The subjects comprise a former church building, which is currently leased to Pace Theatre Company Limited used for a performing arts venue.
The premises is arranged to provide a theatre / hall on the ground floor and additional hall and balcony on the first floor.
Location
The property is located on School Wynd, at its junction with Oakshaw Street East within a mixed residential and commercial area of Paisley Town Centre.
The subjects are behind High Street and within short walking distance to Paisley Gilmour Street Station. Glasgow city centre lies approximately 10 miles to the east.
Accommodation
According to our calculations the unit has a Gross Internal Floor Area of 561.63 sq.m. (6,046 sq.ft.) approximately.
Terms
THE TENANT - The subjects are currently let to Pace Theatre Company Limited (Company No. SC138628) on a FRI lease expiring February 2032 at a rental of £36,000 per annum, with an upwards only rent review on Open Market Rental Value on the fifth anniversary.
GRANT ASSISTANCE - The property is eligible for financial assistance for repairs through the regeneration capital grant fund. For further information, contact should be made via Renfrewshire Council.
SALE TERMS - Offers over £220,000 are invited.
VAT - All terms quoted are exclusive of VAT, where applicable.
EPC - A copy of the Energy Performance Certificate is available upon request.
LEGAL COSTS - Each party will be responsible for their own legal costs incurred during the transaction.
Specification
- Former church building.
- Currently let to Pace Theatre Company Limited
- Total Gross Internal Area of 561.63 sq.m. (6,046 sq.ft.)
- Rental income of £36,000 per annum
- Offers over £220,000 invited.
- Net Initial Yield of 16.02% (after purchasers’ costs).