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High Yielding Investment Opportunity, The Morrison Building, Mallaig, PH41 4QA

7,000 Sq Ft / Retail / Investment

Sold - Last updated: 02 December 2023

The building comprises a substantial two storey detached property constructed circa 1977 and was originally used by the Fisherman’s Mission. In more recent times the building has evolved to cater for a plethora of different uses and has become synonymous and very important to the local community.

Occupiers within the building include a tea shop, a bookshop, artisan gift shop and artists studio. All of which are on the ground floor alongside a sizeable and very popular café. The first floor contains a 10 rooms bunkhouse together with a 2 bedroomed apartment that is occupied by the operators. The apartment falls under the lease of the entire first floor.

The property has remained 100% occupied for the last few years with the tenants choosing to extend their leases whenever possible.

Location

The Inverness-shire coastal village of Mallaig lies approximately 40 miles west of Fort William in the Arisaig peninsula.

Whilst the local economy is established primarily around fishing and tourism with a resident local population of around 1,000 persons, undoubtedly in modern times the area has become one of the most prominent tourist destinations in Scotland. The West Highland railway line links Mallaig to Fort William, Oban and Glasgow with enormous popularity during the spring and summer months with the rail journey passing over the Glenfinnan viaduct, made famous in the Harry Potter movies.

Mallaig is a popular destination for tourists with the West Highland railway and the ferry crossing from Mallaig to Armadale at the southern tip of the Isle of Skye being particular attractions.

Village amenities include a primary school, a secondary school which caters for residents in Mallaig and nearby villages including Morar and Arisaig, together with the small isles of Eigg, Rum, Muck, Canna and also the Knoydart peninsula.

Accommodation

Full floor plans are available.

The building extends to approx. 7,000 sq ft over two floors (Gross Internal Area).

Terms

Tenancies/Income - There are currently 7 occupiers/leases within the building providing an annual rent of £59,673 per annum, which rises to £60,673 per annum from June 2023. All leases expire between May and July of 2024. Our client has decided not to discuss renewals/extensions with the tenants in order to provide any new owner/purchaser with full flexibility in terms of their approach going forwards. We would however comment that almost all tenants have communicated their wish to extend their leases.

Rateable Values - The entries on the Scottish Assessors Valuation Roll are as per below:

Unit 1 - £2,400
Unit 2 - £3,075
Unit 3 - £3,000
Unit 4 - £12,000
Unit 5 - £3,000
Unit 6 - £1,200
1st floor - £3,250

Guide Price - Our client is seeking offers over £400,000 for their heritable interest.

VAT - We understand that VAT will be charged on the sale price.

Specification

  •  Important community hub
  • 7 tenants producing £59,673 per annum
  • Attractive NIY of 14.35%


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