The subjects comprise a mixed-use commercial building of traditional stone construction beneath a pitched and slated roof. The property benefits from attractive and intricate masonry on a white-painted façade above ground full display frontage.
The ground floor comprises Class 3 restaurant premises trading as Horeb Food Company with rear upper level storage, WC and ancillary space. There is seating capacity for 26 guests in front of an open concept fully fitted kitchen together with rear office and customer WC facilities. The premises are fitted out to a modern specification attracting customers into a colourful Afro-Caribbean dining experience.
The two upper floors comprise beauty salon premises trading as The Hair Lounge and Polished Beauty. The 1st floor consists a modern open plan hair salon together with reception/sales and soft seating area. There are 10 styling stations arranged in a bright and modern environment, reflecting a professional practice. The 2nd floor consists modern beauty practice with treatment tables and two private rooms. There are WC facilities to the rear and private office/store.
Location
Dundee is Scotland’s fourth largest city with a population of 150,000. The city is undergoing major redevelopment along the waterfront with the recently developed V&A Museum, Dundee Railway Station and Grade A offices to attract more talent and industry to the region. The city is well known for its universities, medicine and life sciences and technological industries.
Murraygate is Dundee’s primary pedestrianised retail high street. The subjects occupy a prime position with neighbouring occupiers including WH Smith, Specsavers, Bank of Scotland and Café Nero. The subjects benefit from the city centre’s public transport services as well as various nearby multi-storey and on-street car parks.
Accommodation
Ground, 1st , 2nd & 3rd - Restaurant - 85.36 sq m (919 sq ft)
1st & 2nd - Beauty Salon - 95.60 sq m (1,029 sq ft)
Total - 180.96 sq m (1,948 sq ft)
Terms
PRICE
Offers in excess of £200,000 are invited for our client’s freehold interest.
TENANCIES
Restaurant premises let to The Horeb Foods Ltd (SC687350) – passing rent of £15,000 per annum. 10 year lease from 27th September 2023, tenant only break option and open market upwards only rent review in September 2028.
Salon premises let to Private Individual – passing rent of £11,000 per annum. 11 year lease from 22nd April 2018, tenant only break option expired, annual rent due uplift to £11,500 per annum effective from 22nd April 2026.
NON DOMESTIC RATES
According to the Scottish Assessors’ Association website, the subjects are enrolled in the 2023 Valuation Roll as follows:
Restaurant: £23,900
Beautician: £8,200
ENERGY PERFORMANCE
A copy of the Energy Performance Certificate (EPC) for the subjects is available upon request.
LEGAL COSTS
Each party will be responsible for paying their own legal costs incurred in this transaction.
VAT
All prices quoted are exclusive of VAT which maybe chargeable.
Specification
- Prime city centre location
- Mixed-use & fully occupied
- Offers over £200,000 invited
- Passing rent of £26,000 per annum
- Reflects net initial yield of 12.74%