This substantial building is of stone and slate construction and comprises accommodation over 3 storeys, attic and basement. There is frontage to Academy Street and Union Street, the location being ideal for the banking use including provision for ATM’s externally. Internally the accommodation comprises a substantial ground floor banking hall with offices and staff accommodation on the upper floors. The basement provides storage. The property is fitted out to a high standard in the corporate style of the occupier. A lift is installed serving all floors. The building is Category B Listed.
( Agency Pilot Software ref: 14970 )
Location
This landmark building is located in the heart of Inverness town centre, directly across from the Railway Station close to High Street and Eastgate Shopping Centre. The property is located on the corner of Academy Street and Union Street with surrounding occupiers including Rohan, Blacks, Oil & Vinegar, Yorkshire Building Society and a host of independent operators and many Restaurants / Bars.
Accommodation
Total accommodation of 9,698 sq ft (900.96 sq m)
Terms
TENURE Heritable (Scottish equivalent of English Freehold).
TENANCY The entire property is let to Clydesdale Bank plc on a full repairing and insuring basis until 30 September 2033, there is a tenant only break option as at 30 September 2028 upon giving 9 months’ advance notice. If the break option is exercised a penalty equating to 6 months’ rent is payable by the tenant. The passing rent is £104,000 per annum exclusive of VAT.
Rent reviews are at 5 yearly intervals to open market rental value, the next review is at 1 September 2023.
Specification
- Prominent corner site banking hall and offices in Inverness city centre
- Total accommodation of 9,698 sq ft (900.96 sq m)
- Fully let to Clydesdale Bank plc until 30th September 2033 Undoubted covenant
- Passing rental of £104,000 per annum
- Offers in excess of £985,000 exc VAT, reflecting a net initial yield of 10.00%, after purchaser’s costs