Lot 2v

Guide Price: £99,000 - Bid Now

8 Wellington St, Wellington Bar, Kilmarnock, KA3 1DN


Key Features:

KILMARNOCK TOWN CENTRE INVESTMENT LET on EXTENDED Lease from 19th January 2018 until 18th Jan 2023 @ low rent £11,500 PER ANNUM - New 5 Years FRI (tenant pays rent/insurance etc) Fixed Increase to £12,000 p/a Jan 2021. ***Long Term Development Potential Prominent SITE ***Close to modern housing.


  • HASSLE FREE Income producing investment. Prominent BUILDING site WELL FITTED OUT close to Town Centre/ Bus Station. ***Established Public House for OVER 25 Years.*** Sensible low rent allows stablished tenant to make profit on Full Repairing and Insuring Lease (tenants accepts property as is & pays rates/insurance etc).
  • Excellent 10% circa rental return. Well established "The Wellington" is arranged within a single storey stone building has been extended to the rear by various single storey extensions. There are two accesses from the front of the premises, leading in to the lounge and public bars.
  • SUPER SIZE PUBLIC BAR - Characterful public bar with timber bar servery, fire place, timber floors providing a traditional quality ambience throughout. Seating for 15 persons. Lounge Bar - There is substantial seating for 28 persons & an open fire place. Customer Toilets - Ladies and gents customer toilets.
  • NEW ENTRY - Let Public House £11,500pa

Tenancy Details:


Type of Agreement Full Repairing & Insuring (FRI)
Length 5 YEARS
Rent £11,500 per year / £958 per month
Yield 11.6% (at guide price)
Tenant Private Individual
Notes: Lease from 19th January 2018 until 18th Jan 2023 @ low rent £11,500 PER ANNUM - New 5 Years FRI (tenant pays rent/insurance etc) Fixed Increase to £12,000 p/a Jan 2021. ***

Description:

Long established public house "Wellington Bar" which is LET ON REBASED LOWER RENT allowing the tenant to make good profit. NEW 5 YEAR LEASE has been signed. EXTENDED Lease from 19th January 2018 until 18th Jan 2023 @ low rent £11,500 PER ANNUM - New 5 Years FRI (tenant pays rent/insurance etc) Fixed Increase to £12,000 p/a Jan 2021. ***Long Term Development Potential Prominent Site ideal Restaurant subject consents.***Close to modern housing. HASSLE FREE investment. Prominent BUILDING site WELL FITTED OUT close to Town Centre/ Bus Station. ***Established Public House for OVER 25 Years.*** Sensible low rent allows stablished tenant to make profit on Full Repairing and Insuring Lease (tenants accepts property as is & pays rates/insurance etc). Well established "The Wellington" is a super size and may longer term offer development potential as a VERY PROMINENT SITE and close to MODERN HOUSING minutes to KILMARNOCK TOWN CENTRE. Public Bar - Characterful nice ambience throughout. Seating for 15 persons. Lounge Bar - There is substantial seating for approximately 28 persons and an open fire place. Customer Toilets - Ladies and gents customer toilets. Substantial store (which could be reconfigured to provide a kitchen), general stores and beer cellar. In addition, there is a yard. There is a premises licence in place which sellers will consent to transfer to new owner. IDEAL HASSLE FREE INVESTMENT PURCHASE WITH LONG TERM DEVELOPMENT POTENTIAL. LOW RENT.

Location:


With a population of 50,000 persons, the second largest within Ayrshire. The town benefits from excellent road, rail and bus communications to Glasgow city centre. Specifically, the subjects are situated on Wellington Street and lie a short distance from the core town centre. As Wellington Street provides a main arterial route linking in to Kilmarnock town centre, The Wellington benefits from significant passing traffic trade. Substantial new development within the immediate vicinity, including new flats adjacent and across the road. There is no doubt that this is an exceptional opportunity for either a public house or restaurant.

Rateable Value:


CLICK HERE to visit the Scottish Assessors Association Website & automatically search this property's postcode for values. The Scottish Assessors’ Portal provides details of Council Tax Bands and Rateable Values for all properties in Scotland.

Ownership & Occupation:


Ownership

Freehold

- Outright ownership of the property and land on which it stands.
Occupation

Tenanted

- Existing tenant in place with lease agreement to be assigned to the new purchaser at the time of completion.

Guide Price: £99,000 - Bid Now


Auction Guide Prices are displayed as an indication of each seller's approximate sale expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set no more than 10% above or below the advertised guide price.

Bid Now Explained:


You may submit an offer now on any of our live properties for the sellers to consider. If they are will are willing to sell you the property now then it is a matter of making the required deposit payment to secure the purchase. Complete our ONLINE OFFER FORM now to put your offer forward to the sellers.











Internal Open Viewings:


This property may be open for internal viewings at specified times which will be listed on this page when available. You do not need to register to attend these viewings, you can simply turn up as the property will be open during the scheduled times. Our viewing agent will be present to answer any of your questions and provide auction catalogues to viewers.

External Viewings Anytime:


You may view this property externally at any time. Please make sure that if the property is occupied or tenanted that you respect the privacy of the occupants. Additionally we advise that you print a copy of this schedule and take it with you in case of any neighbours questioning you at the property as to your intentions.


















Offer Now:

You may submit an offer now on any of our live properties for the sellers to consider. If they are will are willing to sell you the property now then it is a matter of making the 10% deposit payment to secure the purchase. Complete our ONLINE OFFER FORM now to put your offer forward to the sellers.

Bid Live in Person:

Easily the best method is to attend the auction in person. The Glasgow Radisson is conveniently located in the Glasgow City Centre, a short walk from the Central Train Station and easily accessed from the M8 Motorway. The Edinburgh Marriott Hotel is conveniently located just minutes from Edinburgh Airport and the city centre.

Bid by Phone Live:

If you cant make the auction in person you can still make a live bid by telephone for this property. You will give instruction live over the phone with one of our staff in the room who will bid on your behalf and relay activity in the auction room. To register simply print off, complete and return the below form by email prior to 5pm of the auction day...

Proxy & Phone bidders phone... Download the Telephone Bidders Form

Bid by Proxy: (Ebay Style Highest Bid)

This is another option if you cannot make the auction in person. A Proxy bid is where you will leave your highest maximum bid for the property and the auctioneer will bid on your behalf. You will only ever bid one increment higher than the previous bidder. Proxy bidding rules out any potential issues with telephone reception or nerves regarding bidding in person or by telephone. To register simply print off, complete and return the below form by email prior to 5pm of the auction day...

Proxy & Phone bidders phone... Download the Proxy Bidders Form







  • Auction Date:

    31 July 2018


  • Start Time:

    7.00pm


  • Auction Location:

  • Glasgow Radisson Hotel

  • 301 Argyle Street, G2 8DL


Directions:


View a Map & Directions to the Auction Venue.
Glasgow Radisson | Edinburgh Marriott


Registration:

You will need to be at the auction prior to the 7.00pm start time in order to register & make your way to the auction room. Bidding registration opens from 6:00pm. You will be required to present Photo ID and provide your contact and solicitor details in order to register.

Legal Packs:

All legal packs will be available for inspection at our offices on the day of the auction and at the auction hall from 6:00pm.

Deposits:

If you are a successful purchaser of a lot then a deposit of 10% (minimum £3,000 or lower if specified) will be required. The deposit is accepted by the following methods:

Deposit Method:

Switch, Debit Card, Credit Card, Cash or Bankers Draft accepted only. Next Day Bank Transfer by prior arrangement only.