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Description

  • Status: Available
  • Type: Commercial
  • Ownership: Freehold
  • Occupation: Tenanted

Prime City Centre Busy Thoroughfare Ground & Bsm Floor Let To Paddy Power Expiry: 11th November 2027 Passing Rent: £35,000p.a.x

Occupiers in the vicinity include Primark, Barclays, HMV, Poundland, KFC and Lakeland. A Travelodge is close by as are a number of bars and restaurants.

The property has been calculated to extend to following internal area; Ground: 101.64sqm (1,094sq ft) 1st: 87.89sqm (946sq ft) Total: 189.53sqm (2,040sq ft)

The property comprises a mid-terraced retail space within a mixed use development of traditional granite construction surmounted by a pitched roof.

The units are located within the heart of Union Street the City’s traditional commercial thoroughfare, in close proximity to the busy Union Street / Union Terrace junction

The property comprises a mid-terraced retail space within a mixed use development of traditional granite construction surmounted by a pitched roof. Benefitting from a prominent frontage, the property offers dual display windows flanking the partially recessed frontage of aluminium framed and glazed construction. Internally the property is fitted out in accordance with the tenants corporate specifications with floors overlaid in laminated timber with lighting provided by way of fluorescent strips recessed within the suspended acoustic tile ceiling. The property has been partitioned to offer customer w.c and staff counter, with the basement floor accessed via a single staircase to the rear of the demise. The basement offers staff facilities, office and stores Area The property has been calculated to extend to following internal area; Ground: 101.64sqm (1,094sq ft) 1st: 87.89sqm (946sq ft) Total: 189.53sqm (2,040sq ft) Executive Summary The property is held on a full repairing and insuring head lease on the following terms; Tenant: Power Leisure Bookmakers Ltd t/a Paddy Power Expiry: 18th November 2027 Passing Rent: £35,000p.a.x Covenant: Power Leisure Bookmakers Limited Power Leisure Bookmakers Limited are a subsidiary of FTSE 100 Listed Flutter Entertainment plc. Flutter owns a number of the world's best known entertainment and gaming brands. Founded in 1988 Power Leisure currently trade from over 600 shops in the UK and Ireland. V.A.T The vendor has opted to waive their option to tax, as such the transaction will be treated as a transfer of a going concern

The units are located within the heart of Union Street the City’s traditional commercial thoroughfare, in close proximity to the busy Union Street / Union Terrace junction and close to Union Terrace Gardens, currently benefitting from a circa £30M major regeneration. The City’s Shopping Centres are all within walking distance as are the rail and bus stations. Occupiers in the vicinity include Primark, Barclays, HMV, Poundland, KFC and Lakeland. A Travelodge is close by as are a number of bars and restaurants.

Full Address: 175 Union Street, Paddy Power Investment, Aberdeen, AB11 6BB

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Tenancy Details

Type of Agreement: Full Repairing & Insuring (FRI)
Length: 11th November 2027
Rent: £35,000 per year / £2,917 per month
Yield: 9% (approx)
Tenant: Company
Notes: Power Leisure Bookmakers Limited are a subsidiary of FTSE 100 Listed Flutter Entertainment plc. Flutter owns a number of the world's best known entertainment and gaming brands. Founded in 1988 Power Leisure currently trade from over 600 shops in the UK and Ireland.

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Pricing Information & Bidding

Opening Bid: £369,000

What is an Opening Bid? This property is entered into an online auction where the bidding will start or open at the above price. Unless specified all properties are subject to a Reserve (minimum acceptable price).

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SPECIAL Terms of Sale

  • 10% Deposit
  • Buyers Fee = 3% of Sale Price (Minimum £3,250 + vat)
  • 4 Weeks Completion or Longer By Agreement
  • Contribution to Sellers Costs £1,750 for on time settlement

VIEW THE GENERAL TERMS OF SALE which are superseded by any special conditions detailed above.

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Buy Now Price = £409,000

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Auction Details

Date & Time: 16 May 2024, 10am-3pm
Type: Timed Online Auction

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