Retail premises for sale in Market Place, Jedburgh TD8

Location

The historical market town of Jedburgh lies 10 miles north of the border with England, 35 miles east of Berwick-upon-Tweed and 50 miles south-east of Edinburgh.

Lying just off the A68, it benefits from an abundance of passing trade and is a hugely popular tourist destination with Jedburgh Abbey and Jedburgh Castle firm highlights.

The town itself is justifiably known as the ‘Jewel of the Borders’ with a variety of independent shops, restaurants, cafes and leisure facilities.

The property is situated on Market Place close to its junction with Exchange Street and the High Street. Nearby occupiers include Boots Pharmacy, Scottish Court Service, Morrisons Daily and Coffee Corner.

Description

The subjects comprise inter-connecting shop units forming the ground floor of a three storey and attic tenement block contained beneath a pitched and tiled roof.

Entering the subjects through number 8, the front shop area is well presented and benefits from a large display window. To the rear is a staff corridor with store, WC and small tea prep. There is a change in level to number 7 leading to a double windowed front shop with a store to the rear.

The subjects were upgraded recently with a new electric distribution board, modern wall mounted heaters, carpet and laminate floor coverings and LED lamp fittings.

Accommodation

According to our recent measurement survey the premises contain the following approximate net internal area:

57.84 sq m (623 sq ft)

Tenancy information

The subjects are let to Helen Scurfield t/a Mrs Moose Knits on a Full Repairing and Insuring lease from 15th September 2023 until 14th September 2028 at a passing rent of £7,800 per annum. The rent is due to increase to £8,400 per annum at Rent Review on 15th September 2026.

Price

Offers Over £80,000 are invited for our client’s heritable interests in the subjects.

A purchase at this level would show a net initial yield of 9.58% after allowing for purchaser’s costs of 1.80% plus LBTT (Land and Building Transaction Tax).

Tenure

The property is held on a Heritable title (Scottish equivalent of English freehold).

Rateable value

According to the Scottish Assessor’s website () the subjects have a Rateable Value of £5,400 effective 1st April 2023.

The threshold for full rates relief under the Small Business Bonus Scheme has changed for the financial year 2024/25. For properties with a rv between £12,001 and £15,000 the award is now 25%. The uniform business rate for the current year is £0.498 pence in the pound.

Utilities

The property is served by mains electricity and water.

Energy performance certificate

The Energy Performance Certificate rating is C.

A copy of the recommendation report is available on request.

VAT

VAT is not applicable to the purchase price.

Legal costs

Each party shall bear their own legal costs with the eventual tenant liable for any LBTT and Registration Dues.

Anti-money laundering

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 26th June 2017. This now requires us to conduct due diligence not only on our client but also on any purchasers or occupiers. Once an offer has been accepted, the prospective purchaser(s)/occupier(s) will need to provide, as a minimum, proof of identity and residence and proof of funds for the purchase, before any transaction can proceed.

Entry

Upon completion of a formal missive under Scots Law.