About this property

Key Features

VAT exempt
Prime retail location
Rental income of £42,000 per annum
Freehold commercial investment opportunity

Description

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.


Tenure

Freehold subject to tenancies

Location

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.

VAT

No VAT is payable on the purchase price.

Lot Type

Commercial

Tenancies

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.

Legal Packs

www.cheffins.co.uk/auctions/property-auctions or Jeremy Swerner, BSG Solicitors, 314 Regents Park Road, Finchley, N3 2JX, 0208 343 4411, jeremy@bsgsolicitors.com

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.”