commercial property - Retail
Edinburgh & Lothians Market Place Eyemouth TD14 5HE
Building situated in prominent town centre location Large open Plan ground floor retail unit The first floor benefits from a full repairing and insuring lease until 21st March 2030, with an unexpired term of approximately 10.5 years. Passing rent £12,000 per annum, payable monthly in advance. Let to...
Building situated in prominent town centre location Large open Plan ground floor retail unit The first floor benefits from a full repairing and insuring lease until 21st March 2030, with an unexpired term of approximately 10.5 years. Passing rent £12,000 per annum, payable monthly in advance. Let to Class 3 Indian restaurant/takeaway occupier. Offers within the region of £150,000 for the entire property with the benefit of the lease in place for the first floor. Location Eyemouth is a busy tourist/harbour town within the Scottish Borders, approximately 2 miles east of the main north/south A1 trunk road route and 8 miles north of Berwick Upon Tweed. The property is situated on the east side of Market Street, just off the main High Street itself, within the coastal town of Eyemouth lying approximately 50 miles south east of Edinburgh. The property is surrounded by mainly local occupiers such as The Indian Brasserie, Currie & Johnston & Co Solicitors, Bliss Hair & Beauty and various local cafes and tourist shops Description The subjects comprise 3 storey stone built premises surmounted by a pitched and slated roof. Currently the ground floor is vacant and was previously utilised as a convenience store and is currently being considered by the Scottish Borders planning Authority for a Class 3 use consent. The ground floor unit is accessed via a recessed entrance doorway which leads into the main open plan retail area, with a set of steps mid unit, leading up to a further section of raised retail space. From here a small corridor leads through into further retail accommodation where a W/C can be found to the right hand side. Two small office areas are also located to the rear of the unit. Artificial lighting is provided by way of modern fluorescent tube lighting throughout, with the walls being a mixture of solid and stud with a plaster and paint finish. The upper floors are currently let out to a local Indian restaurant/takeaway, with the first floor being laid out to provide a restaurant and small bar area. To the rear elevation of the building and up a couple of steps lies the commercial kitchen with the large cookers and stainless steel extractor hood with the other walls being of a plaster and paint finish. The second floor is accessed through a set of timber stairs and comprises a large open plan space which is currently utilised for storage purposes. ACCOMMODATION: The property has been measured in accordance with the MRICS Code of Measuring Practice – 6th Edition of a gross internal area basis as is as follows: Ground Floor - 189 sq m (2040 sq ft) First Floor - 90.30 sq m (972 sq ft) Second Floor/Attic - 41.82 sq m (450 sq ft) Total 3301.93 sq m (3250 sq ft) TENANCY SUMMARY : The tenant is a Syed Miah Lease start: 22nd March 2006 Lease expiry: 21st March 2021 however there has since been an extension to the 21st March 2030. Lease type - Ful Repairing and Insuring (FRI) Passing rent - £12,000 per annum Rent Review - 5 yearly on an upward only basis to open market rent with next review 22nd March 2021 and 22nd March 2026. Use - Class 3 – Restaurant/Takeaway Therefore this offers circa 10.5 year unexpired term on the lease with the rent reviews on a 5 yearly upward only basis to open market rent, with the next in approximately a year and a half. As mentioned the ground floor unit currently lies vacant and therefore this may give the opportunity for some redevelopment whilst still receiving income from the lease in place on the upper floors.