The subjects comprise a detached showroom and warehouse building of modern steel portal frame construction clad externally with insulated profile metal sheets under a pitched metal clad roof. The property is currently split into various design studios/display areas, stores and offices arranged over ground floor level.
Location
The subjects are positioned on a prominent corner location on Seafield Road within the prime Longman Industrial Estate serving the city of Inverness. The neighbouring area comprises industrial, trade counter, motor trade/showroom and office uses. Neighbouring occupiers include Enercon Services UK Ltd, Stevenswood Ltd, Precision Engine Services, ERG Scotland, Highland Signs, DSG Retail Ltd and Highland Industrial Supplies.
Accommodation
ACCOMMODATION - We understand the subjects extend to a floor area of approximately: 725 m² (7,802 ft²).
TENANCY DETAILS - Current occupiers within the building include Inverness Golf Centre, Energy My Way, Fraser Garage Doors, Highland Liberal Democrats, Black Isle Furniture, The Design House (Scotland) Ltd, Fabrik Majik and Marie Curie. Existing occupiers are on flexible 12-month License Agreements which can be terminated on giving 3 months notice. The present annual income equates to £43,800 with potential to achieve an Estimated Rental Valuation of £65,400 per annum.
PLANNING/DEVELOPMENT - We understand the subjects benefit from Use Classes 4 (Business), 5 (General Industrial) and 6 (Storage or Distribution), all in terms of the Town & Country Planning (Use Classes) (Scotland) Order 1997.
Terms
RATEABLE VALUE - The property is currently listed as multiple entries on the Valuation Roll with a cumulative NAV/RV of £55,300. The uniform business rate for 2016/2017 financial year is 48.4 pence in the pound for properties with a rateable value less than £35,000 and 51.0 pence in the pound for properties with a rateable value over £35,000.
EPC - EPC’s can be provided to interested parties.
THE OPPORTUNITY - The heritable interest (Scottish equivalent of Freehold) in the subjects is available ‘For Sale’ with the benefit of the existing license agreements. We are instructed to seek offers over £650,000, exclusive of VAT.
LEGAL COSTS - Each party will be responsible for their own legal costs incurred in any transaction. The purchaser will be responsible for LBTT, registration dues and any VAT thereon.
VAT - The property has not been elected for VAT. Therefore VAT will not be applicable to the sale price.
Specification
- Rare Opportunity to purchase a Prime Heritable Site
- Income Producing - £43,800 per annum – Presently Passing
- ERV - £65,400 per annum
- Prominent Corner Position at Seafield Road
- Asset Management Opportunity to Re-Gear Leases/ Owner Occupation
- Offers Over: £650,000
- VAT is not applicable to the sale price