The property comprises two self-contained ground floor retail units, within a four storey building of granite construction with a slate covered roof. The details of each units are as follows:
22 King Street - A ground floor and basement retail unit that has Class 3 consent. The ground floor is fitted out as a restaurant and has 34 covers at the front, while the kitchen and toilets are located to the rear. Overhead air conditioning units provide heating. The basement, accessible externally from the rear, offers ample storage space for stock.
24 King Street - A ground floor retail unit that has Class 3 consent. The ground floor is fitted out as a restaurant with 62 covers to the front and a bar, with the kitchen and toilets located to the rear. Overhead air conditioning units provide heating.
( Agency Pilot Software ref: 53613 )
Location
The property is located at the southern end of King Street, one of Aberdeen’s main thoroughfares. Positioned in the heart of Aberdeen, it is just 100 metres from Union Street and is surrounded by a variety of retail occupiers. Notable nearby occupiers include: La Lombarda Restaurant, McPherson Optometry, Wetherspoons and Siam Cottage
Accommodation
22 King Street 173.57sq m (1,868 24sq ft )
King Street 169.68sq m ( 1,826sq ft )
Total 343.24sq m ( 3,694 sq ft )
Terms
TENURE Heritable (Scottish Equivalent of Freehold)
TENANCY The properties are let to the tenant in his personal name on a Full Repairing and Insuring (FRI) lease until 1st January 2033, at a rent of £34,000 per annum, with five yearly rent reviews. The tenant has been in place since January 2008. 24 King Street is sub-let to SSPA Limited, for the remainder of the above term, at a rent of £24,000 per annum.
ENERGY PERFORMANCE CERTIFICATE (EPC) The Property has an EPC Rating of E. Full documentation can be provided to interested parties upon request.
VAT The property has been elected for VAT and it is anticipated that the sale will be treated as a Transfer of Going Concern.
PROPOSAL Offers over £300,000 excluding VAT are sought for our client’s heritable interest in the building. A purchase at this level would show a net initial yield of 10.97% after deduction of purchaser’s costs and LBTT.
ANTI-MONEY LAUNDERING REGULATIONS To comply with Anti-Money Laundering Regulations, we are legally required to undertake due diligence on prospective purchasers which will at the minimum include proof of identity/address and funding. Applicable documentation will therefore be required on agreement of heads of terms.
Specification
- Retail / restaurant investment
- Located on one of Aberdeen’s major thoroughfares
- Let at a rent of £34,000 per annum until 01/01/2033
- Tenant has fitted out the premises
- Offers over £300,000 exc VAT, reflecting a net initial yield of 10.97%