FOR SALE EXCEPTIONAL RETAIL INVESTMENT OPPORTUNITY 19 MARKET PLACE, NORTH BERWICK EH39 4JF - Sheridan Property Consultants
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
FOR SALE
EXCEPTIONAL RETAIL INVESTMENT OPPORTUNITY
19 MARKET PLACE, NORTH BERWICK
EH39 4JF
OFFERS OVER £350,000
(5.50% NET INITIAL YIELD)
EXECUTIVE SUMMARY
• Rare opportunity to acquire a retail investment in the affluent East Lothian • Passing rent of £20,000 per annum (£20.02/sqft Zone A);
town of North Berwick;
• We are instructed to seek offers in excess of £350,000 (THREE HUNDRED
• Fantastic private investor opportunity offering secure income in a sought- AND FIFTY THOUSAND POUNDS STERLING) exclusive of VAT. A purchase
after location; at this level would show a net initial yield of 5.50% after allowing for
purchasers’ costs of 3.51% including LBTT (Land Building and Transactions
• Let to a private individual who is personally liable for all leasehold
Tax).
obligations;
• Extensively fitted out dental practice to an extremely high standard;
Wick
Location 19 MARKET PLACE
North Berwick is a picturesque and sought-after town within
East Lothian which lies approximately 20 miles east of A9
NORTH BERWICK
Edinburgh and within close proximity to the affluent areas of EH39 4JF
Gullane and Longniddry. North Berwick serves as a popular Dornoch
commuter town from Edinburgh whilst the A1 road provides
direct links into the heart of Edinburgh’s City Centre to the Lossimouth
west and the Scottish Borders and North of England to the Buckie Fraserburgh
Nairn
south. A96
North Berwick has a current population of approximately
7,000 with a further catchment of 12,5000. North Berwick’s INVERNESS A9
A90
population is predicted to increase significantly over the A96
coming years with the extensive residential schemes currently
being developed around the town centre by Cala, Miller Homes
Aviemore
& Walker Group. Kingussie
ABERDEEN
Braemar
North Berwick continues to be an attractive tourist destination
with outstanding coastal beaches, golf courses (North Berwick
& The Glen), the award-winning Scottish Seabird Centre which Fort
attracts c.250,000 visitors each year as well as Tantallon and William
Direlton Castles. Pitlochry
A90 A92
Dunkeld
A9 DUNDEE
Carnoustie
A90
Oban
PERTH
St Andrews
M9 M90
Stirling
Kirkcaldy
Helensburgh M80
North Berwick
M9
GLASGOW Falkirk
A1
A1
M8
Paisley EDINBURGH Berwick-upon
M77 -Tweed
Hamilton
A78
A68
M74
Irvine Galashiels
Troon
Prestwick A7
Ayr
A68
Turnberry
Lockerbie
Dumfries
Stranraer
19 MARKET STREET, NORTH BERWICK EH39 4JF P2
Description The subjects comprise of an end-terraced, ground floor dental practice of a two storey, brick-built building held under a pitched and slated roof. Internally, the space comprises of a large, open plan dental practice that has been sub-divided for the purposes of creating two additional dental treatment rooms, store, kitchen and WC. The internal fit-out has been recently completed to a very high standard with a plentiful supply of natural daylight to the premises as well as a large double windowed display front. 19 MARKET STREET, NORTH BERWICK EH39 4JF P3
Accommodation We have measured the subject premises in accordance with the RICS Code of Measuring Practice (Sixth Edition) and would estimate that the subjects extend to the following net internal area: FLOOR SIZE (SQ M) SIZE (SQ FT) Total Net Internal Area 113.78 1,225 Reduced Floor area 92.78 999 Tenancy Information The subjects are let entirely to Leonardo Carbiner t/a Seaside Smile from 20 April 2016 for 20 years with expiry due 19 April 2036 at a passing rent of £20,000 per annum (£20.02/sqft Zone A) on full repairing & insuring terms. There are 5 yearly rent review provisions contained within the lease on an upwards only basis to the greater of the passing rent payable by the tenant to the landlord prior to the review date and RPI. The next rent review is 20 April 2021. Tenure The property is held on a heritable title (Scottish equivalent of English freehold). 19 MARKET STREET, NORTH BERWICK EH39 4JF P4
19 MARKET STREET, NORTH BERWICK EH39 4JF P5
EPC VIEWING & FURTHER INFORMATION
The subjects have an EPC rating of F. Please contact the sole selling agent:
Sheridan
Property
VAT Consultants
Our clients have elected to waive exemption for VAT and accordingly VAT will be payable on
the purchase price, although we anticipate the sale will be dealt with by way of a Transfer of
Going Concern (TOGC). Sheridan Property Consultants
37 ONE,
37 George Street
Edinburgh
EH2 2HN
LEGAL COSTS Tel. 0131 300 0296
Stewart: 07740 940898
Each party will be responsible for their own legal costs incurred in connection with the
email: stewart@sheridanproperty.co.uk
transaction.
Cathal: 07808 627224
email: cathal@sheridanproperty.co.uk
Graeme: 07523 512804
email: graeme@sheridanproperty.co.uk
PROPOSAL
We are instructed to seek offers in excess of £350,000 (THREE HUNDRED AND FIFTY
THOUSAND POUNDS STERLING) exclusive of VAT.
A purchase at this level would show a net initial yield of 5.50% after allowing for purchasers’
costs of 3.51% including LBTT (Land Building and Transactions Tax)
Sheridan Property Consultants for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of,
an offer or contract; (ii) all descriptions, reference to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy
themselves by inspection or otherwise as to the correctness of each of them and are advised to do so; (iii) no person in the employment of Sheridan Property Consultants have any authority to give representation or warranty whatever in relation to this property; (iv) all prices, rents and
premiums quoted are exclusive of VAT at current rate. Date of Publication: May 2019
You can also read
