The premises comprise a double fronted ground floor lock up shop unit contained within a larger traditional tenement building, the upper floors of which were converted to residential use by Fife Council in 2016.
The premises offer clear ground floor retail space together with a single wc compartment at the rear. There is additional remote storage accommodation provided within two cellar rooms at basement level.
Location
Cupar is a vibrant and affluent market town that sits approximately 13 miles north of Glenrothes and 10 miles west of St Andrews.
St Catherine Street forms part of the A91 trunk road route that connects St Andrews to Stirling and therefore benefits from substantial levels of passing traffic throughout the day.
The area is a well established and popular secondary retail parade and adjoining occupiers along the street include Paterson Bell Solicitors, CKD Galbraith Surveyors and a Boots Pharmacy.
Accommodation
Measured in accordance with the RICS Code of Measuring Practice (6th Edition) we calculate the premises to have the following floor areas:
Ground Floor: Net Internal Area: 75.15 sq m (809 sq ft)
Terms
Rating - The premises have a draft entry on the 2023 Valuation Roll with a NAV/RV of £10,000.
Tenancy - The premises are let to Paula Bissett t/a Volders Gifts on a 5 year full repairing and insuring lease (limited by way of a Schedule of Condition) that expires at 31 August 2027. The rent is £10,000 per annum, payable monthly in advance.
The tenant has a long history in the toys and gift industry and, following maternity leave in 2017, decided to set up in business under her own account principally as an online business working from home.
By 2019 the business was of such scale that remote warehouse premises were acquired elsewhere in Cupar and in 2022 they moved to open this, their first physical retail outlet.
Terms - Our clients are offering the heritable interest (Scottish equivalent of English freehold) in the premises, subject to and with the benefit of the occupational lease as detailed, seeking offers in excess of £115,000.
A purchase at this level would show a Net Initial Yield of 8.54% after purchasers costs.
VAT - We understand the property has not been elected for VAT purposes and that VAT will therefore not be chargeable on any agreed sale price.
Legal Expenses - Each party will meet their own legal expenses incurred in connection with the transaction, with the purchaser meeting the costs of any Land and Buildings Transaction Tax and Registration Dues that may be payable.