28, fore street, st ives, tr26 1he
28, FORE STREET, ST IVES, TR26 1HE
• • • • • • • •
PRIME RETAIL INVESTMENT FOR SALE NOT ELECTED FOR VAT PROMINENT POSITION IN A THRIVING CORNISH HOLIDAY TOWN LET TO FABULOUS KIDS LIMITED 21 YEAR LEASE COMMENCED 29/09/2008 PASSING RENT £20,000 PA HIGHLY REVERSIONARY 4 YEARLY RENT REVIEWS
OFFERS OVER £450,000 FREEHOLD
C40142A
LOCATION St Ives is arguably one of the most attractive and popular town in Cornwall. The town centre, and in particular Fore Street, benefits from very high levels of footfall, particularly in the summer months. The towns popularity continues to soar year on year and has a national reputation as an excellent holiday destination and a centre of Art., which is enhanced by the presence of Tate Cornwall; it has recently reopened following a multi-million pound refurbishment and extension. Even during the winter months, when Cornwall is generally quieter, St Ives remains a thriving SITUATION The property is situated in an excellent position about half way down Fore Street. This is the prime retail pitch for the town, which runs the length of the old town facing the harbour beach. It is home to many of St Ives best known shops, jewellers, galleries, pubs and restaurants. There are a mix of local boutiques, regional occupiers and a good number of national tenants within this pitch including; Whistlefish, Crew, Joules, Seasalt, Fatface, Jack Wills, Superdry and Musto. DESCRIPTION The property comprises a period ground floor retail unit providing sales accommodation with associated ancillary accommodation and welfare facilities. The unit also provides a small additional storage area at first floor level. SCHEDULE OF ACCOMMODATION Ground floor retail 778 sq ft (72.3 sq m) ITZA 629 sq ft (58.5 sq m) Ground floor ancillary 287 sq ft (26.7 sq m)
First floor ancillary 161 sq ft (15 sq m) Dry Cellar Size TBC Total 1,226 sq ft (113.9 sq m) COVENANT INFORMATION Let to 'Fabulous Kids Limited' (Company Number 05110834) Established for circa 12 years, the business retails a range of childrens' clothing, toys and gifts to include a wide choice of locally produced wooden toys. In addition to which the outlet markets a wide range of fashion clothing and footwear to include high profile labels such as Frugi, Noa Noa, Molo, Phister & Philina, Ugg, Hunter boots and Crocs. LEASE TERMS The property is let to Fabulous Kids Limited on a 21 year full repairing and insuring lease from 29/09/2008, expiring 28/09/2029, at a passing rent of £20,000 per annum. The lease incorporates upward only open market rent reviews every 4 years. Please note however, in our opinion the property is significantly under rented, and therefore potentially highly reversionary at the next rent review 28/09/2017. In our opinion the estimated rental value of this property is in the region of £35,000 - £40,000 per annum. TENURE Freehold. PROPOSAL We are instructed to seek offers in excess of, £450,000 (Four Hundred and Fifty Thousand Pounds) for our clients freehold interest in this property, subject to contract and exclusive of VAT. This reflects a running yield of 4.25% after allowing for purchasers costs of 4.47%.
C40142A
Potentially increasing to a net initial yield of 8.5% at the next rent review. EPC The property has an EPC Rating of 78 (D). A copy of the EPC is available upon request. VAT Please note this property is not registered for VAT. FURTHER INFORMATION For further information or an appointment to view please contact,, sole agents Miller Commercial on:Thomas Hewitt on 01872 247025 or via email [email protected] or Mike Nightingale on 01872 247008 or via email [email protected]
PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate. AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent. Miller Commercial is the trading name of Miller Commercial LLP registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial LLP. VAT Registration No.643 4519 39. VIEWING: Strictly by prior appointment through Miller Commercial.
ESTATES GAZETTE Awarded MILLER COMMERCIAL Cornwall’s Most Active Agent 2011 - 2012 - 2013 - 2014 - 2015 - 2016
• • • • • • • •
PRIME RETAIL INVESTMENT FOR SALE NOT ELECTED FOR VAT PROMINENT POSITION IN A THRIVING CORNISH HOLIDAY TOWN LET TO FABULOUS KIDS LIMITED 21 YEAR LEASE COMMENCED 29/09/2008 PASSING RENT £20,000 PA HIGHLY REVERSIONARY 4 YEARLY RENT REVIEWS
OFFERS OVER £450,000 FREEHOLD
C40142A
LOCATION St Ives is arguably one of the most attractive and popular town in Cornwall. The town centre, and in particular Fore Street, benefits from very high levels of footfall, particularly in the summer months. The towns popularity continues to soar year on year and has a national reputation as an excellent holiday destination and a centre of Art., which is enhanced by the presence of Tate Cornwall; it has recently reopened following a multi-million pound refurbishment and extension. Even during the winter months, when Cornwall is generally quieter, St Ives remains a thriving SITUATION The property is situated in an excellent position about half way down Fore Street. This is the prime retail pitch for the town, which runs the length of the old town facing the harbour beach. It is home to many of St Ives best known shops, jewellers, galleries, pubs and restaurants. There are a mix of local boutiques, regional occupiers and a good number of national tenants within this pitch including; Whistlefish, Crew, Joules, Seasalt, Fatface, Jack Wills, Superdry and Musto. DESCRIPTION The property comprises a period ground floor retail unit providing sales accommodation with associated ancillary accommodation and welfare facilities. The unit also provides a small additional storage area at first floor level. SCHEDULE OF ACCOMMODATION Ground floor retail 778 sq ft (72.3 sq m) ITZA 629 sq ft (58.5 sq m) Ground floor ancillary 287 sq ft (26.7 sq m)
First floor ancillary 161 sq ft (15 sq m) Dry Cellar Size TBC Total 1,226 sq ft (113.9 sq m) COVENANT INFORMATION Let to 'Fabulous Kids Limited' (Company Number 05110834) Established for circa 12 years, the business retails a range of childrens' clothing, toys and gifts to include a wide choice of locally produced wooden toys. In addition to which the outlet markets a wide range of fashion clothing and footwear to include high profile labels such as Frugi, Noa Noa, Molo, Phister & Philina, Ugg, Hunter boots and Crocs. LEASE TERMS The property is let to Fabulous Kids Limited on a 21 year full repairing and insuring lease from 29/09/2008, expiring 28/09/2029, at a passing rent of £20,000 per annum. The lease incorporates upward only open market rent reviews every 4 years. Please note however, in our opinion the property is significantly under rented, and therefore potentially highly reversionary at the next rent review 28/09/2017. In our opinion the estimated rental value of this property is in the region of £35,000 - £40,000 per annum. TENURE Freehold. PROPOSAL We are instructed to seek offers in excess of, £450,000 (Four Hundred and Fifty Thousand Pounds) for our clients freehold interest in this property, subject to contract and exclusive of VAT. This reflects a running yield of 4.25% after allowing for purchasers costs of 4.47%.
C40142A
Potentially increasing to a net initial yield of 8.5% at the next rent review. EPC The property has an EPC Rating of 78 (D). A copy of the EPC is available upon request. VAT Please note this property is not registered for VAT. FURTHER INFORMATION For further information or an appointment to view please contact,, sole agents Miller Commercial on:Thomas Hewitt on 01872 247025 or via email [email protected] or Mike Nightingale on 01872 247008 or via email [email protected]
PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate. AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent. Miller Commercial is the trading name of Miller Commercial LLP registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial LLP. VAT Registration No.643 4519 39. VIEWING: Strictly by prior appointment through Miller Commercial.
ESTATES GAZETTE Awarded MILLER COMMERCIAL Cornwall’s Most Active Agent 2011 - 2012 - 2013 - 2014 - 2015 - 2016
