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2 bedroom retail property (high street) for sale

Gabriel Street, Saint Ives, Cornwall, TR26

Guide Price £600,000

Property Description

Key features

  • Post War
  • En-Suite
  • Possibility to extend (Subject to planning)
  • Seaside
  • Income Generating
  • Mainly carpeted
  • Roof Terrace
  • Development Opportunity
  • In town
  • Close to transport links

Full description

Tenure: Freehold

A unique opportunity to acquire a freehold detached retail premises in a prime position in the internationally renowned seaside resort of St Ives. The property is in a very strong trading location and is ideal for an owner/operator looking to continue the existing businesses but also an attractive proposition for a buy-to-let freehold investor who could individually let the respective areas of the property for an excellent return. Alternatively, a national company could reconfigure the building for a specific usage or franchise to gain full potential of the property’s trading potential in the town.

The premises has been in the possession of the owner’s family since it was built in the 1960’s and are now only selling due to retirement. There has also been a family business on the site for most of the time since the premises were built, though part of the premises has been successfully let for many years at an excellent market rental. More recently the present owners have occupied the whole of the premises themselves leaving no existing tenancies. The owners’ salon business has been in operation for the past circa 20 years and the salon areas are well fitted and maintained in good order.

The detached 2 storey premises comprise approximately 760 sq ft of space, loosely divided into two sizable salon areas to the front, with further salon/ barber areas to the side and rear with an additional entrance onto Royal Square. The larger salon area enjoys double return frontage onto Royal Square. The present owners partitioned the shop a few years ago to provide multiple uses; however, the internal areas can easily be reconfigured to provide a larger retail area as a whole which was the original layout of the building. Part of the premises has been used for many years as a café/restaurant and has well equipped kitchenette facilities.

On the first floor and with separate access given by an external staircase is a well-appointed 2 double bedroom apartment which is currently being used as a holiday letting business generating an income of between £11,000 to £11,500 per annum taken mainly between May to September and could be let on a permanent all year round basis at circa £10,000 per annum.

The present owners previously acquired planning permission for the first floor of the premises to be used as a retail business and there seems no reason that this could not be applied for successfully again. The apartment also has a large loft space which subject to planning permission has potential for development into a further floor level as has been achieved by neighbouring property.

St Ives is world famous for its picturesque fishing harbour, surfing, sandy beaches and history as an art colony where famous artists such as Barbara Hepworth, Ben Nicolson, Naum Gabo and Bernard Leach resided with much of their work now displayed in The Tate St Ives. St Ives benefits from an all year round influx of tourists with its unique natural attractions and wealth of high-class shops, restaurants and galleries including the Tate St Ives, the Barbara Hepworth Sculpture Museum and The Leach Pottery. In recent years many well known national and international stores have recognised this potential and have opened branches in the town such as Oska Trade Limited, Wetherspoons, Pizza Express, Fatface, Sea Salt, Mountain Warehouse, Pasty Presto, Musto, Superdry, etc.

The premises occupy a good central trading position in a very busy part of the town and could not be better situated to obtain the maximum benefit from local residents and the huge influx of holidaymakers. St Ives is a foremost popular holiday destination and commands high levels of interest from prospective purchasers of properties such as this but rarely is there an opportunity to acquire such a property freehold.

Other features:

Large windows
UPVC double glazed windows
Disabled access
Tiled floors
Downstairs WC
Modern fireplace
Close to local shops

Map & Street View

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