Commercial property for sale in Erroll Street, Peterhead AB42

Strapline

Auction Sale - 29/05/2024

High Yielding Retail Investment Opportunity

Let to the Original Factory Shop on a 10 Year Lease Expiring August 2033 and Paying £25,000 per annum.

Description

The property comprises a high yielding retail investment opportunity let to the established covenant of Original Factory Shop on a 10 year lease.

Arranged across ground, first and second floors, the property is currently fully let and producing £25,000 per annum.

The property is situated on the north side of Erroll Street close to its junction of Marischal Street and Love Lane within the town of Peterhead.

Peterhead itself is located approximately 32 miles north of Aberdeen on the A92 linking to Fraserburgh. The town serves as a major service centre for the fishing, oil and gas industries.

Tenancy

Let to The Original Factory Shop on a 10 year lease expiring 23rd August 2033 at a passing rent of £25,000 per annum.

The lease is on full repairing terms, and we understand the current lease is a renewal of a previous lease, with the rent being rebased from £45,000 per annum.

Accommodation

• Ground Floor - 4,290 sq ft (398.5 sq m)
• First Floor - 2,048 sq ft (190.26 sq m)
• Second Floor - 1,031 sq ft (95.78 sq m)
• Total - 7,204 sq ft (669.26 sq m)