Commercial property for sale in Titchfield Street, Kilmarnock KA1

Key Points

Description

The subjects comprise a ground floor antique shop within a three storey traditional red sandstone building. The roof is pitched and clad in tile. There are offices on the upper floors.

Externally, the shop has a timber glazed frontage under a non-illuminated fascia board and is accessed via a single pedestrian door which leads into the sales area. The floor is of timber and the walls are of plaster/paint. The ceiling incorporates recessed LED lighting. A store and welfare facilities are provided to the rear of the shop.

Location

Kilmarnock is situated in East Ayrshire and serves as the main administrative centre of the Council. The town sits approximately 23 miles south west of Glasgow, 15 miles north east of Ayr and can be accessed by the main arterial route of the M77 motorway.

The property is located on the east side of Titchfield Street, close to its junction with Fowlds Street in Kilmarnock town centre. Fowlds Street forms part of the Kilmarnock Ring Road. Titchfield Street is a prominent secondary town centre retailing area which carries a high traffic volume at most times of day with shops occupied by an interesting mix of local traders. Kilmarnock Railway Station is close by.

Offers

Offers over £75,000 are invited for our clients’ heritable interest (Scottish equivalent to English Freehold) subject to the lease agreement in place. Based on a rental income of £7,500 per annum, a purchase at this level would reflect a net initial yield of 10%.

Tenancy

The property is let on a 5 year lease that commenced in October 2020. The passing rent is £7,500 per annum. The lease is subject to a rent review in September 2024. There are no break options to expiry.

Rateable Value

According to the Scottish Assessors Association, the subjects have a Rateable Value of £6,700 effective from 1st April 2023.

EPC

A copy of the Energy Performance Certificate (EPC) is available upon request.

VAT

The subjects have not been elected for VAT and therefore no VAT will be payable on the sale price.

Legal Costs

Each party will be responsible for their own legal costs. The purchaser will be responsible for any registration dues and LBTT.

Entry

Entry will be available on completion of legal formalities.