The subjects comprise a large self-contained two storey property.
Location
The subjects are situated on the south side of Montague Street in the centre of Rothesay. Rothesay is located on the Ise of Bute which has a resident population in excess of 6,000 persons which increases substantially during the summer season.
The main access to the Island is via a ferry from Wemyss Bay and Rothesay is the main ferry terminal for the Island.
Nearby traders include Bargain Buys, Semi-Chem, Ladbrokes, etc.
Accommodation
Ground Floor - 4,799 sq ft (446.0 sq m)
First Floor - 311 sq ft (28.90 sq m)
Total - 5,110 sq ft (474.9 sq m)
Total ITZA - 1,810 sq ft (assuming 10% quantum)
Terms
Tenure - Fuehold.
Tenancy - The property is currently let to Superdrug Stores plc who have been in occupation of this unit since early 2005. The tenant has recently agreed a 5 year lease extension from 3 May 2024 with a tenant only break at year 3 at a re-based rent of £18,000 pa (£25,000 pa). This reflects a low rate of £3.52 psf and similarly a low Zone A rate of £9.63 psf.
Rating - We are advised by the local Assessors Department that the subjects are entered in the current valuation roll as follows: Rateable Value £23,750
EPC - A copy of the EPC report will be made available on request.
VAT - The property is registered for VAT.
Proposal - We are instructed to seek offers in excess of £165,000 subject to contract and exclusive of VAT for the heritable interest of the subject property.
Legal Costs - Each party to be responsible for their own legal costs incurred in this transaction with the ingoing tenant being responsible for any Stamp Duty, Land Tax and Registration Dues.
Specification
- 100% Pitch in popular holiday town.
- Let to Superdrug Stores plc.
- Re-based rent £18,000 pa following 5 year lease extension 3rd May 2024 (Tenant break year 3).
- Ground & First Floor - 5,110 sq.ft. total.
- Low overall / zone A rate £3.52 psf / £9.63 psf.
- 10.71% net initial yield.