Retail investement with long standing tenant and lease until 2036 at a current rent of £8,000 per annum.
Location
LOCATION:
Fronting busy Farmeloan Road to the north of Rutherglen Main Street, between Rutherglen Cross and Farme Cross. In an area of traditional sandstone tenements with retail premises to the ground floor and flats above, neighbouring and nearby occupiers are predominantly independent traders and uses include alterations, beauty, electrical contractors, party shop, aesthetics, hair and beauty, newsagent/convenience, barber and public house. On street parking is permitted immediately outside the shops on Farmeloan Road, restricted to 30 minutes waiting.
Accommodation
DESCRIPTION:
A mid-terraced, ground floor shop forming part of a 4 storey sandstone tenement.
2 roller shutters to the frontage of display window with adjacent upvc entrance door to open plan salon with staff area/back shop/kitchen to the rear and toilet beyond. A gas boiler provides heating through radiators in the front and back shop.
AREAS:
By our calculations, 358 sq ft/33.28 sq m or thereby net internal area.
ENERGY RATING: Awaiting EPC
RATEABLE VALUE: £4,800
For qualifying occupiers, 100% rates relief may be available under the Scottish Government’s Small Business Bonus Scheme. Prospective purchasers should confirm the position for themselves.
Terms
LEASE DETAILS:
Operating a long established barber’s shop, the current tenant, Noureddine Bouchachi, has been a tenant for over 17 years having initially entered into a 15 lease of the premises in 2005 and subsequently renewed for another 15 years from 1st June 2021 at a rental of £8,000 per annum. The lease incorporates upward only, 5 yearly rent reviews the first of which is due on 1st May 2026
PRICE:
OFFERS OVER £66,000 are invited for the landlord’s interest in the property subject to and with the benefit of the existing lease.
By our calculations, this reflects a net initial yield of 11.91% after allowing for purchaser’s costs of 1.8%.
In the first instance, all offers should be submitted to Mr Cameron of this office.
VIEWING:
STRICTLY by appointment with Whyte & Barrie as agents.