About this property
Key Features
VAT exempt
Estimated rental value of £33,926 pa
Future break-up potential
Extensively refurbished freehold mixed use investment premises featuring commercial and residential elements
Description
An excellent opportunity to purchase an attractive and prominent 3 storey building in the heart of the popular town of St Ives, Cambridgeshire. The Listed property is of brick and rendered construction beneath a pitched slate roof, and has recently undergone refurbishment.
The property has a current rental income of £24,326 per year, but has recently benefited from a change of use of the first floor office to residential accommodation, which could attract an additional premium of approximately £9,600 per annum.
In brief, the accommodation comprises:
Ground Floor: Commercial retail premises of approximately 55m² (587ft²), featuring a main retail area, additional storage and staff cloakroom.
The property is let to a national retailer, JG Foods LTD, trading as Grape Tree at a passing rent of £20,000 per annum, with the current lease not due to expire until 19th December 2026.
First Floor: A private entrance door to the side of the building leads to a self contained residential flat, for which conversion works have just been completed, to create a flat of approximately 52m² (557ft²) with; Sitting Room; Kitchen with a range of modern MDF base and wall units; Bathroom with modern white 3 piece suite and 2 good sized bedrooms. The property has an estimated rental value of £800pcm.
Second Floor: A further self contained flat, which is occupied by a Rent Act 1977 tenant, at a passing rent of £4326 per annum.
The building has recently benefited from extensive refurbishment of the ground and first floors and therefore offers purchasers a good annual income, from a well-located mixed use property.
Tenure
Freehold subject to tenancies.
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 heavy footfall.
Lot Type
Commercial
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Tom Bower, Knights, 34 Pocklingtons Walk, Leicester, LE1 6BU, 0116 2624 225, tom.bower@knightsplc.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.�