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Available
Restaurant Interior 1
Restaurant Interior 3
Restaurant Interior 4
Garage/Storage 1
Garage/Storage 2
Flat - Living Room
Flat - Kitchen
Offers sought
£500,000

Freehold Investment For Sale

St Ives
Freehold
Sector: Investments
Contact us:
01326 318813
[email protected]
Book a viewing
  • Gallery
  • Summary
  • Key Features
  • Location
  • Details
  • Floor Plan
  • Gallery
  • Summary
  • Key Features
  • Location
  • Details
  • Floor Plan

Summary

Two-storey mixed commercial and residential property comprising ground floor restaurant and first floor residential flat.

Key Features

  • Restaurant with first floor residential flat

  • Situated within popular downalong area of St Ives

  • Within easy walking distance of the town’s harbour and popular beaches

    Location

    Floor Plan

    EPC

    Details

    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 two storey mixed commercial and residential property is situated within the popular downalong area of St Ives close to all amenities. Within the heart of St Ives, one of Cornwall’s most desirable and vibrant seaside towns, the property benefits from its prime location within easy walking distance of the town’s harbour, popular beaches – Porthmeor being within close proximity, and renowned cultural attractions – the Tate Gallery within easy walking distance, with a strong retail and hospitality presence. Fish Street is a well-established thoroughfare, home to a variety of independent shops, cafés, and restaurants, interspersed with character former fishing cottages now predominantly holiday homes.

    DESCRIPTION

    The granite stoned former cottage was converted many years ago comprising of a ground floor restaurant, including character display windows, and an entrance leading into the main dining area. To the rear, there is a storage room and WC, along with the added benefit of a garage accessed off Back Road West. The stairwell to the rear of the restaurant provides access to the first floor residential flat made up of a kitchen, lounge, two bedrooms, an office, and a shower/WC room. The property is occupied under a long expired lease with the family, trading as Mermaid Restaurant having traded from the property for well over 55 years. The restaurant is consistently one of the busiest in town with an all year round trade attracting tourist and locals alike. The business is not affected by the sale of the freehold and will continue trading under its occupational lease.

    For clarity the sale is of the freehold investment only.

    ACCOMMODATION

    (All dimensions and areas are approximate)

    GROUND FLOOR

    Restaurant: 59.4m² / 639 ft² Kitchen: 11.3m² / 122 ft² Garage: 16.5m² / 178f t² Store: 14.4m² / 155 ft² WC’s Total Area: 101.6m² / 1,093 ft²

    FIRST FLOOR

    Kitchen: 7.7m² / 83 ft² Lounge: 30.1m² / 324 ft² Bedroom one: 9.3m² / 100 ft² Bedroom two: 10.2m² / 110 ft² Office: 6.4m² / 69 ft² Shower/WC Total Area: 63.7m² / 685 ft²

    LEASE TERMS

    The lease offers long term security at a realistic passing rent. The lease is for a term of 21 years commencing April 2023 on full repairing and insuring terms at a present passing rent of £30,000 per annum. There is provision for 4 yearly upward only rent reviews. There are no break clauses.

    BUSINESS RATES

    Rateable Value £13,250 (1st April 2023). For further information regarding rates payable, contact Cornwall Council – Tel: 0300 1234171.

    COUNCIL TAX

    Band A Local authority reference number: 15021100997000.

    VAT

    VAT will not be payable on the purchase price.

    SERVICES

    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.

    LEGAL COSTS

    The ingoing tenant to contribute to the landlord’s reasonable legal fees in dealing with the documentation.

    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.

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    01326 318813

    [email protected]

    28 High Street, Falmouth, Cornwall TR11 2AD

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