153-155 High Street is a category ‘C’ listed, full terraced property contained over the basement and three upper floors, with retail accommodation over the ground and basement and two residential apartments on the upper floors.
The retail unit is well presented and is split in two at ground floor level with ancillary accommodation at lower ground level and storage in the basement. The apartments, which have a shared access, each consist of a lounge, kitchen, bathroom and two bedrooms.
Location
High Street is the traditional retailing location within Irvine Town Centre, with the property occupying a prominent pitch next to Clydesdale Bank, Royal Mail, Job Centre and Bank of Scotland, among others.
Irvine is the principle town within the North Ayrshire region, located 33 miles south west of Glasgow. The town lies at the convergence of the A78, A736 and A71 road routes providing ready road access to Glasgow, Kilmarnock, Ayr and Prestwick Airport. The town’s railway station offers fast and regular services to Glasgow and Ayr.
Accommodation
The retail property extends to the following net internal floor areas:
Ground Floor - 57.90 sq.m (623 sq.ft)
Lower Ground - 49.34 sq.m (531 sq.ft)
Total - 107.24 sq.m (1,154 sq.ft)
The apartments each extend to a gross internal floor area of 65.64 sq.m (707 sq.ft).
Terms
RATING - The retail unit has been split to allow 100% rates relief through the Small Business Bonus Scheme, with rateable values of £XXX and £XXX The flats are each noted under Council Tax Band B.
TENANCY - The retail unit has been split into two areas with full repairing and insuring leases in place for each, held in private names and trading as #Glow. The leases expires in October 2023 with a combined rent of £XXX per annum.
The apartments are occupied under standard private residential tenancy agreements with each flat producing an annual rent of £XXX per annum.
The aggregate rent is £XXX per annum.
PRICE - Offers of £XXX are invited for our clients heritable interest with the benefit of the existing leases, which shows a net initial yield of 10.15% after costs.
The investment is VAT exempt.
EPC - Available upon request.
LEGAL COSTS - Each party to be responsible for their own legal costs incurred.
Specification
- Prime position within Irvine Town Centre
- ‘C’ listed, full terraced building
- Well-presented salon premises let until October 2023
- Two tenanted upper floor flats
- Total income £XXXpa
- Offers of £XXX are invited showing a net yield of 10.15%
- VAT free investment