stop Multi-let unbroken retail parade investment - Singer Vielle Sales

Multi-let unbroken retail parade investment

270 – 278 Main Street | High Blantyre | G72 0DH

£475,000

subject to contract

SOLD

Summary

  • Multi-let unbroken retail parade investment

  • Let to established local tenants

  • Asset management opportunities

  • Heritable interest

  • VAT free investment

  • £475,000, subject to contract

  • 8.83 % net initial yield rising to 9.74% on letting of Unit 3

Location

High Blantyre is part of the town of Blantyre which is located in the area of South Lanarkshire. Blantyre is approximately 13 km (8 miles) south of Glasgow and within 5 minutes by car from Hamilton and East Kilbride. Blantyre is easily accessible by road being served by the M74 and A725 East Kilbride Expressway dual carriageway leading from East Kilbride to the M74.

Situation

The property is situated on the north side of Main Street and occupies a prominent main road position. The surrounding area is predominantly residential with a mixture of private and Local Authority housing. There are other retailers in the vicinity including William Hill and Ladbrokes. There is free on-street parking and a public car park directly opposite the property.

Immediately to the west of the parade is a site which has been granted planning permission for construction of a 4 bedroom private dwelling.

Description

The property comprises a single storey purpose built retail parade comprising six shops. The external elevations are of modern facing brick with pitched slated roof and uPVC gutters and downpipes. The units have modern aluminium framed shopfronts with display fascia’s above and roller shutters. Internally, each unit has a modern shopfit in keeping with their respective uses.

There is a residential dwelling to the rear which is in separate ownership.

Accommodation

The property comprises  278.61 sq m(2,999sq ft). Please refer to attached tenancy schedule for the floor areas per unit.

Tenure

Heritable (Scottish equivalent of English freehold).

Tenancy

The property is let to 4 tenants on individual leases all of which are Full Repairing and Insuring.

Unit 3 is currently vacant. The current rental income is £43,735 per annum.  Please see the attached tenancy schedule for further information.

Covenants

The tenants are a blend of private individuals and independent companies, several of whom have been in occupation for a number of years.

Value Added Tax

We are advised that VAT is not charged on the rents and therefore there will be no VAT payable on the purchase price.

Legal Costs

Each party shall be responsible for their own legal costs incurred in the transaction, with the purchasers responsible for LBTT.

Proposal

Our client is seeking offers in excess of £475,000 (Four hundred and seventy five thousand pounds), subject to contract, reflecting a net initial yield of 8.83 % rising to 9.74% on letting of Unit 3. 

Investment Considerations

  1. Opportunity to acquire an unbroken retail parade with extensive frontage to one of the main thoroughfares for the town;

  2. Asset management opportunities including undertake rent reviews, let Unit 3 and agree new lease terms for Unit 5,

  3. Multi-let providing an investor with a spread of income;

  4. Attractive lot size for an investor;

  5. VAT free investment

  6. A purchase at the asking price reflects an attractive net initial yield

Contact us

Singer Vielle   +44 (0) 207 935 7200
Graham Waddell graham@singervielle.co.uk +44 (0) 141 221 4545
Neil Singer neil@singervielle.co.uk  +44 (0) 203 478 9120
Dale Henry dale@singervielle.co.uk +44 (0) 203 701 1356
Richard Wolfryd richard@singervielle.co.uk +44 (0) 203 701 1353
Faye Langoulant faye@singervielle.co.uk +44 (0) 203 478 9122
Louanne Malan louanne@singervielle.co.uk +44 (0) 203 701 1386

 

 

Vendor's Solicitor

MacDonald Henderson  
Ian Anderson ia@macdonaldhenderson.co.uk +44 (0)141 248 4957

 

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