The subject property comprises the ground and first floor of a traditional two storey terraced building of masonry construction under a pitched and slated roof. The frontage comprises three large display windows and a single pedestrian entrance door.
Internally, the subjects are fitted out for current use as a betting shop, with shop floor area to the front and cashiers' desk, office and WC provision to the rear.
( Agency Pilot Software Ref: 49668 )
Location
The subjects are located in Paisley, one of Scotland’s largest towns, with an estimated population in excess of 70,000 people. The town is located approximately seven miles west of Glasgow City Centre and serves as the administrative centre for Renfrewshire Council. More specifically, the subjects are located on the west side of Moss Street, in Paisley Town Centre.
The surrounding area comprises a mixture of residential and commercial uses. Tenants of note in the surrounding area include Greggs and Tui, as well as a selection of independent retailers and local businesses. Public transport provision is excellent with good access to bus routes and rail via Paisley Gilmour Street Station, which is within 2 minutes walking distance from the subjects.
Accommodation
We understand the premises extends to the following net internal area: Total: 146.68 sq m / 1,578 sq ft
Terms
Tenancy The subjects are leased to Done Brothers (Cash Betting) Limited (t/a Betfred), one of the UKs most well-established bookmakers, with over 1600 shops nationwide. The strong covenant has a Full Repairing and Insuring lease until 12th August 2029.
Proposal Offers in excess of £230,000 are sought, reflecting a Net Initial Yield of 8.5% assuming standard purchasers’ costs of 2.83%.
Rating Assessment We understand the premises have the following rateable value: Betting Office - £11,000
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).
Specification
- Prominent TownCentre Location
- Lease expiry 12th August2029
- Rent passing £20,000 perannum
- Offersover£235,000 reflecting
- NIY of 8.5%