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Retail Investment Opportunity, 229 Station Road, Hartwood, ML7 4AW

not specified / Retail / Retail - High Street

For Sale - £140,000.00

Under Offer - Last updated: 07 December 2020

The property comprises a building of masonry construction arranged over one floor offering retail accommodation. As a betting shop, the unit benefits from Class 2 Use, in terms of the The Town and Country Planning (Use Classes) (Scotland) Order 1997. As a Class 2 property, securing Class 1 use, would also be possible. Internally the subjects present as a traditional high street bookies with customer area occupying the majority of the accommodation, while back of house and office functions operate to the rear of the subjects.

The subjects have been the historic home of Coral the bookmakers for a number of years prior to being assigned to Betfred.
( Agency Pilot Software Ref: 49509 )

Location

Shotts is popular commuter town in North Lanarkshire, around 10 miles from Motherwell. Shotts is ideally situated half way between Glasgow and Edinburgh, making it a desirable location for commuter families. The property is located on the south side of Station Road, which acts at the principal retail pitch and thoroughfare of the town. Shotts Rail Station lies some 0.4 miles east of the property. Occupiers close by include Bank of Scotland and a Co-op supermarket, together with a number of local traders.

Accommodation

The premises have been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and the following net internalfloor areas derived:- Gross Frontage 6.8 m (22' 4") Built Depth 21.25 m (69' 8")

Ground Floor 133.65 sq m (1,439 sq ft)

Terms

RATING ASSESSMENT We understand that the premises have the following rateable value: - Betting Office - £7,700

LEASE INFORMATION The subjects are leased to Done Brothers (Cash Betting) Limited trading as Betfred Limited, an established bookmakers, until 21st February 2027 at a passing rental of £12,219 per annum. The Tenant has a 15 year extension option, upon giving 3 months written notice. The rent will increase to either 2.5% per annum compounded pr open market level at the next review in 2021. Consequently, the rent will rise to a minimum of £13,824.68 from March 2021. The lease is drawn of Full Repairing and Insuring Terms.

PROPOSAL Offers in excess of £140,000 are sought reflecting a Net Initial Yield of 8.57 % assuming standard purchasers costs of1.80%. With the fixed uplift at review in 2021, the reversionary yield at this price will be no less than 9.70%.

VAT Unless otherwise stated all figures, prices, etc., are quoted exclusive of VAT.

TENURE The Vendor is selling the Heritable Title (Scottish Equivalent to English Freehold)

LEGAL COSTS Each party will bear their own legal costs in respect of any transaction of this site, however for the avoidance of doubt the purchaser will be responsible for LBTT, Extract copies and VAT thereon.

ENERGY PERFORMANCE CERTIFICATE A copy of the EPC certificate is available upon request.

Specification

• Single let investment to Betfred Limited
• Located in the principal retail pitch in Shotts
• Lease expiry 21st February 2027
• Rent passing at £12,219 per annum
• Offers over £140,000 reflecting an attractive NIY of 8.57%
• Reversionary yield of 9.70%

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
  For Sale Freehold £140,000.00 NA

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Mark Gillies

Graham + Sibbald

0141 432 1220



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