Tenanted Commercial Property LOT 201

89-91 South Bridge Street, Airdrie, ML6 7QB
OPENING BID

Timed Online Auction

12 March 2021, 10am-4pm

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  • TypeCommercial
  • Ownership Freehold
  • Occupation Tenanted
  • Rateable Value Search SAA

Description

Full Address: 89-91 South Bridge Street, Airdrie, ML6 7QB

*PRIME TOWN CENTRE RETAIL INVESTMENT PROPERTY* Let to St Andrews Hospice on 10 year Full Repairing and Insuring lease until 2029 with a passing rent of 17,500 per annum increasing to 19,000 in 2024

SUPER SIZE FOR RETAIL UNIT (3,721 Sqft) AND EXTREMELY PROMINENT CORNER PLOT within Airdrie town centre. Two storey building- Ground Floor- 165sq m (1,776sq ft) First Floor- 180.69sqm (1,945 sq ft)

PERFECT TRADING POSITION on busy corner of South bridge Street, Hallcraig Street and Mill Loan. Internally the property has been decorated to a high standard in line with current tenant's requirements.

Immediate rental income with secure tenant. St Andrews Hospice Ltd (Lanarkshire) paying 17,500 per annum with fixed increase to 19,000 in 2024. Tenant break at 3,5 and 7 years giving 6 month notice.

PRIME RETAIL LOCATION IN BUSY TOWN CENTRE with extremely high footfall locally. Neighbouring retailers include Aldi, Tesco, Morrisons, Halfords, Kwik Fit, Bank of Scotland and B&M. IDEAL INVESTMENT PROPERTY.

*PRIME TOWN CENTRE RETAIL INVESTMENT PROPERTY* Let to St Andrews Hospice on 10 year Full Repairing and Insuring lease until 2029 with a passing rent of 17,500 per annum increasing to 19,000 in 2024. SUPER SIZE FOR RETAIL UNIT (3,721 Sqft) AND EXTREMELY PROMINENT CORNER PLOT within Airdrie town centre. Two storey building- Ground Floor- 165sq m (1,776sq ft) First Floor- 180.69sqm (1,945 sq ft) PERFECT TRADING POSITION on busy corner of South bridge Street, Hallcraig Street and Mill Loan. Internally the property has been decorated to a high standard in line with current tenant's requirements. Immediate rental income with secure tenant. St Andrews Hospice Ltd (Lanarkshire) paying 17,500 per annum with fixed increase to 19,000 in 2024. Tenant break at 3,5 and 7 years giving 6 month notice. PRIME RETAIL LOCATION IN BUSY TOWN CENTRE with extremely high footfall locally. Neighbouring retailers include Aldi, Tesco, Morrisons, Halfords, Kwik Fit, Bank of Scotland and B&M. IDEAL INVESTMENT PROPERTY.

Airdrie is a well populated town within the North Lanarkshire area with a population of of c.35,000persons and a further catchment of 340,000. The town is undergoing expansion with residential and commercial developments ongoing within its outskirts and upgrading of public transport infrastructure.

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Tenancy Details

Type of Agreement: Full Repairing & Insuring (FRI)
Length: 2029
Rent: 17,500 per year / 1,458 per month
Yield: 10% (approx)
Tenant: Company
Notes: Tenant: St Andrews Hospice (Lanarkshire) Ltd Term:15/10/19 - 14/10/2029 Tenant Break: Yrs 3,5 & 7 giving 6 months notice R/R 5 yearly fixed increase to 19,000pa Passing Rent: 17,500p.a with fixed increase to 19,000p.a on 5th anniversary

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Location

Pricing Information & Bidding

Opening Bid: £135,000

What is an Opening Bid? This property is entered into an online auction where the bidding will start or open at the above price. Unless specified all properties are subject to a Reserve (minimum acceptable price).

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Terms of Sale

  • 10% Deposit
  • Standard Completion
  • Buyers Fee = 1.25% of Sale Price (Minimum £2,500 + vat)

* STANDARD TERMS are 4 week completion with 1 week entension. Sellers can request a varied completion and buyers must satisfy themselves prior to bidding.

Auction Details

Date & Time: 12 March 2021, 10am-4pm
Type: Timed Online Auction

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