8 Low Street consist of a business centre providing offices over three floors, ground floor, first floor and lower ground floor. The property is of traditional construction of pointed stone with a pitched timber framed roof clad with slates. The property is category A listed.
Internally the property is currently set out as a business centre with individual offices/suites that are let to various tenants on a short term basis. Throughout the property the walls are primarily painted or paper covered plaster, with painted plaster ceilings and carpet or laminate covered floors.
Location
The property is located within the Aberdeenshire coastal town of Banff, which lies around 45 miles north of Aberdeen via the A947 road. The office is situated to the east of Low Street on the edge of the town centre. Surrounding buildings are predominantly residential upper floor tenements with ground floor retail / office units. Occupiers in the direct vicinity include a mix of local shops with some national occupiers.
Accommodation
The property provides the following approximate floor areas, measured in accordance with International Property Measurement Standards (IPMS3)
Lower Ground Floor - 56.35 sq m (606 sq ft)
Ground Floor - 81.2 sq m (873 sq ft)
First Floor - 86.47 sq m (931 sq ft)
Total - 224.01 sq m (2,411 sq ft)
Terms
TENANCY DETAILS - The business centre currently generates a total rent roll of £13,858 per annum with an occupancy rate of over 87%.
The majority of tenants are on flexible short term leases and there are a number of asset management opportunities. A tenancy schedule is available from the letting agents.
TENURE - The property is held on heritable (freehold) tenure
RATEABLE VALUE - The suites have individual rateable values.
Occupiers may qualify for rates relief through the Small Business Bonus Scheme.
ENERGY PERFORMANCE CERTIFICATE - The property has an energy performance rating ‘F’.
Full documentation is available on request.
PRICE - Offers over £135,000 are invited which reflects a net initial yield of 10.08% after deducting purchaser’s costs of 1.8%.
VAT - All prices quoted are exclusive of VAT which may be applicable.
LEGAL COSTS - Each Party will bear their own costs in relation to the transaction.
The Purchaser will be responsible for the payment of any LBTT and registration dues as appropriate.
Specification
- Multi Let Office Investment
- Scope for alternative uses (subject to planning)
- Offers over £135,000
- Net Initial Yield 10.08%