The property is currently operated as a DVSA Theory Test Centre comprising the ground and basement floors set within a wider 3 storey and attic terraced Category “B” Listed building of ornate stone construction under a pitched slate roof. The ground floor unit benefits from a large glazed frontage to the main High Street and a glazed pedestrian door leading into the unit. Internally the property has been refurbished and configured to provide a reception area with cellular theory test rooms and staff/customer ancillary facilities. There is a staircase leading down to the basement floor which provides storage space.
Location
Elgin is situated approximately 66 miles northwest of Aberdeen and 39 miles southeast of Inverness. Within the Moray Council area, Elgin is the main administrative, business and service centre with Forres, Buckie, Lossiemouth and Keith being classified as secondary settlements. The town is accessed by the A96 trunk road which runs between Aberdeen and Inverness. There is also a railway line between those two cities.
Elgin has a population of approximately 23,128 (2011 Census) and is the regional town for Moray, with a primary catchment of approximately 90,000 within a 10-mile radius. As the administrative centre of Moray, Elgin houses the HQ offices of Moray Council. Elgin is also the regional retailing centre and an important centre for education, tourism, agricultural industries, the general service sector, healthcare, food & drink and the textile and distilling industries. The town lies in the heart of the world famous Speyside Whisky country and together with ready access to the Cairngorm National Park and the Malt Whisky Trail this ensures Elgin is a popular tourist destination
Accommodation
164.60 M² (1,771 FT²)
Terms
The EPC Certificate and Recommendations Report are available on request. Class 1A (Shops, Financial, Professional and Other Services) in terms of the Town and Country Planning (Use Classes) (Scotland) Order 1997.
RATEABLE VALUE The property is currently listed on the Assessor’s portal with a NAV/RV of: £18,750.
LEASE INFORMATION The property is leased on effective full repairing and insuring terms to Reid In Partnership Ltd until 15th October 2028. Currently, the unexpired term to expiry of the lease is 3.2 years. The passing rent is £16,500 per annum, exclusive of VAT. The lease is subject to a photographic Schedule of Condition which is appended to the lease.
SALE TERMS The property is available “For Sale” with the benefit of the existing lease.
Offers over £200,000, exclusive of VAT are invited in respect of our client’s heritable interest (Scottish Equivalent of English Freehold) in the property. Based on the current rental income of £16,500 per annum, exclusive of VAT, a purchase price at this level represents a Net Initial Yield of 8.08%, after deduction of normal purchaser’s costs.
VAT The property is elected for the purposes of VAT. However, we anticipate that the sale will be treated as a Transfer of a Going Concern.
LEGAL COSTS Each Party will be responsible for their own legal costs incurred in any transaction. In the normal manner, the purchaser will be responsible for LBTT, Registration Dues and VAT thereon.
Specification
- GROUND & BASEMENT FLOORS WITHIN TRADITIONAL TERRACED BUILDING
- “B” LISTED WITH ATTRACTIVE STONE FEATURES
- PRIME LOCATION ON ELGIN HIGH STREET
- FLOOR AREA: 164.60 M² (1,771 FT²)
- LET TO REID IN PARTNERSHIP LTD UNTIL OCTOBER 2028
- CURRENT RENT: £16,500 PA
- SALE PRICE: £200,000 INVITED NET
- INITIAL YIELD: 8.08 %