Tenanted Commercial LOT 14

23 The Square, Cumnock, KA18 1AU
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Map & Location

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Description

  • Status: Available
  • Type: Commercial
  • Ownership: Freehold
  • Occupation: Tenanted

***IMMEDIATE INCOME PRODUCING INVESTMENT***Licensed Public House & 2 Apartments. Full building producing £18,000 per annum on a FRI lease with 10 years remaining.

Internally the property offers an open plan diner with central servery along with male, female and disabled w.c facilities with large cellar and ancillary storage within the basement.

The first floor accessed from Bank Lane to the rear which offers 2 residential apartments one with 2 bedrooms, lounge and kitchen, the other as a bedsit style with open plan lounge / kitchen / bed.

The property is held on a full repairing and insuring lease: Tenant: Istanbul Grill Cumnock Ltd Expiry: 19th June 2034 Passing Rent: £18,000 per annum Rent Review & Tenant Break: 20th June 2029

The Square in is a vibrant, central part of this historic town, combining local amenities, cultural heritage, and community life. It’s an essential stop for visitors and a cherished area for residents

***IMMEDIATE INCOME PRODUCING INVESTMENT***Licensed Public House & 2 Apartments. Full building producing £18,000 per annum on a FRI lease with 10 years remaining. Internally the property offers an open plan diner with central servery along with male, female and disabled w.c facilities with large cellar and ancillary storage within the basement. The first floor accessed from Bank Lane to the rear which offers 2 residential apartments one with 2 bedrooms, lounge and kitchen, the other as a bedsit style with open plan lounge / kitchen / bed. The property is held on a full repairing and insuring lease: Tenant: Istanbul Grill Cumnock Ltd Expiry: 19th June 2034 Passing Rent: £18,000 per annum Rent Review & Tenant Break: 20th June 2029 The Square in is a vibrant, central part of this historic town, combining local amenities, cultural heritage, and community life. It’s an essential stop for visitors and a cherished area for residents

The Square in Cumnock, East Ayrshire, serves as a central focal point in this historic market town. It is a hub of activity, combining local amenities, historical landmarks, and community spirit. Cumnock itself is known for its rich heritage, ties to the mining industry, and its role as a key town in Ayrshire. The Square is home to a variety of local businesses and essential services, including: Independent retailers, such as clothing shops, florists, and gift stores. Convenience stores, including bakeries and small grocery shops. Service-based businesses like banks, estate agents, and pharmacies. Larger shopping options are available at Ayr Road Retail Park and nearby towns, but The Square retains its charm with local, community-focused stores. Cumnock is well-connected by road, with A76 providing easy access to Ayr, Kilmarnock, and Dumfries. Regular bus services link Cumnock with nearby towns and cities. Although there is no train station in Cumnock, Auchinleck railway station is a short drive away, offering connections to the national rail network.

Full Address: 23 The Square, Cumnock, KA18 1AU

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Tenancy Details

Type of Agreement: Full Repairing & Insuring (FRI)
Length: 10 Years
Rent: £18,000 per year / £1,500 per month
Yield: 13% (approx)
Tenant: Private Individual
Notes: Held on F.R.I. Lease Tenant: Istanbul Grill Cumnock Ltd Expiry: 19th June 2034 Passing Rent: £18,000per annum Rent Review & Tenant Break: 20th June 2029

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Pricing Information & Bidding

Opening Bid: £141,000

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SPECIAL Terms of Sale

  • 10% Deposit
  • Buyers Fee = 3% of Sale Price (Minimum £3,250 + vat)
  • 4 Weeks Completion or Longer By Agreement
  • Contribution to Sellers Costs £2,750 for on time settlement

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Auction Details

Date & Time: 09 January 2025, 10am-3pm
Type: Timed Online Auction

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