Tenanted Commercial Property LOT 2

34 High Street, Banff, AB45 1AN
OPENING BID

Timed Online Auction

04 November 2021, 10am-3pm

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

Description

Full Address: 34 High Street, Banff, AB45 1AN

Substantial High Street Retail Premises (comprises approx. 621.60 Sq.M (6,691 Sq.Ft) LET to M&Co Trading Ltd (t/a M&Co.) on a new 5 year lease agreement. Large retail UNIT opposite Co-op supermarket. IMMEDIATE RENTAL INCOME OF 18,000 per annum.

Prominent Freehold Retail Investment. The property comprises a four storey building, arranged as a ground floor shop, with ancillary accommodation on the basement, first and second floors. Rent was 40,000 now 18,000 per annum rebased

Town centre location close to the Museum of Banff. Nearby occupiers include McColl's, TSB, The Royal Mail and various independent shops, cafe's, restaurants and hotels. IDEAL INVESTMENT OPPORTUNITY.

M&Co. Class 1 Unit with main road frontage. Shop entrance with double window display. Prominent high visibility unit. HIGH FOOTFALL STREET with parking and benefits from prominent display frontage.

Ideally placed to capitalise on the high visitor numbers to the town. Banff is located 20 miles west of Fraserburgh and 45 miles north-west of Aberdeen

Substantial High Street Retail Premises (comprises approximately 621.60 Sq.M (6,691 Sq.Ft) LET to M&Co Trading Ltd (t/a M&Co.) on a new 5 year lease agreement. Large commercial/retail unit *** Opportunity to own your own shop premises and establish a customer base within this popular Aberdeenshire town *** Prominent Freehold Retail Investment. The property comprises a four storey building, arranged as a ground floor shop, with ancillary accommodation on the basement, first and second floors. M&Co. Class 1 Unit with main road frontage. Shop entrance with double window display. Prominent high visibility unit. HIGH FOOTFALL STREET with parking and benefits from prominent display frontage. IMMEDIATE RENTAL INCOME OF 18,000 per annum. Extremely stable TENANT IN OCCUPATION AND PAYING RENT. Prime income producing investment with national tenant and well fitted out. Located within Banff town centre.

Banff is an attractive coastal town with a population of 4,000, located on the west side of Banff Bay, at the mouth of the River Deveron, and lies opposite MacDuff, a fishing town of a similar size. Established in the 12th century and awarded Royal Burgh status, Banff has an historic central part which includes a wide variety of buildings dating from the 16th to the 20th centuries. The town has an extensive retail centre and is a popular summer tourist destination, forming part of the stunning Coastal Trail along the North-East coast. It has outstanding recreational facilities, including a high quality 18 hole golf course, a sailing marina, Duff House a magnificent Georgian property which is an outstation of the National Galleries of Scotland and salmon fishing. Banff is a vibrant town located on the coast of Aberdeenshire which is one of the fastest growing regions in Scotland. Banff is a coastal town in Scotland, located approximately 20 miles west of Fraserburgh and 45 miles north-west of Aberdeen. The property is situated on a prominent corner position on the east side of High Street, at it's junction with Strait Path, less than 0.2 miles to Banff Bay beach. Nearby occupiers include McColl's Royal Mail, and various independent shops, cafe's, restaurants and hotels. The area has a strong economy based on major industries including: Oil & Gas off the North Coats of Scotland, Agriculture, Whisky distilling, Renewable Energy and tourism.

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Tenancy Details

Type of Agreement: Full Repairing & Insuring (FRI)
Length:
Rent: 18,000 per year / 1,500 per month
Yield: 10% (approx)
Tenant: Private Individual
Notes: Rent was 40,000 now 18,000 per annum rebased

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Location

Pricing Information & Bidding

Opening Bid: £158,000

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Terms of Sale

  • 10% Deposit
  • Standard Completion
  • Buyers Fee = 2.5% of Sale Price (Minimum £2,500 + vat)

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

Auction Details

Date & Time: 04 November 2021, 10am-3pm
Type: Timed Online Auction

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