Commercial Property
An excellent opportunity to acquire two self contained units on Outram Street which has the potential to achieve a combined income of £22,500 p.a. Leasehold but 930 years remaining, we have been informed that the ground rent can not be increased.
The building lends itself to be developed, subject to planning consent. We believe that there may be potential to convert into two or three flats could be created upstairs. Similar downstairs if desired.
We have been informed by the current owner that the First Floor tenants Licence for 2 years from 10th July 2020. It is on a FRI basis and pays annual rent of £5,000.00. This unit was only vacant for 4 days as the previous tenant ran a spinning studio and was there 8 years.
The Ground Floor became vacant on 1st November 2019 due to retirement. The previous tenant traded as a discount retailer from these premises for 25 years. The annual rent of £17,445.29 in the last trading year. The unit also used to be occupied by Burtons Menswear.
The vendor has informed us of some recent repairs:
1. Main roof renewed in April 2012 and guaranteed until April 2027.
2. Repointing carried out to front and side elevations.
3. Wall at the back if the premises has been rendered.
4. New sloping roof installed at the back of the shop premises in April 2020.
5. Mains connected sump pump installed in cellar in July 2020.
The lease has 930 years remaining and the ground rent of £695 has no provision to increase.
Leasehold.
Auction Details:
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions’ Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees:
The following deposits and non- refundable auctioneer’s fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of £1,500 inc. VAT
The Buyer’s Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information:
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
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