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.
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.
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Ownership & Occupation:
Freehold- Outright ownership of the property and land on which it stands.
Tenanted- Existing tenant in place with lease agreement to be assigned to the new purchaser at the time of completion.
|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)|
|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.|
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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.
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02 May 2018
Edinburgh Marriott Hotel
111 Glasgow Road, EH12 8NF