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.
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. Ayr is the principal settlement in the South Ayrshire Council area with a resident population of around 46,800.
Terms
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.
PRICE Offers over £1,100,000 are invited equating to a net initial yield of 7.5% after purchaser’s costs of 5.75%.
COSTS Each party will be responsible for their own legal costs incurred in the transaction.
VALUE ADDED TAX All prices, rents and premiums, where quoted, are exclusive of VAT. Prospective purchasers/lessees are advised to satisfy themselves independently as to the incident of Value Added Tax in respect of this transaction
Specification
- SUBSTANTIAL STONE PROPERTY IN LARGE CORNER PLOT
- SUCCESSFUL AND ESTABLISHED TENANT BUSINESS
- RENTAL £86,800 PER ANNUM – RPI INCREASE AT REVIEW
- RENTAL GUARANTEE FOR LEASE DURATION
- OFFERS OVER £1,100,000