Lot 100j

Guide Price: £319,250 - Bid Now

25 Cowgate, Dundee Angus, DD1 2HS


Key Features:

Vast Commercial Property Consisting of 2 Let businesses and vacant office space. **PRIME CITY LOCATION**The total current Gross Rental is £33,800. Excellent scope for Increased rental. Development potential on upper 2 storeys***UNIQUE LOT****


  • ***DEVELOPMENT POTENTIAL - 2 upper storeys part completed into further nightclub*** Potential for change of usage to residential ( Subject to researching and gaining the necessary consents)
  • This property is offered at a Discounted Rate. Priced attractively for auction sale. Sure to appeal to developers or investors - RARE size of unit available in prime location.
  • ***GREAT INVESTMENT OPPORTUNITY*** Fantastic potential for capital gain over long term. CITY CENTRE LOCATION. Expected Full Market Rental would be in Excess of £60,000
  • NEW ENTRY - Full City Centre Building

Description:

Vast Commercial Property Consisting of 2 Let businesses and vacant office space. **PRIME CITY LOCATION**The total current Gross Rental is £33,800. Excellent scope for Increased rental. Development potential on upper 2 storeys***UNIQUE LOT**** The subjects are set over 4 floors. Efes diner located on the Ground floor currently pays £20,800 per annum. Joy/Pout Nightclub is located on the Ground floor and basement level currently paying £13,000. The First and second floor are vacant offices that have potential for development or to be let to bring in further rental. The building size is substantial, estimated at approximately 55,000 sq. ft., gross external (indicative and subject to measurement) EFES CAFÉ/BISTRO Diner/Restaurant Fitted with an American diner concept throughout. There is a large L-shaped servery counter, behind which is the main kitchen extraction and cooking area. There is a seating capacity for a total of 40 persons from booth seats and high stools arranged around the servery. Customer Toilets Situated adjacent to main diner. There is a single WC and wash hand basin, with store room off. POUT NIGHTCLUB Access Pout Nightclub is accessed directly from St Andrews Street to the side of the premises and is arranged over the lower ground floor to the rear. Club Main club room with central area and a variety of adjacent seating. There is a large bar servery and pool table. We understand that the capacity is for approximately 300 persons. Ancillary Accommodation Ladies and gent’s customer toilets and store. UPPER FLOORS There is a large vacant additional club room with a capacity, we would estimate, for approximately 500 persons. There are also a variety of upper floors to the rear of the premises, although these are currently blocked off and are also vacant. Ancillary Accommodation Ancillary accommodation in the upper levels include customer toilets, lobby area (accessed off Cowgate), store and disused/boarded over rooms.

Location:


The City of Dundee is the fourth largest city in Scotland and is a thriving metropolis sitting on the north bank of the River Tay. The city is growing and developing, with the waterfront undergoing massive development. The city lies on the north bank of the River Tay and is the principal city and administrative centre for Tayside. Dundee has a wide range of industrial and commercial activities ranging from oil industry support to medical and health research.

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.

Tenancy Details:


Type of Agreement Full Repairing & Insuring (FRI)
Length 7 years remaining
Rent £33,800 per year / £2,817 per month
Yield 10.6% (at guide price)
Tenant Private Individual
Notes: Efes Café Bistro is subject to a lease agreement. The current rent is £20,800 per annum. Pout Nightclub is subject to a new lease rental is £13,000 per annum and the lease term is five years.

Guide Price: £319,250 - 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:

    02 May 2018


  • Start Time:

    7.00pm


  • Auction Location:

  • Edinburgh Marriott Hotel

  • 111 Glasgow Road, EH12 8NF


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.