Two adjoining shops on Main Street in the popular Village area of East Kilbride. 27 – 722sq ft/67.1sqm; energy rating E+; lease to 2033 at £XXXa rising to £18000in September 2017. 27A – 503sqft/46.79sqm; energy rating D; lease to 2022 at £XXXa.
VAT free purchase at OFFERS OVER £230,000
Location
- RETAIL INVESTMENT IN POPULAR LOCATION
- 2 ADJOINING SHOPS
- VAT FREE PURCHASE
- LEASES EXPIRING 2022 AND 2033
- OFFERS OVER £230,000
- NET INITIAL YIELD 11.45%
LOCATION: On Main Street, at the junction with Kittoch Street, in The Village of East Kilbride. To the north of the town centre, The Village has undergone extensive redevelopment and improvement in recent years and is a thriving area of predominantly independent retailers, restaurants and bars. Neighbouring and nearby occupiers include Village Music, Zucca pizzeria, Co-operative convenience store.
Pay and display on street parking is available on Main Street itself and there are car parks in the immediate vicinity on Main Street and Kittoch Street. East Kilbride railway station is nearby and the local road network offers access throughout the town with connections to Hamilton, Glasgow, M74 and the national motorway system. Approximately 10 miles to the south east of Glasgow, East Kilbride was the first designated new town in Scotland and is Scotland’s sixth largest town with a population in excess of 75,000
Accommodation
DESCRIPTION: Two adjoining shops with shared entrance forming part of a traditional 2 storey sandstone terrace with single storey rear extension.
27 – the left hand unit occupied by Buddy’s, recently fitted out to a modern standard and fully equipped as a hot food take away with front waiting/retail area, servery, kitchen/food preparation, store and toilet.
27a – the right hand unit with vestibule to waiting area on open plan with modern fitted hairdressing salon and storage and staff areas to the rear including toilet.
There is a servicing and loading area to the rear.
AREA: 27 - 67.1sqm/722sq ft or thereby net internal area
27A – 46.79sqm/503sq ft or thereby net internal area
Terms
RATEABLE VALUE: 27 - £15,000
27A - £10,900
The Small Business Bonus Scheme offers up to 100% rates relief and further details are available on the Scottish Government website: www.scotland.gov.uk, under the heading Topics, Public Sector, Local Government, Local Government Finance then Non Domestic Rates.
EPC: 27 – E+
27A – D
TENANCIES: 27 – On full repairing and insuring terms for use as a hot food takeaway, let to Shan Ali, trading as Buddy’s, on a 21 year lease expiring at 31August 2033. The annual rent is £15,XXXa which will rise to £18,XXXa from 1 September 2017 and there are 5 yearly reviews thereafter.
27A – Let to John & Kelly Gillespie on a 10 year term from 2 April 2012 until 1 April 2022. The initial rent was £10,XXXa rising to £12,XXXa from 2April 2015 with no further rent reviews. The lease is drawn on full repairing and insuring terms for use as a hairdressing salon.
Specification
PRICE, RENT, LEASE DETAILS
ETC: OFFERS OVER £230,000 are invited for our client’s interest and with the benefit of the existing leases.
By our calculations, this would reflect a net initial yield of 11.45% reflecting purchaser’s costs and Land & Buildings Transactions Tax however any interested parties are advised to confirm these figures for their own satisfaction.
We are advised by our client that VAT will not be payable on the purchase price.
In the first instance, all offers should be submitted to Mr Cameron of this office.
VIEWING: STRICTLY by appointment through ourselves as agents.