**360-degree tour available - click above below**
The freehold of this centrally located mixed-use property is available to purchase through Bowman Rebecchi, following the agreement of a new long-term tenant as an Audio Production Studio and Workshop on a new 15-year lease producing £12,500 per annum.
Situated at Inverkip Road in Greenock, the property comprises a detached two-storey masonry building that sits on a large self-contained plot. The roof is pitched and covered in slate tiles.
The lower ground is accessed from the front of the property and is used as a storage/workshop space. The ground floor is accessed via double-leaf timber entrance doors which lead into the reception area.
Off this area are four rooms which vary in size, some of which are interconnected. The solid floor is covered in carpet tiles. The walls are of plaster/paint and the suspended ceiling incorporates fluorescent strip box lighting. Staff welfare facilities are also provided as well as a cleaners cupboard.
The car park is accessed via a gate at the front of the property.
The subjects could easily be reconfigured to split into smaller separate units providing buyers excellent flexibility.
This is a fantastic space for a business to position itself, with property highly popular on the west coast of Scotland. This size of the unit is rarely available to purchase with a tenant already secured, making this a great opportunity for the right buyer.
VIEWING
The property is currently tenanted and therefore viewings need to be made by appointment with Bowman Rebecchi.
SAT NAV DIRECTIONS
The postcode for the property is PA16 9AA.
INVESTMENT
The demand to own property in Inverclyde is strong, with this property commanding approximately £12.5k per annum from the tenancy, making this an attractive investment opportunity providing an 11.9% yield.
Demand is high for property in the West of Scotland is high and it is rare for a property like this to come to market.
Location
The property is located on Inverkip Road, adjacent to the Albany and Greenock Crematorium, with high visibility from the A78. The subjects are a four-minute walk from Greenock West Railway Station and a ten-minute walk to the main town center.
Other enterprises located nearby include West College Scotland, Greenock Sports Centre, Cost Cutter, The Range, and Eddies Food Station.
This is a fantastic space for a business to position itself with high visibility.
Accommodation
The on-site measurements, measured by the RICS Code of Measuring Practice (6th Edition), calculate the subjects extend as follows:
Ground - 78.96 sq m | 850 sq ft
Basement - 64.6 sq m | 695 sq ft
Total - 143.56 | 1,545 sq ft
CLASS USE
Class Use 4,5,6 (Business, General Industrial, and Storage/Distribution)
Terms
Rates - From the Assessor’s website, the property had a Rateable Value of £4,500. The property qualifies for 100% rate relief through the Small Business Bonus Scheme, subject to occupier status.
EPC - A copy of the Energy Performance Certificate is available upon request.
Tenancy - The property is let in its entirety on full repairing and insuring terms for a 15-year term commencing October 2023 at a current rent of £12,500 per annum which is subject to an upward-only open market review and lease break option on the 10th anniversary.
Price - Our client is seeking offers of over £105,000 exclusive of VAT (not applicable) for their Heritable interest.
Anti-Money Laundering - To comply with anti-money laundering legislation, the successful tenant will be required to provide certain identification documents.
For further information, please contact Bowman Rebecchi.
Specification
- Freehold Investment Opportunity
- New 15 Year FRI Lease
- Net Initial Yield of 11.9%
- VAT Free Investment
- Excellent Visibility From A78
- Close To Greenock Town Centre
- 100% Rates Relief
- Greenock West Station - 3 Minute Walk
- West College Scotland - 4 Minute Walk
- Rare Opportunity