The property is currently operated as a café comprising the ground floor set within a wider 3-storey terraced Category “B” Listed building of ornate stone construction under a pitched slate roof. The ground floor unit benefits from an extensive attractive frontage with 3 large windows and a recessed timber customer entrance. Internally the property has been configured to provide a main server counter area with open plan seating. The main shop ceiling is fitted in part with a suspended tiled ceiling grid incorporating both air conditioning cassettes and halogen spot lighting. The ceiling above the main server counter/bar is the original high-level height with ornate coving and a spotlight grid is currently fitted.
Location
Elgin is situated approximately 66 miles northwest of Aberdeen and 39 miles southeast of Inverness. Within the Moray Council area, Elgin is the main administrative, business and service centre with Forres, Buckie, Lossiemouth and Keith being classified as secondary settlements. The town is accessed by the A96 trunk road which runs between Aberdeen and Inverness. There is also a railway line between those two cities. Elgin has a population of approximately 23,128 (2011 Census) and is the regional town for Moray, with a primary catchment of approximately 90,000 within a 10-mile radius. As the administrative centre of Moray, Elgin houses the HQ offices of Moray Council. Elgin is also the regional retailing centre and an important centre for education, tourism, agricultural industries, the general service sector, healthcare, food & drink and the textile and distilling industries
Accommodation
Floor Area: 159 m² (1,714 ft²)
Terms
EPC The accommodation has a current EPC Rating of “B” for energy performance. The EPC Certificate and Recommendations Report are available on request.
PLANNING Class 3 (Food and Drink).
RATEABLE VALUE The property is currently on the Assessor’s portal with a NAV/RV of: £23,750.
LEASE INFORMATION The property is leased on Full Repairing and Insuring terms to TCD & Norahs Ltd until 13th May 2029, subject to a tenant break option on 13th May 2027. There is a Schedule of Condition attached to the lease. Currently, the unexpired term to the TBO is 2.5 years and 4.5 years unexpired to the lease end date. The passing rent is £15,000 per annum, exclusive of VAT with the rent increasing to £20,000 per annum from 14th May 2025. The lease provides for an upwards only rent review on 14th May 2027. There is a Deposit Agreement in the gross sum of £9,000.
SALE TERMS The property is available “For Sale” with the benefit of the existing lease. Offers over £225,000, exclusive of VAT are invited in respect of our client’s heritable interest (Scottish Equivalent of English Freehold) in the property. Based on the current rental income of £15,000 per annum, exclusive of VAT, a purchase price at this level represents a Net Initial Yield of 6.53% and a Reversionary Yield of 10.88% (based on our opinion of ERV, £25,000 pa), after deduction of normal purchaser’s costs.
VAT The property is elected for the purposes of VAT. However, we anticipate that the sale will be treated as a Transfer of a Going Concern.
Specification
- Let to TCD & Norah’s until 13 May 2029, TBO 13 May 2027
- Current Rent: £15,000 pa rising to £20,000 pa from 14 May 2025 ERV: £25,000 per annum
- Offers Over £225,000 Invited
- Ground Floor within Traditional Terraced Building
- “B” Listed with Attractive Stone Features
- Prime Location on Elgin High StreetNet Initial Yield: 6.53 % Reversionary Yield: 10.88%