• Attractive Investment sale of a freehold 2 1/2 storey, fully tenanted office building, 3 tenants in-situ.
• Fully Repairing and Insuring Lease (April 2025), generating annual rent of £40,800 p/a and two rolling leases at £3,000 each p/a.
• Excellent investment opportunity offering a gross yield in the region of 9% p/a.
• Ideally located and well-maintained property in the City of Inverness.
10 Ardross Street, Inverness is a perfectly located property, situated adjacent to the City Centre of the Highland Capital, Inverness. Currently tenanted, mostly by a well-established Professional Practice on a Fully Repairing and Insuring Lease which is due for renewal in April 2025. This lease currently generates an income of £40,800 p/a, providing an attractive investment opportunity should the lease be renewed. There are also two further tenants who each occupy on an annual rolling licence to occupy, each paying £3000 p/a. Based on the current rental at the schedule price this proposition offers a solid return on investment of approx. 9% prior to costs. The current landlord has ensured that a stringent maintenance schedule is undertaken, meaning that the property is presented in good condition throughout.
10 Ardross Street is a traditional Victorian building, stone-built with pitched slate roof, and modern extension to the rear. The building is double glazed to the rear, the exterior of the main building is listed and is category B. The end-terraced unit benefits from a prominent frontage and is a few minutes walk from the City Centre. The subjects are set over 2.5 storeys. The main entrance is accessed at street level leading into the entrance porch with original tiled floor, a further engraved glass door leads into a delightful customer waiting area and reception.
To the right is a large attractive conference room and to the left is reception, both areas have a bay window. The ground floor contains three offices, with space for a total of around thirteen work stations, along with male and female toilets, a tea prep area and a filing room etc. From the entrance hall a carpeted staircase leads to the first floor, which splits to the front and rear of the building.
The first floor contains eight offices, with space for a total of around sixteen work stations. This floor also contains an it / storage area, staff recreation area, and toilet facilities.
On the second floor there are two further offices, with space for a total of around eight work stations, and large meeting room which is bright and airy with 4 large velux windows. All offices are bright and airy and have natural light. It is clear from viewing that the property has been maintained to a high level and is offered to the market in good condition. There is a fire escape staircase and escape door at ground level. To the rear of the property is off-road parking for up to 7 vehicles.
Full floor plans are available from the selling agents. Please contact them for more information.
The majority of the property is sold with a sitting tenant under a Fully Repairing and Insuring Lease which expires in April 2025. Two further tenants leasing on a rolling licence to occupy basis. Rental is currently set at £40,800 p/a for the main tenant and £3000 p/a for each of the tenants on the 2nd floor. There is no indication at this time that any of the leases / licences will not be renewed. Should the new owner wish to take on the building for another use then this would be possible at end of lease. In the interim period an income would be provided whilst planning and building warrant could be finalised. Copies of the leases will be made available to seriously interested parties from the selling agents.
Reason for sale
The landlord has owned the property since 2013 and due to other new business commitments, they have now decided to bring this attractive investment opportunity / freehold sale to the market.
Close to the centre of Inverness, the property and is ideally situated for those either visiting nearby shops, restaurants etc. Or working in the City. Inverness has extensive facilities for visitors and residents alike. Inverness is a growing City and with such expansion comes many opportunities in both commerce and social activities.
Inverness is also a popular city in which to live with a vibrant cultural offering and the presence of many social and entertainment venues. The city also has excellent communications links (bus and rail station), with the airport 15 minutes' drive away. Schooling in Inverness is plentiful plus uhi provides a wide-range of tertiary courses. The welfare amenities in Inverness are excellent with a major hospital plus many outreach services.
This particular area in Inverness proves very popular due to its close access to the River Ness, Inverness Cathedral as well as access to the entertainment venues of Eden Court, The Northern Meeting Park and Bught Park.
The building has an attractive and easily maintained garden area to the front and side of the building split by the main access path leading to the front door of the property. A further path runs along the side of the building from the car park to the front access, with grass and mature bushes to the side. There are further planted borders to the rear, surrounding the parking areas, all of which is enclosed by a traditional high stone wall. There is a block and render covered bin store.
10 Ardross Street benefits from mains electricity, gas, water and drainage. The business benefits from gas central heating, with wall mounted radiators. Fire doors are located throughout, with regularly maintained fire extinguishers. A burglar alarm is located at the front door. Tea prep / kitchen areas are available on each floor.