The property comprises an attractive standalone 2-storey office building with dedicated car parking. The building is accessible (including for people with disability and mobility issues) with a passenger lift to the first floor. There is also an automatic/secure door entry system and common areas on both floors providing toilets, shower and shared break out facilities. The building has been configured to provide self-contained office suites, two on each floor.
Location
Elgin is the administrative and commercial centre of Moray in the northeast of Scotland lying approximately 39 miles northeast of Inverness and 65 miles northwest of Aberdeen via the A96 trunk road. Phoenix House is located to the south of Elgin town centre on Wards Road, one of the principle arterial routes serving the town. The subjects are close to the railway station and within easy walking distance to the town centre.
Accommodation
Suite 1 & 4 SCRA 1,995 ft²
Suite 2 Mears Care (Scotland) Ltd 882 ft
Suite 3 Allied Health Services Ltd 1,035 ft²
Terms
EPC RATING Details available on request.
SERVICE CHARGE SCRA have a fixed service charge agreement. Over the pas 3 years the average shortfall has been circa £4,250 per annum. Further details are available on request.
PROPOSAL Offers over £550,000 exclusive of VAT are invited in respect of our client’s heritable interest in the property with the benefit of the existing leases. Based on the Net Rental Income of £48,950 per annum exclusive of VAT, a purchase at this level represents an attractive Net Initial Yield of 8.50% after deduction of normal purchaser’s costs. The current income could be increased through asset management and based on our Estimated Rental Value of £59,500 per annum exclusive of VAT, less the average service charge shortfall, a purchase at this level would produce a Reversionary Yield of 9.59%.
VAT The property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
COSTS Each party will bear their own legal costs. The purchaser will be liable for any LBTT, Registration Dues and VAT thereon