Property Description
The subjects comprise a double fronted, single storey shop premises of concrete blockwork construction with external render and lower course stonework finish. The roof is pitched and made up of composite panels.
Currently, the property is in use as an estate agency benefitting from Class 2 (now Class 1A) planning consent. It provides modern and open plan space with a suspended ceiling grid and inlay CAT 2 lighting. Flooring is porcelain tiles with and there is a staff kitchen and WC to the rear of the office area.
The property is flexible in its design and could be divided into two separate office or shop units.
Further Information
Description
LOCATION
Bathgate is a popular commuter town located in West Lothian on the M8 corridor, approximately 20 miles west of Edinburgh and 28 miles east of Glasgow. With a population of around 21,000 people it benefits from close proximity to the M8
The subject is located on Hopetoun Lane to the rear of Hopetoun Street and accessed from Mid Street. Hopetoun Street is a principal shopping street offering a wide range of leisure amenities including shops, restaurants and bars.
Occupiers close to the subjects include Hopetoun Bar and Bistro, William Hill, Royal Bank of Scotland, Fresh Fish Place and Luna Caffe.
Accommodation
According to our recent measurement survey the premises contain the following approximate net internal area:
107.48 sq m (1,157 sq ft)
Tenancy information
The subjects are let in their entirety to Castlebrae Sales & Lettings until January 2025 at a rent of £13,200 per annum. The tenant has indicated their desire to extend their lease beyond the current expiry for a further 5 years.
Castlebrae Sales and Lettings are a triple award-winning estate agency serving West Lothian and the central belt. The business was founded in 2006 and has been in occupation of 7 Hopetoun Lane since 2012.
PRICE
Offers Over £137,500 are invited for our client’s heritable interests in the subjects.
A purchase at this level would show a net initial yield of 9.43% 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 (www.saa.gov.uk) the subjects have a Rateable Value of £9,500 effective 1st April 2023. The uniform business rate for the current year is £0.498 pence in the pound.
Occupiers may be eligible for 100% rates relief through the Small Business Bonus Scheme if the combined rateable value of all their business premises in Scotland is £35,000 or less.
Utilities
The property is served by mains electricity and water.
Energy performance certificate
The Energy Performance Certificate rating is D.
A copy of the recommendation report is available on request.
VAT
The property has been opted to tax, so VAT is applicable in addition 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.
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