The subjects comprise the ground floor of a 4 storey traditional stone tenement. The property comprises a hot food takeaway with sales counter to the front area and kitchen facilities to the rear.
The property benefits from Class 3 Use Consent (Food & Drink).
Location
The property is located in Govan, a popular residential district 2 miles West of Glasgow city centre. Govan has a resident population of 6,000.
The area is set to benefit from £XXX of investment from Glasgow City Council which will create 100+ new homes.
The subjects are located on Crossloan Road at its junction with Uist Street. Crossloan Road is an arterial route which is served by numerious bus routes.
Accommodation
The Net Internal Area (NIA) of the premises is 49.63 sq m (534 sq ft).
Terms
TENANCY
The property is let to Mrs Safreen Akhtar, trading as Spicy Corner, on a Full Repairing and Insuring (FRI) basis from 10/03/2011 to 09/03/2032.
The current passing rent is £XXX per annum. The rent will be reviewed on the 10th March 2020,2023,2026 & 2029 to the higher of the passing rent or the Open Market Value.
Spicy Corner is an Indian Takeaway which trades daily from XXXm – XXXm (XXXm on weekends).
Spicy Corner has a ‘Just Eat’ rating of 4.9/6
TENURE
Heritable (Scottish equivalent of English Freehold).
TITLE
The property forms part of a larger building and has a proportionate share of communal repairs. The tenants annual liability had been capped at £XXX pa. Further details are available on request.
EPCs
A copy of the EPC report is available on request.
VAT
The property is NOT elected for VAT and therefore VAT will not be payable on the purchase price.
PROPOSAL
Offers in excess of £XXX representing a Net Initial Yield of 10.72% assuming purchaser’s costs of 1.80%.
Specification
- Single let investment
- Let to Mrs Safreen Akhtar t/a Spicy Corner
- 14+ years unexpired
- Rent £XXX pa
- Class 3 Use Consent (Food + Drink)
- VAT Free Invetsment
- Offers over £XXX reflecting a net initial yield of 10.72%