Tenanted Commercial Property LOT 134

108 Union Street, Larkhall, ML9 1EG
OPENING BID

Timed Online Auction

27 January 2022, 10am-3pm

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

Description

Full Address: 108 Union Street, Larkhall, ML9 1EG

2,600 Sq.Ft. RESTAURANT INVESTMENT t/a The Treasury Restaurant with rental income of 26,000 per annum rising to 30,000 p.a + LARGE CAR PARK. VAT FREE INVESTMENT - 180,000 already spent on upgrade.

Extensive single storey former bank in an end terrace position within a prominent retail parade of traditional construction. Currently tenanted on a FRI agreement (tenant pays rates and insurance).

The property has been substantially renovated internally with soundproofed partitions, modern kitchen fittings and appliances, function room and main bar area with booths and customer seating areas.

LEASE TERMS: The Treasury Larkhall Ltd. Expiry: 31st July 2029. Passing Rent: 26,000 per annum. Fixed Increase: August 2022: 27,000 per annum. Net Internal Area: 238.57sqm (2,568sq ft).

Neighbouring occupiers include Well Pharmacy, The Co-Operative Food, Subway and B&M Home Bargains. Super location in Larkhall only 20 minutes to Glasgow, 10 minutes to Hamilton.

Modernised 2,600 Sq.Ft. RESTAURANT INVESTMENT with PRIVATE LARGE CAR PARK. PREMISES t/a The Treasury Restaurant with rental income of 26,000 per annum rising to 30,000 per annum (August 2024). VAT FREE-INVESTMENT (no vat payable on price). Busy spot over 30,000 vehicles pass every week. Premises had undergone substantial renovation. COMPRISES: Extensive single storey former bank in an end terrace position within a prominent retail parade of traditional construction. SUPER FRONTAGE. Restaurant / Take-away consents. Dedicated car park/loading area to the rear of the property. LEASE TERMS: The Treasury Larkhall Ltd. Expiry: 31st July 2029. Passing Rent: 26,000 per annum. Fixed Increase: August 2022: 27,000 per annum. Net Internal Area: 238.57sqm (2,568sq ft). Currently tenanted on a FRI agreement (tenant pays rates and insurance). Planning for 2 units - restaurant/take away + a retail unit. PLANNING CONSENT FOR SPLIT TO 2 UNITS 1 WITH HOT FOOD / RESTAURANT CONSENT + 1 RETAIL UNIT

Larkhall in South Lanarkshire, 14 miles south of Glasgow. Close proximity to the M74 makes it a popular commuter town with a population of circa 14,500. only 20 minutes to Glasgow, 10 minutes to Hamilton, 25 minutes to Lanark, 60 minutes to Edinburgh. Located on Union Street, main thoroughfare through LARKHALL. ADVANTAGE OF CAR PARK AT THE REAR. Larkhall is situated within the South Lanarkshire district approx. 1.4 miles South East of Glasgow City Centre. The town centre is accessible via the M74 motorway along with a variety of public transport links via road and rail to Hamilton, Motherwell, Glasgow and Airdrie. Neighbouring occupiers include Well Pharmacy, Co-Operative Food, Subway and B&M Home Bargains.

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Tenancy Details

Type of Agreement: Full Repairing & Insuring (FRI)
Length: july 2029
Rent: 26,000 per year / 2,167 per month
Yield: 10% (approx)
Tenant: Private Individual
Notes: LEASE TERMS: The Treasury Larkhall Ltd. Expiry: 31st July 2029. Passing Rent: 26,000 per annum. Fixed Increase: August 2022: 27,000 per annum. Net Internal Area: 238.57sqm (2,568sq ft). 6,250 deposit held by landlord.

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Location

Pricing Information & Bidding

Opening Bid: £226,000

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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: 27 January 2022, 10am-3pm
Type: Timed Online Auction

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