The property comprises a recently refurbished retail showroom premises within a ground and attic storey, double-fronted, end terraced property with single storey rear projections and a vehicle garage.
The accommodation is well presented throughout with broadly rectangular shaped, connected front and rear sales areas and ancillary accommodation at ground floor level with storage rooms and offices on the attic floor of the front building.
Location
Beresford Terrace is a busy thoroughfare and an established estate agency and licensed/leisure locality to the south of Ayr Town Centre. Nearby estate agents include Corum, Donald Ross, Galbraiths and Clyde Property, amongst others with licensed/leisure businesses including Mr Basrai’s World Buffet, No 22, The Tudor Restaurant, Meridian Bar & Grill, Ayrshire & Galloway Hotel and Odeon cinema.
Ayr is the principle town within South Ayrshire and has a population of around 47,000 persons. The town lies on the A/M77 providing road access north to Glasgow (35 miles) and south to Stranraer (75 miles). Ayr railway station, a 2 minute walk from the subjects, has regular services to Glasgow.
Accommodation
From our on-site measurements and on a net internal basis, the property extends to 322.84 sq.m (3,475 sq.ft), or thereby.
Terms
TENANCY DETAILS - The subjects are let to Urban Kandi Ltd (t/a Rotherwoods), a longstanding occupier in the location and a ‘high end’ furniture retailer who occupy under a full repairing and insuring lease (subject to a schedule of condition) until 3 April 2028, with an option to break the lease on 3 April 2023. The rent is £35,000 per annum.
Urban Kandi Ltd operates a chain of high quality furniture showrooms with outlets trading as ‘The Designer Rooms’ in Ayr, Irvine, Kilmarnock, Wishaw, Coatbridge and Silverburn. The company is A rated with a score of 72 on Creditsafe. Further details are available via www.thedesignerrooms.com
RENT/PRICE - Offers over £395,000 are invited for our clients heritable interest subject to the existing lease, which would represent a net initial yield of 8.53% after costs.
The investment is VAT free.
EPC - Available upon request.
LEGAL COSTS - Each party to be responsible for their own legal costs.
Specification
- Prominent roadside position south of Ayr Town Centre
- Established estate agent, licensed and leisure locality
- Attractive retail showroom premises
- Potential for alternative uses including restaurant/licensed uses
- Net Internal Area 322.84 sq.m. (3,475 sq.ft.)
- Let to an established ‘high-end’ furniture retailer
- £35,000 per annum until April 2028
- Offers over £395,000 are invited
- VAT free investment
- Net yield of 8.53%