The subjects comprise two neighbouring retail units both contained within an historic three storey and attic traditional tenement building which dates from 1770 and is Category 'C’ Listed.
The main walls are of stone construction whilst the roof is pitched and clad in slates.
35 George Street trades as George Street Tea Room whilst 39 George Street trades as Janet Eagleton & Son who are kilt and sporran makers.
Location
Perth, which has a population of approximately 45,000 persons (Source: Perth & Kinross Council), is the principal area of Perth & Kinross District and has recently been awarded City status.
Historically known as the gateway to the Highlands, Perth enjoys close proximity to Scotland’s main cities with 90% of the country’s population accessible within 90- minute drive time. Dundee lies approximately 22 miles to the east with Edinburgh 43 miles to the south and Glasgow 61 miles to the southwest.
Perth is located at the base of the River Tay in the heart of Scotland with the A9 and A90/M90 giving easy access to Dundee, Edinburgh, Glasgow and the south beyond.
The subjects are prominently located on George Street a good quality retail and commercial location within the centre of the town a short distance from the High Street.
Accommodation
35 George Street
Serving/Seating Area, Storage, Kitchen and Toilet Facilities - 48.18 sq m (519 sq ft)
39 George Street
Retail Area, Changing Area, Store and Toilet with W.C. - 55.64 sq m (599 sq ft)
Terms
TENANCIES:
35 George Street is let Craig Donaldson & Mark Kinvig until 4th January 2028 (tenant break option in 2027). They have been in occupation since 2018. The annual rent is £8500. The tenant is responsible for internal repairs only.
39 George Street is let to Janet Eagleton at an annual rent of £7200. There is no lease for the property and the tenant has been in occupation for 25 years.
TERMS - Our client is inviting offers in excess of £150,000 for their heritable interest subject to the existing lease agreements. This reflects a net initial yield of 10.28%
RATEABLE VALUES:
35 George Street - £7,900
39 George Street - £7,100
EPC - Available upon request.
VAT - Prices quoted are exclusive of VAT.
LEGAL COSTS - Each party to bear their own legal costs in connection with this transaction.
Specification
- TWO ADJOINING RETAIL PREMISES GENERATING AN ANNUAL RENT OF £15,700 PER ANNUM
- OFFERS IN EXCESS OF £150,000 REFLECTING A NET INITIAL YIELD OF 10.28%