The property is a stand alone commercial premises comprised over three storeys and is of traditional brick build with a large enclosed rear yard comprising 0.22 acres, which is accessed via the side of the property.
At ground floor level, fronting Glasgow Road, the property has been fitted out in a typical Ladbrokes shop fit and Crawford Mason & Co T/A Lanarkshire Law occupy the first floor. The second/attic floor is currently vacant.
Car parking for 4 cars is available at the front of the property.
Location
Blantyre is situated approximately 8 miles south east of Glasgow city centre and has a resident population in the region of 17,000 set within the South Lanarkshire Council area. The town is located immediately west of Hamilton, which is the main shopping and administrative centre for the area.
Blantyre has an excellent communications network with the A725 East Kilbride Expressway providing immediate access to Scotland’s motorway network, including the M8 to Glasgow and Edinburgh (42 miles) and the M74 to Carlisle (85miles) and the south into England.
Glasgow Road is the main thoroughfare in Blantyre and links Hamilton Road to the A725. The property sits on a prime location on Glasgow Road.
Surrounding occupiers include Lloyds Pharmacy, Co-Op Funeral Care, Clydesdale Bank amongst a host of local retailers.
Accommodation
We estimate the subjects comprise the following net internal areas:
Ground Floor - 125.20 sq m (1,347 sq ft)
First Floor - 75.41 sq m (811 sq ft)
Second Floor - 52.81 sq m (568 sq ft)
TOTAL NET INTERNAL AREA - 253.42 sq m (2,727.79 sq ft)
Terms
EPC
Both the ground and first floor have an Energy Performance Rating of G.
TENANCY
The ground floor is let to Ladbrokes Betting & Gaming Ltd from 10th November 2009 on a lease expiring 10th November 2019 subject to tenant only break on 11th November 2018. The current passing rent is £11,000 per annum and subject to 5 yearly rent reviews. The 2012 rent review was not triggered. The first floor is let to Crawford Mason & Co T/A Lanarkshire Law from 1st November 2007 on a lease expiring 31st October 2017. The current passing rent is £9,000 per annum. The 2012 rent review was not triggered.
OFFERS
We are instructed to seek offers in the region of £200,000 exclusive of VAT for our client's heritable interest. A purchase at this level would represent a net initial yield of 9.73% based on the total current passing rent of £20,000 per annum and assuming purchaser's costs at 2.8%.
VAT
We understand the subjects are elected for VAT.
Specification
- Prominent town centre location with large rear yard
- Let to Ladbrokes Betting & Gaming Ltd and Crawford Mason & Co
- Total current passing rent of £20,000 per annum
- Outstanding rent reviews from November 2012
- Offers in the region of £200,000 exclusive VAT
- Net initial yield of 9.73% assuming purchaser's costs of 2.8%
- Total Net Internal Area of 253.42 sq m (2,727.79 sq ft)