Substantial stone property in large corner plot. Successful and established tenant business. 15 year lease term remaining. Rental £86,800 per annum- RPIincrease at review. Rental guarantee for lease duration. Offers over £1,100,000
Location
The subject premises are located on the junction of Racecourse Road and Seafield Road in an affluent residential district of Ayr a short distance south of the town centre and close by the beach. Ayr is the principal settlement in the South Ayrshire Council area with a resident population of around 46,800.
Accommodation
The principal accommodation comprises the following:
Lounge Bar
Restaurant
Private Dining Area
Fourteen Bedrooms
Kitchen/Prep Area
Customer Toilet
External Store Rooms
Staff Accommodation
Mews Cottage
The property is well presented internally
Terms
LEASE TERMS The property is held on a 20 year full repairing and insuring lease from October 2008 drawn on full repairing and insuring terms although with tenant’s repairs obligation limited through a Schedule of Condition. The passing rent is £86,800 per annum with rent reviews based on an R.P.I. increase. The majority of fixtures and fittings are owned by the landlord and an inventory is attached to the lease. The tenant is Craig Homes Ltd and, whilst there is no history of rent arrears, the vendors are willing to guarantee the rental for the remaining term of the lease.
PRICE Offers over £1,100,000 are invited equating to a net initial yield of 7.5% after purchaser’s costs of 5.75%.
COSTS Each party will be responsible for their own legal costs incurred in the transaction.
VALUE ADDED TAX All prices, rents and premiums, where quoted, are exclusive of VAT.
Specification
- SUBSTANTIAL STONE PROPERTY IN LARGE CORNER PLOT
- SUCCESSFUL AND ESTABLISHED TENANT BUSINESS
- RENTAL £86,800 PER ANNUM –RPI INCREASE AT REVIEW
- >RENTAL GUARANTEE FOR LEASE DURATION
- OFFERS OVER £1,100,000