Union Arcade is a detached two storey property with a single storey extension containing four shops on its ground floor and an 9 bedroom HMO on the first floor.
The shops are individually rated, which offer the occupiers 100% rates relief.
The first floor consists of two ‘flats’, one providing four individual rooms and the other, five rooms, each ‘flat’ with shared bathrooms and kitchens.
Please note that a single shop unit on the ground floor of the building is held outwith our clients ownership.
Location
Union Arcade is located just off Burns Statue Square, an historic square and a focal point within Ayr Town Centre acting as the entry point to the main shopping area from the south of the town, close to Ayr railway station, the business district and a host of licensed/leisure venues including an Odeon cinema.
The surrounding area is subject to regeneration including the development of a new leisure centre nearby and consultation on a new transport hub, which will increase footfall in the area.
There is parking nearby on Burns Statue Square and Kyle Street, a short walk from the property. A new flatted development is proposed in front of the property.
Accommodation
Unit 1 - 214 sq ft (19.90 sq m)
Unit 2 - 251 sq ft (23.30 sq m)
Unit 3 - 655 sq ft (60.86 sq m)
Unit 5 - 584 sq ft (54.27 sq m)
9 bedroom HMO on first floor
Terms
The HMO is fully let at present on AST agreements at rates of £XXX and £XXX per month, producing an annual income of £XXX
The total gross income is £XXX per annum.
PRICE- Offers over £XXX are invited, which is a net yield of 12.6%. The price is quoted exclusive of VAT although we would expect the sale to complete as a TOGC.
EPC - EPC available upon request.
LEGAL COSTS - Each party to be responsible for their own costs incurred.
Specification
- Central location within Ayr Town Centre
- Close to car park, railway station and proposed leisure development
- Mixed use, high yielding investment
- Four shop units and an 9 bed HMO, fully let
- Asset management and re-gearing opportunities
- Gross rental income of £XXX per annum
- Offers over £XXX are invited, a 12.6% yield