The subjects comprise an industrial unit of steel portal frame construction with brick and profile metal sheeted walls. The property is surmounted by a multi pitched roof overlaid in cement asbestos sheeting. We understand that the property was historically leased as five separate units although there is a currently a single occupier occupying the entire building.
The current tenant has occupied and traded the property as a vehicle body repair centre with a passing rent of £52,000 per annum on FRI terms expiring February 2024.
There is potential to negotiate and extend a new lease with the existing occupier or potentially subdivide the accommodation.
Location
Falkirk is a large town in the Central Lowlands of Scotland, historically within the county of Stirlingshire. It lies in the Forth Valley, 23.3 miles north-west of Edinburgh and 20.5 miles north-east of Glasgow.
Falkirk is the main town and administrative centre of the Falkirk council area, which has an overall population of 156,800 and inholds the nearby towns of Grangemouth, Bo’ness, Denny, Larbert and Stenhousemuir.
Bankside comprises one of Falkirk’s main industrial estates providing a variety of commercial and industrial units with surrounding occupiers including Gap Plant Hire, Data Point and RMP. The estate offers excellent accessibility both to Falkirk Town Centre and to the east and west of the town via the Northern Distributor Road which lies immediately to the north.
The subjects are located on the southern side of castle crescent near to its junction with Castle Road.
Accommodation
From sizes taken during our inspection we calculate the subject property, measured in accordance with the RICS Code of Measurement Practice (second edition, January 2018) to extend to the following approximate gross internal area (GIA):
2,186.37m²/23,534ft²
Terms
Proposal - Offers over £595,000 are invited for the Heritable interest.
Planning - All queries in relation to redevelopment/ reconfiguration of the subjects should be addressed to Falkirk Council Planning Department.
Rating - Rateable value from April 2023: £44,750
EPC - E
Closing Date - A closing date may be set and all interested parties should make a note of interest at the offices of the Sole Agent. We reserve the right to sell or let the property without setting a closing date and we are not obliged to accept the highest or indeed any offer for the sale or lease of the property.
VAT - All prices, premiums and rents quoted are exclusive of VAT.
Specification
- OFFERS OVER £595,000
- 23,534 FT²
- LEASED UNTIL FEBRUARY 2024
- CURRENT RENTAL £52,000 PER ANNUM
- GROSS INITIAL YIELD 8.7%
- POTENTIAL GROSS REVERSIONARY
- YIELD OF 16.6%
- PREVIOUSLY LET AS 5 UNITS
- LARGE SECURE YARD