The subjects comprise a detached two storey villa dating back to around 1870 with a range of one and two storey extensions all set within a large corner plot offering ample off-street car parking and landscaped garden areas.
Location
The subject premises are located on the junction of Racecourse Road and Seafield Road in an affluent residential district of Ayr a short distance south of the town centre and close by the beach.
Accommodation
The principal accomodation comprises the following:
- Lounge Bar
- Restaurant
- Private Dining Area
- Fourteen Bedrooms
- Kitchen/Prep Area
- Customer Toilet
- External Store Rooms
- Staff Accommodation
- Mews Cottage
Terms
The property is held on a 20 year full repairing and insuring lease from October 2008 drawn on full repairing and insuring terms although with tenant's repairs obligation limited through a Schedule of Condition.
The passing rent is £86,800 per annum with rent reviews based on RPI increase.
The majority of fixtures and fittings are owned by the landlord and an inventory is attached to the lease.
The tenant is Craig Homes Ltd and, whilst there is no history of rent arrears, the vendors are willing to guarantee the rental for the remaining term of the lease.
Offers over £1,100,000 are invited equating to a net initial yield of 7.5% after purchaser's costs of 5.75%
Specification
* Substantial stone property in large corner plot
* Successful and established tenant business
* 15 year lease term remaining
* Rental £86,800 per annum - RPI increase at review
* Rental guarantee for lease duration
* Offers over £1,100,000