The subjects comprise retail premises occupying part of the ground floor of the tenement building. The property has a traditional retail frontage incorporating a timber framed display window and a flush single leaf entrance door.
Internally, the property provides a front sales area as well as back shop accommodation, including storage, kitchen and a staff toilet facilities.
Location
The subjects are situated on the east side of Saracen Street, between its junctions with Allander Street to the south and Bardowie Street to the north in the Possilpark area of Glasgow, approximately 1 mile north of Glasgow City Centre.
Saracen Street forms a popular arterial route to the north of the city and benefits from good levels of passing vehicular traffic, including public transport. The subjects occupy a mid-terraced position within what is a long established secondary retailing location within the city, serving both passing vehicular traffic and the surrounding residential community.
Accommodation
According to our measurements, we calculate that the net internal floor area, which extends over ground floor only to extend to 50.54 sq.m (544 sq.ft) approx.
Terms
RATING ASSESSMENT - According to the Scottish Assessors website (www.saa.gov.uk), the subjects are entered into the current Valuation Roll with a Rateable Value of £XXX Consequently, the sitting tenant benefits from a nil rates liability under the Small Business Bonus Scheme.
LEASE DETAILS - The subjects are let to a private individual on a full repairing and insuring lease for a period of 15 years expiring on 02 March 2019. The commencing rental was £XXX per annum exclusive, however this was reviewed on 28 February 2014 to £XXX per annum exclusive.
In addition, we would note that the landlord holds a tenant deposit of £XXX
PURCHASE PRICE - We are instructed to seek offers in excess of £XXX for our client’s heritable interest in the subjects, subject to and with the benefit of the existing occupational lease. A purchase at this level would reflect a net initial yield (after purchaser’s costs) of 9%.
ENERGY PERFORMANCE - The subjects have a current Energy Rating of ‘G’. Sight of the Energy Performance Certificate (EPC) can be provided on request.
VAT - The property is not elected for VAT and therefore VAT will not be payable on the purchase price.
Specification
- Affordable lot size, ideal for private investors
- Located along Saracen Street’s main retailing stretch
- Strong performing asset with tenant having been in occupation for 12 years
- Arranged over ground floor only extending to NIA of 50.54 sq.m (544 sq.ft) approx.
- Let to private individual on 15 year FRI lease expiring 08 March 2019
- Listed building benefits for rates
- Current rent £XXX per annum exclusive
- Offers in excess of £XXX invited
- Reflecting net initial yield (after costs) of 9%