Commercial property for sale in Investment Opportunity, 81 High Street, Galashiels, Scottish Borders TD1

Offers over £80,000
Commercial property for sale
Interested in this property? Call +44 1896 318948 * or Request Details

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Property description

Key features:
  • High Yielding Investement Opportunity
  • Three year lease form 01 May 2021.
  • Rent £8,500 per annum
  • Yield £10.63% before costs at Purchase price of £80,000
  • Ipms 3: 77.12 sq m (830 sq ft)
  • Prominent position with strong visibility to passing traffic and footfall
  • Car parking space
  • New Boiler 2018

Main Description
High Yielding Investement Opportunity
Three year lease form 01 May 2021.
Rent £8,500 per annum
Yield £10.63% before costs at Purchase price of £80,000
ipms 3: 77.12 sq m (830 sq ft)
Prominent position with strong visibility to passing traffic and footfall
Car parking space

General Information
81 High Street is located in a prominent trading position close to Galashiels town centre.

Galashiels is one of the principal towns in the Scottish Borders and is generally considered to be the administrative and retail centre for the region, effectively serving a population of in excess of 110,000. It is home to the fashion, textile and design school of Heriot Watt University and a Borders College campus, as such the town also has a significant student population.

Significant investment has recently been made within the town centre with re-development works to the streetscape and transport infrastructure works including the Galashiels inner relief road the Borders Railway link re-establishing passenger services between Edinburgh Waverley and the Central Borders. The journey time from Galashiels to Edinburgh city centre is approximately 55 minutes, with departures every 30 minutes. On weekdays the first train departs from Edinburgh at 0545, the last at 2355. Further details on the Borders railway are available at .

Description
81 High Street comprises the ground floor of a terraced Grade C listed building.

The subjects form part of well-detailed well proportioned three storey Baronial styled tenement which incorporates a corner turret designed by A G Sydney Mitchell, a prominent and well respected Edinburgh Architect. The tenement was built as the extension to the adjacent David Rhind Commercial Bank as Sydney Mitchell had become the official architect to the commercial Bank on the death of Rhind.

Accommodation
The accommodation is well appointed providing:

General office/ front shop; three further offices (one open plan to kitchen area); rear lobby with external door to car park to the rear; WC; storage cupboar.

Areas
The subjects have been measured in accordance with the Internal Property Measurement Standards 3 to 77.12 sq m (830 sq ft).

Rateable Value
The property is currently assessed to a Rateable Value of £8,300 per annum effective from 01 April 2017.

The Small Business Rates Relief Scheme provides rates relief to help small businesses in Scotland. For the 2017/18 financial year upto 100% rates relief is available for business with a combined rateable value (of all business premises in Scotland) with a Rateable Value of £15,000 or less subject to application and eligibility. Further details are available from the Business Rates Team at Scottish Borders Council. Tel.

Tenure
Absolute Ownership

Tenancy Information
The shop was let on a full repairing and insuring lease for a term of three years from 5th April 2018 at a current passing rent of £8,500 per annum.

Entry
On conclusion of legal missives.


VAT


Unless otherwise stated the prices quoted are exclusive of VAT. Any intending purchasers must satisfy themselves independently as to the instances of VAT in respect of any transaction.

Offers
Offers should include: The identity of the purchasers; the price offered; source of funds; clear details of any conditions attached to the offer; proposed timescale for conclusion of missives, completion and payment.

A closing date may be set for offers. Please note that only those parties who formally notify their interest will be informed of the closing date. Interested parties are advised to notify the selling agents of their interest as soon as possible. The sellers reserve the right to sell privately and are not bound to accept the highest or indeed any offer.

Legal Costs
Each party will be responsible for their own legal costs incurred in relation to this transaction.

In the normal manner, the in-going tenant will be liable for any stamp duty, land tax, registration dues and VAT incurred thereon, where applicable.

Viewings
Strictly by appointment with the sole agent:

Edwin Thompson llp, Chartered Surveyors
76 Overhaugh Street,
Galashiels
TD1 1DP

Tel: Fax: Email:

Property info

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For more information about this property, please contact
Edwin Thompson, TD1 on +44 1896 318948 * (local rate)

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Disclaimer

Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Edwin Thompson, and do not constitute property particulars. Please contact Edwin Thompson for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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