Page 30 - Shepherd Commercial Auctions - Catalogue 07/09/2023

Lot 24 1-5 High Street, Insch, Aberdeenshire AB52 6JE Retail investment together with development opportunity
Features
• Passing rental £22,000 p.a.
• Lease expiry - 20th November 2031 subject to break options
• Now part of Morrisons convenience group
• Residential flat above with further accommodation provide opportunity for additional income
Description
The subjects comprise a semi-detached 2 storey building of traditional granite and slate construction. The premises have been extended with this section being of block and profile metal sheet construction. The subjects have a small concrete covered courtyard to the rear accessed via a metal gate from the road or a sliding door from the extension. The premises benefit from being located on a prominent corner location within the town and has extensive retail space frontage with signage above.
Internally the premises provide retailing accommodation with associated storage and staff accommodation. The premises are fitted as a convenience store with a tiled floor, the walls have modern shop fit and the ceilings are of acoustic tiled design with inset lighting.
To the rear are stock rooms along with a kitchen area, two WC’s and an office area.
A first floor area can be accessed via a ladder within the ground floor unit with this area currently being unutilised and may provide an opportunity for further development.
A flat can be accessed from the rear of the building the space provides a lounge, kitchen, bathroom and bedroom at first floor as well as an attic room.
Location
The subject premises are located in the village of Insch which is located approximately 26 miles west of Aberdeen City and 10 miles West of Inverurie. Insch is easily accessible from the A96 and has a population of approximately 3,000 persons.
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The property itself is located on the High Street occupying a prominent corner location where High Street meets Drumrossie Street and Market Street.
Energy Performance Rating The subjects currently have an EPC rating of ‘G’.
*Guide Price £200,000 (plus fees if applicable)
30 * Please see Buyer’s Terms for definition of guide price and auction fees
Tenancy
The subjects are leased on Full Repairing and Insuring terms to Alliance Property Holdings Limited, previously Martin McCall Limited expiring 20th November 2031 with a tenant only break option on 20th November 2026 and 20th November 2028 upon providing 6 months prior written notice.
The passing rental from week commencing 31st August is £22,000 per annum, subject to 3 months rent free with an upward only rent review as at 20th November 2026.
There is a specified sum within the lease for the cost of dilapidations, subject to annual RPI increases.
The subjects are let to Alliance Property Holdings Limited, Co Number 00907499 a private limited company which is part of Wm Morrison Supermarkets Limited with information available in respect of their recent company activity available at:
https://find-and-update.company- information.service.gov.uk/company/00907499
Auction Type
Unconditional Sale - The buyers fee is 2.4% inc VAT(2% plus VAT) subject to a minimum of £2,400 inc VAT(£2,000 plus VAT).