FOR SALE BY AUCTION - LOT 11
TOWN CENTRE BANK INVESTMENT
(Let to TSB Bank PLC with further development potential STPP)
- Prominent Town Centre location
- Let to TSB Bank PLC
- Current rent reserved £XXX pa
- First floor development potential (STPP)
- Upcoming reversion, potential to increase income
- 6.8% initial yield
The property is arranged on ground and one upper floor to provide a ground floor banking hall together with ancillary first floor office/staff accommodation.
EPC Rating: Refer to legal documents
Vendor’s Solicitor: Mr Graeme Myles, Maclay Murray & Spens, Tel: 0333 02221884, Email: graeme.myles@mms.co.uk
Location
Galashiels is the principal retailing town in the Borders region with a population of 13,750. The town is located 28 miles southeast of Edinburgh via the A7 and 14 miles north of Hawick. The property is situated in the town centre fronting the main shopping thoroughfare, Channel Street, close to its junction with Market Place.
Occupiers nearby include Boots, Nationwide, Ethel Austin, Specsavers, Birthdays, Oxfam, Travelcare, Help the Aged, Phones 4 U and Tesco Pharmacy.
Accommodation
Gross Frontage: 10.3 m (33’ 9”)
Net Frontage: 9.5 m (31’ 2”)
Shop & Built Depth: 21.0 m (68’ 10”)
First Floor: 796 sq ft (74 sq m)
Tenancy in place to TSB Bank PLC for a term of 10 years from 24th Dec 1999
Current Rent - £XXX pa
Reversion - 24th December 2019
Total Gross Income - £XXX pa
Specification
Additional Information
*Guide Price: This is an indication of the seller's current minimum acceptable price at Auction. The guide price is given to assist prospective buyers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the Auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the Auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the Auction.
*Reserve Price: The seller's minimum acceptable price at Auction and the figure below which the Auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the Auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the Auction.
*Please note that the following additional fees will apply to the purchase of your property:
1. A successful purchaser will have to pay a buyer's premium of £XXX plus VAT directly to the Auctioneer
2. Other fees as listed within the Special Conditions of Sale that form part of the legal pack which is made available to prospective buyers prior to Auction. Buyers will be will be expected to sign this document as well as the Sales Memorandum at the time of purchase.
3. Stamp Duty will have to be paid in addition to the sale price. Stamp Duty rates are available online
4. Prospective buyers must factor in solicitor fees and any survey fees
5. Insurance - it is the responsibility of the buyer to insure the property purchased from the date of exchange.