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Description
The property comprises a mid terraced 2 storey commercial premises. Neighbouring occupiers include Greggs, Specsavers, Poundland, Costa Coffee & RBS.
The property is held on a full repairing and insuring head lease unit until 5th August 2031 at a passing rent of £12,000p.a.x with a tenants option to determine in 2029.
The property has been calculated to extend to the following internal area Ground: 76.18sqm (820sq ft) 1st: 23.18sqm (250sq ft) Total: 99.36sqm (1,070sq ft) Total: 99.36sqm (1,070sq ft)
The property has been decorated in accordance with the tenants corporate specifications with laminated timber flooring, suspended acoustic tile ceiling with recessed L.E.D panels.
The first floor is accessed via a staircase to the rear offering ancillary storage facilities.
The property comprises a mid terraced 2 storey commercial premises within a larger commercial parade. The property offers a prominent display frontage with partially recessed entrance door. The property has been decorated in accordance with the previous tenants corporate specifications with laminated timber flooring, suspended acoustic tile ceiling with recessed L.E.D panels. The first floor is accessed via a staircase to the rear offering ancillary storage facilities. The property has been calculated to extend to the following internal area Ground: 76.18sqm (820sq ft) 1st: 23.18sqm (250sq ft) Total: 99.36sqm (1,070sq ft)
Tenancy Details
Type of Agreement: Full Repairing & Insuring (FRI)Length: 5 Years
Rent: £12,000 per year / £1,000 per month
Yield: 13% (approx)
Tenant: Private Individual
Notes: The property is held on a full repairing and insuring head lease unit until 5th August 2031 at a passing rent of £12,000p.a.x with a tenants option to determine in 2029. The landlord holds a rent deposit of £3,000. The tenant operates multiple units throughout Lanarkshire, with 2 in Lanark town.
Maps & Location
Map Street View SatelliteThe subjects are situated on the South side of High Street, East of its junction with Wellgate within the main retail parade of Lanark’s town centre. Lanark is a busy market town located approximately 20 miles south east of Glasgow and 30 miles south west of Edinburgh. The town has a resident population of c.10,000 with a further catchment of 55,000 persons. The subjects benefit from being adjacent to a large public car park situated to the rear of the demise with ample access to the High Street. Neighbouring occupiers include Greggs, Specsavers, Poundland, Costa Coffee & Royal Bank of Scotland.
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Pricing Information & Bidding
Opening Bid: £95,000
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). How to Bid... To take part in the online auction you must firstly create a bidding account. Once you have a bidding account you can then login and place bids during the auction. Please click on the following link to view the latest Online Auction Bidders Guide now.View Live Online Auction
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Terms & Conditions of Sale
- 10% Deposit (Minimum £3,000)
- Standard Completion (Unless specified differently in any Special Conditions of Sale)
- Buyers Fee = 1% of Sale Price (Minimum £2,500 + vat)
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STANDARD TERMS OF SALE are 4 week completion with 1 week extension. Sellers can request an earlier or later completion date which will be detailed in any Special Conditions of Sale for this lot. Buyers must satisfy themselves prior to bidding as to the terms on offer for each property which may differ in deposit amount, completion and buyers fee.
* If no Special Conditions of Sale are present in the legal docs download bidders are advised to request a copy by email prior to bidding.
General Terms & Conditions of Sale
Lot Specific Terms - 66-68High Street, Let Barbers Investment, Lanark