High Yielding Retail Investment in Affluent Cambridgeshire Town
10 The Pavement | Saint Ives | Cambridgeshire | PE27 5AD
subject to contract
VAT Free investment
Located in an affluent market town
100% prime retailing pitch
A1/A2 planning consent
1 car parking space
£300,000, subject to contact
8.07% net initial yield
Saint Ives is a bustling and prosperous historic Cambridgeshire town situated on the River Great Ouse. The town is located approximately 13 miles (21 km) north west of Cambridge, 5 miles (8 km) east of Huntington and 65 miles (105 km) north of London.
The town has good road communications with the A14 being located 2 miles south of the town and providing a dual-carriageway route to the M11, A1 and M1/M6. Currently the A14 is being upgraded between Huntington and Cambridge. There are mainline railway stations at Huntingdon and Cambridge, providing journeys to London Liverpool Street, Kings Cross and St Pancras International with the fastest journey time being approximately 1 hour.
In addition, Saint Ives is approximately 17 miles (27 km) south east of Cambridge Airport and 44 miles (71 km) north east of Luton Airport.
Saint Ives benefits from a busy market every Monday and Friday and there is a farmers market on the first and third Saturday every month. Saint Ives also holds a variety of food and drink festivals and continental markets throughout the year.
The property occupies a 100% prime retailing pitch on The Pavement which forms part of the main retail street within the town centre. Nearby occupiers include Greggs, Lloyds Pharmacy, WH Smith, Specsavers, Costa Coffee and Boots.
The immediate vicinity benefits from ample car parking, leisure businesses and boutique hotels.
The property comprises an A2 retail unit arranged over ground and first floors. The ground floor comprises an office and sales area for the estate agency and the first floor comprises additional A2 office accommodation.
The property benefits from 1 car parking space to the rear of the property.
The property has been measured by BKR Floor Plans and provides the following Net Internal Areas:
|Net Frontage||13'11"||4.24 m|
|Gross Frontage||19'3"||5.87 m|
|Sq Ft||Sq M|
|Ground Floor Total||636||59.08|
The measured survey report is available to download and will be re-addressed to a purchaser at a cost of £295 + VAT.
The property is Grade II Listed (no empty business rates) and is located within a conservation area.
As the property benefits from A2 planning consent, there is permitted change of use to A1 (Shops).
The property is let to P.G. Lane and D.D Lane t/a Peter Lane & Partners on a full repairing and insuring basis for a term of 25 years from 15th December 1994. The lease expired on 14th December 2019 and the tenant is currently holding over. The tenant has now served a Section 27 Notice to Quit and will be vacating the property on 13th June 2020. As the property is Grade II listed, a buyer would not be liable for empty business rates.
The current passing rent is £25,000 per annum which based on our analysis equates to £55 Zone A.
A new lease was agreed with the current tenant at a rent of £28,000 per annum, however the tenant has since decided not to renew.
Formed in 1990, Peter Lane and Partners is a residential estate agency with branches in Saint Ives, Huntington, St Neots, and Kimbolton.
For further information visit www.peterlane.co.uk.
The property has not been registered for VAT and therefore VAT is not applicable on the purchase price.
We are instructed to seek offers in excess of £300,000 (Three Hundred Thousand Pounds), subject to contract, for our clients’ freehold interest. A purchase at this level would reflect a net initial yield of 8.07%, assuming purchasers’ costs of 3.30%.
Please note that a purchaser will be re-charged the cost of searches and surveys which are provided in the data room.
Please note a purchaser will be charged a Transaction Fee of £3,000 + VAT.
An opportunity to acquire a freehold A1/A2 property in a prosperous market town;
Situated in a 100% prime retailing pitch;
Grade II listed property so no empty business rates payable
A purchase at the asking price reflects an attractive net initial yield of 8.07%
1 car parking space at the rear included in the freehold title
Attractive lot size to an investor
Data Room and clicktopurchase®
Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® “C” icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.
Purchasers benefit from the trust, security and transparency provided by the platform. All activities, including the online contract execution, will form part of the electronic audit trail which is anchored in the clicktopurchase® Blockchain.
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We have partnered with a leading finance adviser to provide loan services. To learn more, please visit our “Finance” section.
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