The subjects comprise a prominent roadside unit with access and frontage to West Port together with an office and yard/parking area. The office has been fitted out by Enterprise Rent-a-Car to include reception office, manager’s office, staff accommodation, tea prep and toilet.
Location
The Town of Cupar is situated in the centre of Fife, approximately 10 miles south west of Dundee, 10 miles north of Glenrothes and 9 miles west of St Andrews. The town benefits from excellent transport communications with both a railway station on the main east coast line and direct links to Scotland’s motorway network via the East Fife Regional Road (A92).
The town has a population of approximately 9,000 people and serves a wider catchment area of the surrounding towns and villages. The town still derives considerable importance from being the County Town with Fife Council Offices.
The property is located immediately off West Port, which forms part of the A91 and is the main arterial route into the town from the west. Nearby occupiers include NFU Mutual, Elmwood College, Cupar Motorcycles and Bell Baxter School.
Accommodation
We estimate the accommodation to comprise a net internal area of 57 sq m (617 sq ft).
Terms
PROPOSAL - We are instructed to seek offers in excess of £185,000 (One Hundred and Eighty Five Thousand Pounds) exclusive of VAT for the benefit of our client’s heritable interest subject to and with the benefit of the existing lease agreement. A purchase at this level reflects a net initial yield of 7.93% rising to 9.25% in June 2016 after allowing for standard purchaser’s costs
TENANCY - The subjects are let to Enterprise Rent-a-Car UK Ltd on a Lease expiring 31 May 2021 and subject to a rolling 3 month break option. The annual rent is £15,000 per annum with a fixed uplift in June 2016 to £17,500 per annum. Future rent reviews are 5 yearly thereafter and Retail Price Index linked.