The subject property is situated within a larger industrial complex and comprises a four bay mid terraced unit constructed of brick and rendered walls under a north light roof clad in corrugated profile metal sheets.
Internally two of the bays have been extensively fitted out to provide office, staff and welfare accommodation and the remaining two bays are utilised for garage, workshop and servicing facilities; this latter area has the benefit of a 4mx2m electrically operated roller shutter door.
There is a dedicated concrete access and parking area in front of the units primarily for emergency vehicles.
Location
Cumnock has a population of approximately 9,000 residents and is the second largest town in East Ayrshire. It offers excellent local amenities including schools, shops and leisure facilities; nearby Dumfries House, saved by King Charles 15 years ago, is now a top tourist attraction also offering lecture and event facilities together with centres of excellence for traditional crafts.
The town has first class road communications being situated just off the A76 trunk road located some 15 miles south east of Kilmarnock, 15 miles east of Ayr and 37 miles south of Glasgow.
The property is situated just off Ayr Road (A70) immediately adjacent to an Aldi supermarket, Barony Campus and opposite East Ayrshire Community Hospital.
Accommodation
The premises extend to a Gross Internal Area of 4,988 sq ft (463.4 sq m)
Terms
PROPOSAL
We have been instructed to seek offers in excess of £320,000, excl. VAT, subject to and with the benefit of the existing lease to The Scottish Ministers, on behalf of the Scottish Ambulance Service, which would reflect a net yield of 9.06% after allowance for purchasers costs of 3.21%.
TENANCY DETAILS
The premises are let to The Scottish Ministers, on behalf of and occupied by the Scottish Ambulance Service, on a Full Repairing and Insuring lease from 1st September 2024 expiring 31st August 2029.
The lease is subject to either a Tenant Break Option (on no less than 9 months prior notice) or an upward only, open market, rent review as at 31st August 2027.
The current rent passing is £29,930pa exclusive (£6/sq ft).
The Scottish Ambulance Service has invested significantly to adapt these premises for their use and as such have renewed their lease for the second time and been in continual occupation since 1993. Importantly, the premises are very convenient for the close by East Ayrshire Community Hospital.
TENURE
Heritable (Scottish equivalent of English Freehold).
LEGAL COSTS
Each party will meet their own legal costs in the transaction.
EPC
A copy of the EPC Report is available upon request.
VAT
The property has been elected for VAT and therefore VAT will be payable on the purchase price. However, we anticipate the transaction can be treated as a TOGC (Transfer of a Going Concern).
LEGAL COSTS
Each party will meet their own legal costs in the transaction.
Specification
- Government secured industrial investment
- Long term emergency services occupier