Kip Park is a detached; two storey building constructed in 2003, consisting of four ground floor commercial units and a first floor commercial unit with selfcontained access covering the floorplate of the building. There are 38 car spaces on site.
Location
The coastal village of Inverkip in the Inverclyde region off the west coast of Scotland lies approximately 5 miles south of Gourock and 9 miles north of Largs. Inverkip has a population of over 3,300 residents and serves as a commuter settlement to Greenock (6 miles) and Glasgow (32 miles), accessed via the A78 and M8 road routes. Glasgow Airport (23 miles) is a short drive east and Inverkip railway station has regular services to Wemyss Bay and Glasgow via Paisley.
Kip Park occupies a prominent position off the busy A78 road route, a short distance north of Kip Marina, widely considered to be Scotland’s premier marina having over 600 berths.
The recently constructed Inverkip Community Centre neighbours the property with new build residential properties proposed on adjoining sites.
Accommodation
Unit 1 - Sub-Tenant - Sainsbury’s - 4,513 sq ft
Unit 2A - Sub-Tenant - Michael & Lesley Greig T/A The Kipper (Café/Bistro) - 1,112 sq ft
Unit 2B - Sub-Tenant - Eva Lindsay (Salon) - 173 sq ft
Unit 3 - Sub-Tenant - Bongio Ltd (Fish and Chip Shop) - 933 sq ft
Unit 4 - Sub-Tenant - Enchanted Forest Nursery Ltd - 5,112 sq ft
Terms
TENURE - The subjects are held by way of a 125 year ground lease expiring 31st December 2128 (111 years unexpired) with the ground rent based on 10% of the total rent received by the sub-tenant with provision for a rent review in December 2038 to 12.5% of the rent received.
PRICE - Offers over £XXX are invited for our client’s leasehold interest, which represents a net initial yield of 7.23% assuming purchasers costs of 6.29%.
VAT - The price is quoted exclusive of VAT although it is anticipated that the sale can be treated by way of a Transfer of a Going Concern (TOGC).
EPC - Available upon request.
Specification
- Prominent roadside location close to Kip Marina
- Modern detached building with on-site car parking
- 47% of income from Sainsbury’s until 2029 with RPI uplifts
- Balance let to a salon, café, hot food takeaway and a children’s nursery
- Total net income of £XXX per annum, exclusive
- WAULT of 12.43 years
- Offers over £XXX exc VAT are invited
- Net Initial Yield 7.23% with costs at 6.29%