4 Tregenna Hill, St Ives, Cornwall

THE 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 property is situated within Tregenna Hill, an all-year trading location with numerous barbers, restaurants, convenience stores and estate agents within close proximity.

DESCRIPTION
The property is configured over four floors with the ground floor having traditional retail frontage and direct access onto Tregenna Hill. Each floor comprises approximately 27 sq m (300 sq ft) with the first floor having some rear views over the harbour but predominantly the best views are achieved on the second-floor office and staff room. The basement provides basic storage. At ground floor level there is a fire escape and access to the rear garden. Male and female toilet facilities are provided at mezzanine level.

The property is presently occupied by Countrywide Surveyors, trading as Miller Estate Agents, under a lease that has expired. Although the tenant has a statutory right to renew, nevertheless there is the potential to redevelop the site and convert the upper floors to maximise the benefit of the rear views overlooking the town and harbour.

Alternatively, the property provides an opportunity for investors to negotiate terms for a new lease with the existing tenant who has indicated their desire to stay in the property.

ACCOMMODATION
Ground floor shop 29.8 sq m (321 sq ft)
First floor offices 25.2 sq m (271 sq ft)
Second floor office and staff room 24.1 sq m (259 sq ft)
Basement 24.0 sq m (258 sq ft)
Mezzanine floor – male and female toilet facilities

Outside
To the rear of the property is a small enclosed garden.

LEASE TERMS
The property is presently subject to a Full Repairing and Insuring lease with the tenant holding over at a rent of £14,000 per annum. The lease is inside the provisions Landlord and Tenant Act 1954 (Part II) with security of tenure. The tenant has indicated a desire to remain in occupation and renew the lease with scope to potentially increase the passing rent – buyers should seek professional advice in respect to the renewal process and rent.

Alternatively, the Act does allow owners to oppose a new lease on certain grounds, one of which includes redevelopment. This is subject to certain conditions, again buyers should seek professional advice. Nevertheless, the property does provide development potential for a mixed commercial and residential unit, subject to planning. A number of similar developments have been undertaken within close proximity.

BUSINESS RATES
The property is presently assessed, effective from 1st April2 026, with a Rateable Value of £9,500. It is noted from the assessment that this just includes the ground floor and basement accommodation.

VAT
All figures are quoted exclusive of VAT where applicable. We understand that no election to tax has been made and therefore VAT is not payable on the purchase price.

PURCHASE PRICE
Offers are sought in the region of £175,000 (One Hundred and Seventy-Five Thousand Pounds).

COSTS
Each party to be responsible for their own costs in dealing with documentation.

ENERGY PERFORMANCE CERTIFICATE
The Energy Performance Asset Rating is 85 lying within Band D. The certificate is valid until 22nd August 2035.