Flat 3, 17 Victoria Place, St. Ives, Cornwall

Description

A superbly positioned one-bedroom second-floor apartment offering fantastic potential for refurbishment in a Grade II listed building. Situated just steps from St Ives' picturesque harbour and the town's many shops, restaurants and galleries. The property is now in need of updating and refurbishment and offers potential to create a permanent home, coastal bolthole or small holiday letting investment. The apartment has a good-sized living room with oak floorboards and traditional sash windows. The bedroom has oak flooring, a window seat and a glimpse of the sea.

Accommodation

Communal entrance with stairs rising to the second floor and a private entrance door. Living room/kitchen with oak floorboards, two traditional sash windows, power points, an electric wall-mounted heater and access to loft space. Kitchen area with base-level units, worktop surfaces, stainless steel sink unit, space and plumbing for a washing machine and dishwasher, and provision for an electric hob and oven. Double bedroom with oak floorboards, side sash window with a glimpse of the sea, window seat, electric wall-mounted heater and recessed storage. En-suite with shower cubicle housing an electric shower, pedestal wash hand basin and low-level WC.

Location

Located in the centre of St Ives, just steps from the picturesque harbour and the town's shops, restaurants and galleries.

Tenure / Property Information

Investment Analysis

The supplied sales provide some local and building-level context but do not support a reliable current valuation for this specific apartment. Sales include £392,500 at Victoria House in November 2023, £326,000 at Victoria House in June 2017, and £177,500 at 17 Victoria Place in May 2016. The evidence does not identify the comparable sizes, floor levels, condition, views, service charges or whether they are directly equivalent to Flat 3. The 2016 sale is also historic. Current market value, GDV and a maximum bid therefore cannot be established reliably from the supplied evidence. The 4.8% buyer premium would be £7,560 at the £157,500 guide, excluding any additional legal-pack fees.

Investment Snapshot

Strategy Recommendation

Treat as an evidence-limited refurbishment opportunity only. Obtain the legal pack, inspect the apartment, verify listed-building requirements, establish all leasehold charges and obtain current local valuation and rental evidence before bidding.

Works Required

The property is described as requiring updating and refurbishment. The precise works, specification and cost cannot be established from the supplied evidence. Any works to the Grade II listed building may require appropriate consent and should be confirmed through inspection and the legal pack.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed because the current GDV, refurbishment budget, rent and refinance value are unsupported. The long stated lease is positive in principle, but ground rent and service charge terms remain unknown.

Buy-to-Let Analysis

No sufficiently specific rental comparable or auctioneer rent estimate is supplied, so rent, gross yield and BTL viability cannot be established. Ground rent, service charge and review provisions also remain to be confirmed in the lease documents.

Flip Analysis

A flip appraisal cannot be completed reliably. Although historic sales in the same building or address range from £153,500 to £392,500, they are not sufficiently specific or current to establish GDV, and no refurbishment budget or selling allowance is supplied.

Investor Risks & Due Diligence

• Unknown refurbishment scope and cost.

• Grade II listed status may constrain or complicate refurbishment and may require appropriate consent.

• Ground rent and service charge, including review periods, are not supplied and must be checked in the lease.

• Additional fees may be listed in the Special Conditions of Sale.

• No sufficiently specific rental evidence is available, so holiday-let or long-term rental income is unverified.

• EPC, council tax and parking information are not supplied.

• Historic comparables are not sufficiently specific to establish the current value of this particular apartment.

Recommendation

Treat as an evidence-limited refurbishment opportunity only. Obtain the legal pack, inspect the apartment, verify listed-building requirements, establish all leasehold charges and obtain current local valuation and rental evidence before bidding.

Strategy Rating

Analysis Confidence

The evidence confirms the location, tenure, lease length, description and historic nearby sales, but omits current comparable detail, condition-specific costs, rental evidence, EPC, council tax, parking, service charge, ground rent and additional auction fees.