Units 45 & 45a, 45 Neilsland Road, Hamilton, ML3 8NA

Summary

The subjects comprise a detached building of traditional construction arranged over ground floor only. The property incorporates a public house and a betting office. The roof is flat and appears to be of bituminous felt.

Upon entering the public house, there is the bar situated immediately ahead with customer seating surrounding it. To the rear of the property there are customer and staff welfare facilities. There is a small kitchenette which is also used for storage. The ceilings are wallpapered and incorporate pendant lighting. The walls are of plaster/paint and the floors are covered in laminate/carpet. A stairwell to the rear provides access to the basement which extends to the entire demise of the building. Internally, the betting office has an open plan sales area which has been fitted out with corporate branding. The ceilings are of suspended tile grid which incorporate recessed spot and box lighting.

Key Points

Offers

Offers in excess of £305,000 are invited for the heritable interest (Scottish equivalent to English Freehold) subject to the lease agreements in place. Based on the combined rental income of £26,000 per annum a purchase at this level would reflect a net initial yield of 8.5%.

Tenancy

The property is let to William Hill Organisation Limited on new 15 year full repairing and insuring leases that commenced in March 2024 at a combined rent of £26,000 per annum. The lease incorporates tenant break options at the 7th and 12th anniversaries. The rent is subject to open market rent reviews on the 5th and 10th anniversaries.

Rateable Value

According to the Scottish Assessors Association, the subjects have Rateable Values of;

Unit 45 (Betting office) - £8,000 effective from 1st April 2023.
Unit 45a (Public house) - £10,800 effective from 1st April 2023.

EPC

A copy of the Energy Performance Certificate (EPC) is available upon request.

What3words

clots.heats.basis

Location