Summary
The subjects comprise a detached building of traditional construction arranged over ground floor only. The property incorporates a public house and a betting office. The roof is flat and appears to be of bituminous felt.
Upon entering the public house, there is the bar situated immediately ahead with customer seating surrounding it. To the rear of the property there are customer and staff welfare facilities. There is a small kitchenette which is also used for storage. The ceilings are wallpapered and incorporate pendant lighting. The walls are of plaster/paint and the floors are covered in laminate/carpet. A stairwell to the rear provides access to the basement which extends to the entire demise of the building. Internally, the betting office has an open plan sales area which has been fitted out with corporate branding. The ceilings are of suspended tile grid which incorporate recessed spot and box lighting. The floor is covered with tiles.
Key Points
Detached buildingLarge plot to rearNew 15 year FRI leaseVAT free investmentNet Initial Yield of 8.5%
Offers
Offers in excess of £305,000 are invited for the heritable interest (Scottish equivalent to English Freehold) subject to the lease agreements in place. Based on the combined rental income of £26,000 per annum a purchase at this level would reflect a net initial yield of 8.5%.
Tenancy
The property is let to William Hill Organisation Limited on new 15 year full repairing and insuring leases that commenced in March 2024 at a combined rent of £26,000 per annum. The lease incorporates tenant break options at the 7th and 12th anniversaries. The rent is subject to open market rent reviews on the 5th and 10th anniversaries.
Rateable Value
According to the Scottish Assessors Association, the subjects have Rateable Values of;
Unit 45 (Betting office) - £8,000 effective from 1st April 2023.
Unit 45a (Public house) - £10,800 effective from 1st April 2023.
EPC
A copy of the Energy Performance Certificate (EPC) is available upon request.
VAT
The subjects are not elected for VAT, therefore, VAT will not be payable.
Legal Costs
Each party will be responsible for their own legal costs.
Entry
Entry will be available on completion of legal formalities.
Location
Hamilton is a large town in South Lanarkshire, Scotland and serves as the main administrative centre of the council area. It sits approximately 9 miles south-east of Glasgow, 37 miles south-west of Edinburgh and can be accessed from Junction 6 of the M74 motorway.
The subject property is located in the Fairhill district of Hamilton on the north-east side of Neilsland Road, approximately 2 miles south west of Hamilton Town Centre. The surrounding area is primarily housing with nearby occupiers including the Community Centre, Fairhill Takeaway and Premier Convenience Store. The nearest rail links are from Hamilton Central Railway Station which takes a 5 minute drive to reach.