Lock Up Site Containing 13 Garages
Centre of Densely Populated Area
Significant Rent Uplift Potential
Current Passing Rent
£XXXper annum (£XXXpcm Per Garage)
Potential Uplift to £XXXp.a. (£XXXpcm per garage)
Fixed Price £XXX
Location
The subjects are situated on the West side of Arran Court, accessible from the Adamton Road South, south of its junction with Arran Park within the town of Prestwick. The site itself is situated within a densely populated residential area surrounded by houses and flatted dwellings. Prestwick is situated within the South Ayrshire council area of the West coast of Scotland with a resident population of c. 46,000
Subjects
The subjects comprise 13 no. lock up / garage units situated on a regular shaped site accessed from a single road off the main arterial route through Prestwick.The subjects are of single storey brick built garage / lock-up units with a pitched roof. The subjects benefit from open plan access and egress area and have been held on rolling monthly leases for approx 10 years with no uplift in rental figures. The tenants are primarily local residents utilising the garages for extra storage for vehicles and gardening equipment.
The site presents an excellent opportunity for any occupier to acquire a ready made investment with scope for increasing rental figures, currently each occupier pays £XXXpcm (£XXXper annum) with potential for increase to £XXXpcm (£XXXper annum). The subjects also present an opportunity for any purchaser to seek to sell off the units individually.
Area
The site has been measured on a Gross External Area to extend to;
198.55sqm (2,137sq ft)
Proposal
Our client is offering their freehold interest in the site for £XXX representing a current yield of 5.8% with potential reversionary yield increasing to 15.6%
V.A.T.
Prices quoted are exclusive of V.A.T. We understand the transaction will not be elected for V.A.T.
Legal
Each party shall bear their own legal costs incurred in the transaction
Viewing
The site and subjects can be viewed at any time externally