The subjects comprise retail/Class 2 premises arranged over part of the ground floor of a mid terraced, three storey building which is assumed to be of rendered brick/block construction having a stone facade, contained under a pitched and slated roof.
The retail frontage to Newmarket Street comprises a timber/glazed entrance door together with a timber framed display window.
Internally the subjects are arranged to provide a front shop/office, rear office, tea preparation area and toilet facility.
Location
The subjects are situated on the southern side of Newmarket Street, to the east of its junction with Hope Street forming part of Falkirk’s principal commercial centre.
As such, the subjects enjoy a busy town centre position with the surrounding area accommodating a range of national and local occupiers including Marshall Wilson Solicitors, Gare & Gibson Solicitors and Asda.
Falkirk itself comprises an important town within Central Scotland lying midway between Edinburgh and Glasgow, forming the main administrative centre for the surrounding district. As such the town provides extensive retail, leisure and local government facilities having a resident population of over 33,000 people at the census of 2011.
Accommodation
We would summarise the accommodation for valuation purposes as undernoted:-
Net Internal Area 34.83 sq.m. (370 sq.ft.)
Terms
RATEABLE VALUE: Reference to the Assessor’s website has shown that the subjects are entered in the current Valuation Roll at Rateable Value £XXX
The Small Business Bonus Relief Scheme was introduced on the 1st April 2008 and will remain in force for 2021/2022.Given the rateable value of the property, eligible businesses will benefit from 100% rates relief.
RENTAL: Passing rent is £XXX per annum. Should the tenant not exercise their break option at the end of year 3 then the rent will decrease to £XXX per annum for years 4 & 5.
LEASE TERMS: The subjects are let on a 5 year full repairing and insuring lease from 30/4/2021 incorporating a tenants option to break at the end of year 3. The current passing rental is £XXX per annum exclusive.
Our clients are seeking to assign their leasehold interest although consideration will be given to sub-letting. In addition, the landlord has confirmed that a new lease can also be made available through negotiation.
VAT: All figures quoted are exclusive of any VAT which may be chargeable.
LEGAL COSTS: Each party will be responsible for the payment of their own legal costs. The incoming tenant will be responsible for the payment of any Land and Buildings Transaction Tax, registration dues and VAT incurred.
EPC: A copy of the EPC (Energy Performance Certificate) can be made available on request however, the rating is G.
Specification
- Attractive Class 2/Retail premises
- Town centre position
- Passing rental £XXX per annum exclusive
- Qualifies for 100% Rates Relief, subject to eligibility