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Virgin Street, St. Ives TR26

South West

£495,000
Listed on 04/09/2024

Property Details

Bedrooms
3
Type
Detached house
Area
882 sqft

Description

This charming three-bedroom cottage offers a unique opportunity for renovation and investment in one of St Ives’ most desirable streets. Set along the picturesque Virgin Street, a quaint cobbled lane just minutes from Fore Street and The Digey, the property is perfectly situated for those looking to immerse themselves in the vibrant local culture. The harbour and Porthmeor Beach are a mere two-minute walk away, placing you in close proximity to the renowned Tate Gallery and an array of independent shops and eateries. The cottage boasts lovely sea views that capture the essence of coastal living, making it an appealing option for both homeowners and investors alike. A significant advantage of this property is the inclusion of a spacious storage unit accessible via a back door from the cottage or from The Digey, which opens doors to various potential uses such as a utility room or workshop. Stepping inside, you’ll find a generously sized lounge/diner that is flooded with natural light through its multiple front-facing windows. The layout includes convenient under-stair storage and easy access to the kitchen, which is equipped with essential appliances and ample cabinetry for potential upgrades. On the ground floor, there’s also a versatile third bedroom that could serve as guest accommodation or an office space. Ascending to the first floor reveals two more well-sized bedrooms; one features enticing views over the rooftops towards Godrevy, while the other overlooks The Island and offers glimpses of the sea beyond. The property is serviced by gas central heating and mains utilities, providing comfort year-round. There’s also potential for value enhancement via modern updates to both the interior spaces and amenities. This cottage is currently operating as a holiday let, showcasing its rental potential within this sought-after area. With leasehold tenure currently undergoing renewal—ensuring longevity—and modest annual ground rent costs, this presents an attractive investment opportunity for those looking to enter St Ives' bustling property market. In summary, this cottage combines charm with essential features while positioning itself within reach of local attractions. Its renovation possibilities allow for customization according to personal tastes or market demands, making it a promising prospect for homeowners or investors alike.

Investment Analysis

(TR26 area)

Above Market Value

This property is priced +18.5% above area average per sq ft

+18.5%
This Property
£561/sq ft
Area Average
£474/sq ft
Avg Rent (weekly)
£271
Avg Yield
2.8%

Renovation Potential

Est. Renovation Cost
£49,500 - £123,750
10-25% of property value
Target Value
£459,535
10% above area average per sq ft
Potential ROI
-25.7%
After renovation
Monthly Sales
11
Average per month
Market Turnover
8%
Properties sold annually

Local Market Trend (TR26)

Area prices are stable by +0.9% over the last 12 months
3 year growth: -8.5%
5 year growth: 17.6%
Investment Disclaimer: Analysis based on TR26 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Renovation costs vary significantly based on property condition and scope of work. Always conduct professional surveys and get multiple quotes before making investment decisions.

Location

Virgin Street, St. Ives TR26
Map showing location of Virgin Street, St. Ives TR26
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