FOR SALE - INVESTMENT OPPORTUNITY 2 Vernon Street, Saltcoats KA21 5HN
Refurbished Category B Listed former station building in the heart of Saltcoats’ town centre. 208.60 sq.m. (2,246 sq.ft.) approx Location
The north Ayrshire town of Saltcoats, one of the ‘Three Towns’ along with Ardrossan and Stevenston, is located approximately 26 miles to the south west of Glasgow and 5 miles to the west of Irvine.
The town has a resident population of approximately 11,700 and a wider conurbation population of 32,000.
Saltcoats enjoys excellent transport links via road and rail to Glasgow and the west of Scotland. Stirling
Glasgow
Saltcoats
Arran Ayr
high rd ARDROSSAN Situation A738
south beach rd The subjects are located at the train station in the heart of Ardrossan South Beach Saltcoats’ town centre and close to the main shopping streets and bus routes.
There are approximately 183 train services arriving / departing from the station on a typical week day. Annual passenger numbers are circa 0.35 million. The building has a cafe on the ground floor and offices above. SALTCOATS
ardrossan road
Saltcoats
canal st
Description
The premises comprise a two-storey red sandstone building all contained under a pitched timber slate covered roof which was constructed in the 1890s.
The former station building is Category B listed and was extensively refurbished, both internally and externally, by Irvine Bay Development Company in 2010 and comprise a ground floor retail unit and upper floor offices. Accommodation
The accommodation provides the following internal areas:
Sq.m. Sq.ft. Ground Floor Retail/Cafe: 132 1,421 Ground floor First Floor Unit 1: 17.8 192 Office 1 Office 2 Unit 2: 13.5 145 17.8 sq m 13.5 sq m (192 sq ft) (145 sq ft) Unit 3: 12.5 135 Unit 4: 32.8 353
TOTAL NIA 208.60 2,246 Office 4 Office 3 32.8 sq m 12.5 sq m (353 sq ft) (135 sq ft) These measurements are unconfirmed and based on information supplied by Irvine Bay Regeneration First floor Company.
Tenure
Heritable. Tenancy Information
The undernoted schedule summarises the existing tenancies at the property.
Unit No. Tenant Name Size Size Term Term Rent Rateable (sq.m.) (sq.ft.) Start Date End Date Payable Value
Ground Floor Café Tia’s Tearooms Ltd 132.0 1,421 4 Dec 15 3 Aug 25* £7,500 £10,000 Unit 1 – Office Ayrshire Children’s 17.8 192 1 March 14 28 Feb 15** £4,550 £1,800 Services
Unit 2 – Office Ayrshire Children’s 13.5 145 1 March 14 28 Feb 15** £1,350 Services
Unit 3 – Office Ayrshire Children’s 12.5 135 1 March 14 28 Feb 15** £1,150 Services
Unit 4 – Office Ayrshire Children’s 32.8 353 1 March 14 28 Feb 15** £2,650 Services
TOTAL 208.60 2,246 £12,050 £16,950
Ground floor café – rent £7,500 pa for first two years then increasing to £9,000 pa. Upward only rent reviews on 4 August 2017 and 4 August 2021 * Tenant break option at year 5. ** Lease continuing on a month to month basis.
EPC
The property has the following EPC Ratings;
l Ground Floor G
l First Floor E+ Capital Allowances
Capital Allowances have not been utilised by Irvine Bay and further information is available on request.
Clawback
There may be a requirement for clawback provisions to apply on use and resale profits and change of use for a limited period. Further details are available upon request.
VAT
The subjects are elected for VAT. On this basis VAT will be payable on the purchase price however we anticipate that a sale can be effected by way of a TOGC.
Proposal
Offers in excess of £105,000 are sought, reflecting an initial yield of 11.23% after allowing for purchasers costs and LBTT. Further information is available from
Steven Gay
Tel: 0141 270 3135 Email : [email protected]
Sylvia Reilly
Tel: 0141 270 3171 Email : [email protected]
Ryden/Irvine Bay Regeneration Company gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers, or Lessees or Third Party and should not rely on them as statements of fact, but satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Ryden/Irvine Bay Regeneration Company has any authority to make representation or warranty whatsoever in relation to this property. May 2016