Page 65 - Shepherd Commercial Auctions - Catalogue 07/12/2023

Lot 54 100B & C High Street, Forres, Morayshire IV36 1NX Mixed Use Investment Opportunity
Features
• Multi-let retail/office
• Current income £8,800 p.a. • Net Initial Yield 12.81%
Description
The subjects comprise a mixed-use attached commercial building over ground, first and attic floors of conventional masonry construction under a pitched and slated roof. The building is Category “B” Listed. An entrance way through a pend off the main High Street provides access to the building as well as access from the rear via Fulton Road. The accommodation provides a retail unit (100B) at ground floor level currently operated as a hairdressing salon laid out as a main salon room, treatment room, small kitchen and toilet. 100B is accessed through the pend area onto an external pathway leading to a timber entrance door.
The first-floor provides an office suite (100C) comprising an entrance hall/waiting area, admin office, solicitor’s office and a small tea prep area. There is a toilet on the half- landing staircase leading to the attic floor, which is utilised as storage space. 100C is accessed through the pend to a staircase leading to the first floor of the building. There are 3 car parking spaces within the tarmacadam area to the rear of the property, accessed off Fulton Road, as well as a small garden area. In addition, there is also a public car park to the rear of the property.
Location
Forres is a Royal Burgh town in Morayshire located some 25 miles northeast of Inverness and 12 miles west of Elgin on the main A96 trunk road between Aberdeen (78 miles southeast) and Inverness. The town has a population of circa 12,500.
The subject property is centrally and ideally located on the south side of the main High Street between the junctions of Cumming Street and Tolbooth Street within close proximity to a range of both local and national operators including the Co-operative, Boots the Chemist, Alberto Ricci Tailoring and Wright’s Home Hardware as well as professional firms including Grigor & Young solicitors and estate agents, Cluny estate agents and R & R Urquhart solicitors.
Energy Performance Rating 100B High Street: EPC Rating: “C”. 100C High Street: EPC Rating: “B”.
Tenancy
The property is currently let to 2 tenants as detailed in the table below with a current aggregate rental income of £8,800 per annum. The Estimated Rental Value (ERV) is approximatively £12,000 per annum and this can be achieved through asset management initiatives.
Auction Type
Unconditional Sale - The buyers fee is 1.8% inc VAT(1.5% plus VAT) subject to a minimum of £1,800 inc VAT(£1,500 plus VAT).
Tenancy
Address Tenant Lease Length Break Option
*Guide Price £67,500 (plus fees if applicable)
* Please see Buyer’s Terms for definition of guide price and auction fees
Rent Review
Rent (per annum) ex VAT
Comments
100B High Street
Private individual t/a Classic Cuts
9 years
27/11/2027
£4,800
IRI lease to 27/11/2032
100C High Street
Cockburns Solicitors
2.5 years
31/03/2024
£4,000
FRI lease to 31/03/2026
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