The property comprises a fully glazed retail unit on the ground floor only of a two storey terraced property of traditional construction.
The unit is of regular shape internally and has been fitted out by the new tenant to form an open plan sales/gaming area with rear toilet and staff accommodation.
Location
King Street is the primary retailing location within Kilmarnock Town Centre with the subject property occupying a prime pitch on the pedestrianised section, close to an array of national occupiers and opposite Burns Mall Shopping Centre. Nearby occupiers include Ramsdens, Savers, Specsavers and Bank of Scotland, amongst others.
Kilmarnock is the principle town within the East Ayrshire region having a population of over 46,000 persons and a regional catchment in excess of 122,000 persons. The town lies just off the M/A77, approximately 22 miles south west of Glasgow and 17 miles north of Ayr.
Accommodation
FLOOR AREA - The property extends to a net internal floor area of 72.65 sq m (782 sq ft) and a reduced floor area ITZA of 57.88 sq m (623 sq ft).
Terms
LEASE - The property is leased on full repairing and insuring terms to the Firm of D & R Stewart, trading as Stewarts Amusements, who have existing amusement arcades in Greenock. A rental deposit is held by the vendors. Further details are available upon request.
The rent is £XXX per annum and and the lease term runs from October 2017 until October 2027 with an option to extend for a further 5 years. There is a tenant only break option on the third anniversary and provision for an open market rent review on the fifth anniversary.
PRICE - Offers over £XXX are invited for our clients heritable interest subject to the existing lease, which is a net yield of 9.30% assuming purchasers costs at 2.37%.
EPC - Available upon request.
LEGAL COSTS - Each party to be responsible for their own legal costs incurred during the transaction.
Specification
- 100% Prime town centre retail location
- New letting with rebased rent to established occupier
- Rare sui generis planning consent with amusement licence in place
- Net Internal Area 72.65 sq m (782 sq ft)
- Let to the Firm of D&R Stewart in personal names
- £XXX per annum until October 2027 - £XXX per sqft Zone A
- Offers over £XXX are invited
- Net yield 9.30%