Timed Online Auction

21 October 2021, 10am-3pm

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

Description

Full Address: 31 Albert St, Town Centre Poundland Investment, Kirkwall, Orkney, KW15 1HL

SUPER COMMERCIAL INVESTMENT WITH SETTLED LONG-TERM TENANT. Town Centre Poundland Investment with Immediate rental income of £75,000 on FRI Lease since 2012. TOWN CENTRE LOCATION.

10,420 Sq. Ft ground floor unit. Large retail space, store room, staff area, and W.C facilities. Completed to high corporate specification.

Let to Poundland Limited on FRI Lease from 2012 until July 2022. Perfect commercial investment with rental income of £75,000 per annum. GUARANTEED RETURN ON INVESTMENT

Prominent town centre location with excellent frontage. BUSY pedestrianised street with High passing trade.

Situated on the west side of Albert Street, south of its junction with Laing Street within the town of Kirkwall in Orkney. Nearby occupiers include, Superdrug, Boots, Santander & Bank of Scotland.

SUPER COMMERCIAL INVESTMENT WITH SETTLED LONG-TERM TENANT. Immediate rental income of £75,000 on FRI Lease since 2012. TOWN CENTRE LOCATION. SUBSTANTIAL ground floor retail unit set within a larger 2 storey commercial development, with a 2 storey extension to the rear. Internally, the property benefits from a refurbishment in keeping with Poundlandís standard corporate specification, with floors overlaid in commercial grade linoleum, lighting is provided by way of fluorescent strip banks recessed within the suspended acoustic tile ceiling. Partitions have been erected to the rear to form store room, staff area, w.c. facilities and loading area with access gained via Junction Road. Unit extends to approx. 10,420sq ft. Let to Poundland Limited on FRI Lease from 2012 until July 2022. Perfect commercial investment with rental income of £75,000 per annum. GUARANTEED RETURN ON INVESTMENT. Prominent town centre location with excellent frontage. BUSY pedestrianised street with High passing trade. Situated on the west side of Albert Street, south of its junction with Laing Street within the town of Kirkwall in Orkney. Nearby occupiers include, Superdrug, Boots, Santander, Bank of Scotland, M & Co, Co-op and Tesco Superstore.

Kirkwall is the biggest town and capital of the Orkney Islands, off the coast of northern mainland Scotland. Situated on the northern coast of Mainland Orkney and with a population of about 8,500, Kirkwall is a port with ferry services to Aberdeen and Lerwick, as well as the principal north islands in the group.

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Tenancy Details

Type of Agreement: Full Repairing & Insuring (FRI)
Length: until July 2022
Rent: £75,000 per year / £6,250 per month
Yield: 12% (approx)
Tenant: Company
Notes: Let to Poundland Ltd. From 2012 - July 2022

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Location

Pricing Information & Bidding

Opening Bid: £555,000

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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: 21 October 2021, 10am-3pm
Type: Timed Online Auction

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