Property Description
The subjects comprise a mid-terraced retail unit arranged over ground and basement levels contained within a substantial grade B listed property. The property is currently occupied and used as a tailoring/upholstery shop.
Location
The subjects occupy a prominent location at the northern end of Queensgate close to the junction with Academy Street, the main thoroughfare through the city centre. The property is centrally located in close proximity to a range of shops including the Eastgate Centre and Victorian Market. Public transport links including bus and train stations are located within walking distance, with strong road links via the A9, A96 and A82 being in close proximity.
The city of Inverness is the administrative capital of the Highlands and has a population of circa 65,000. The city has a catchment area population of 350,000 and is a popular tourist destination.
Further Information
LEASE
The property is currently let to Mr and Mrs Kubiak, trading as T & U b Anna, who operate a tailoring and upholstery business on the premises. The lease is on Fully Repairing and Insuring (FRI) terms and runs from October 2023 to October 2028, with a tenant break option in October 2026. The current passing rent is £15,000 per annum, with a rent review scheduled for October 2026, fully indexed to the Retail Price Index (RPI).
Copies of the lease are available on request.
SALE
Offers in excess of £185,000 are sought for our client’s interest in the property.
RATEABLE VALUE
According to the Scottish Assessor’s website (www.saa.gov.uk) the subjects have a Rateable Value of £15,750 effective 1st April 2023.
UTILITIES
The property has connections of mains water, electricity and drainage.
ENERGY PERFORMANCE CERTIFICATE
The Energy Performance Certificate rating is ‘B’
LEGAL COSTS
Each party will be responsible for their own legal costs incurred in the preparation, negotiation and settlement of the documentation pertaining to the lease or sale including LBTT or VAT applicable.
ENTRY
On completion of legal formalities.
AML REQUIREMENTS
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on the 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 the transaction can proceed.
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