrywide lease and planning consent.
www.cheffins.co.uk/auctions/property-auctions or Jeremy Swerner, BSG Solicitors, 314 Regents Park Road, Finchley, N3 2JX, 0208 343 4411, email@example.com
Cheffins Property Auction Dept 01223 213777
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