BID NOW AVAILABLE - You can submit an offer now on this lot for the seller to consider...

Lot 310

Guide Price: £155,000 - Bid Now

53 Lyrics & Mirage Function Suite St Andrews Lane, Dundee, DD1 2EY


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Key Features:

BAR, FUNCTION ROOM AND 2 BED FLAT. 155 COVERS OVER 2 FLOORS Lyrics bar is Located in the centre of the City of Dundee. Tenant is still in occupation. ***5 YEAR LEASE The premises are subject to a term of 5 years from 1st September 2016. The tenant is 2 Unlimited and the rental is £26,000 per annum. Lease is to 2 Unlimited.


  • Current occupant - https://en-gb.facebook.com/lyricsdundee1/ GREAT POSITION on busy street, comprise a traditional public house at ground level + function suite on First Floor and 2 bedroom flat on the second floor. RENTAL on lease agreement £26,000 PER ANNUM however as tenant company is dissolved (Feb 2018) a new owner can terminate the lease and take possession of the property immediately or re-gear existing lease.
  • HIGH YIELDING OPPORTUNITY., PROPERTY QUALIFIES FOR RATES RELIEF AS BELOW 15K PA RATES THRESHHOLD. VERY WELL FITTED OUT LINK TO TENANT FACEBOOK PAGE - https://en-gb.facebook.com/pg/lyricsdundee1/photos/?ref=page_internal
  • The tenants in occupation there signed lease on the 1st of September 2016 and are on a FRI lease (tenants pays rates/insurance etc). Offers opportunity to buy terminate lease immediately (as tenant company is technically dissolved) and OWNER OCCUPY. Or regear a new lease with CURRENT OCCUPANT who was paying £26,000 p.a
  • PRICED FOR A FAST SALE. ASSET MANAGEMENT OPPORTUNITY. PREMISES LICENCE IS IN PLACE. Dundee is the regional centre for commerce, retailing and employment within the Tayside region and is located on the east coast of Scotland.


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.
Rateable Value

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- Click the above link to automatically search the latest records for this post code. The Scottish Assessors’ Portal provides details of Council Tax Bands and Rateable Values for all properties in Scotland.

Tenancy Details:


Type of Agreement Full Repairing & Insuring (FRI)
Length 5 Years
Rent £26,000 per year / £2,167 per month
Yield 16.8% (at guide price)
Tenant Company
Notes: 5 YEAR LEASE The premises are subject to a term of 5 years from 1st September 2016. The tenant is 2 Unlimited and the rental is £26,000 per annum.

Further Details:

***5 YEAR LEASE The premises are subject to a term of 5 years from 1st September 2016. The tenant is 2 Unlimited and the rental is £26,000 per annum. **BAR, FUNCTION ROOM AND 2 BED FLAT. 155 COVERS OVER 2 FLOORS Lyrics bar is Located in the centre of the City of Dundee. Tenant is still in occupation. Lease is to 2 Unlimited. Current occupant - https://en-gb.facebook.com/lyricsdundee1/ GREAT POSITION on busy street, comprise a traditional public house at ground level + function suite on First Floor and 2 bedroom flat on the second floor. RENTAL on lease agreement £26,000 PER ANNUM however as tenant company is dissolved (Feb 2018) a new owner can terminate the lease and take possession of the property immediately or re-gear existing lease. HIGH YIELDING OPPORTUNITY., PROPERTY QUALIFIES FOR RATES RELIEF AS BELOW 15K PA RATES THRESHHOLD. VERY WELL FITTED OUT LINK TO TENANT FACEBOOK PAGE - https://en-gb.facebook.com/pg/lyricsdundee1/photos/?ref=page_internal. The tenants in occupation there signed lease on the 1st of September 2016 and are on a FRI lease (tenants pays rates/insurance etc). Offers opportunity to buy terminate lease immediately (as tenant company is technically dissolved) and OWNER OCCUPY. Or regear a new lease with CURRENT OCCUPANT who was paying £26,000 p.a.. PRICED FOR A FAST SALE. ASSET MANAGEMENT OPPORTUNITY. PREMISES LICENCE IS IN PLACE.

Guide Price: £155,000 - Bid Now


What is a Guide Price...

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 this property for the owner 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.

Map & Location:


100% PRIME SPOT. The premises are located CLOSE TO the prime section of High Street close to Murraygate and the Overgate Shopping Centre. Nearby occupiers include Greggs, H&M, Zara, Size?, Pandora, Optical Express, Costa Coffee and Barrhead Travel. Dundee is currently undergoing a £1 Billion waterfront redevelopment with the opening of the £45 Million V&A Museum in AUGUST 2018, leading the regeneration. BAR, FUNCTION ROOM AND 2 BED FLAT. 155 COVERS OVER 2 FLOORS Lyrics bar is Located in the centre of the City of Dundee. Tenant is still in occupation. Lease is to 2 Unlimited. Current occupant - https://en-gb.facebook.com/lyricsdundee1/ GREAT POSITION on busy street, comprise a traditional public house at ground level + function suite on First Floor and 2 bedroom flat on the second floor.

Viewings:


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.

Auction Details:



  • Auction Date...

    23 October 2018


  • Start Time...

    7.00pm


  • Auction Location...

  • Edinburgh Marriott Hotel

  • 111 Glasgow Road, EH12 8NF


Directions...

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.

How To Bid:


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