SALE BY ONLINE AUCTION THURSDAY 22ND APRIL 2021 AT 9.00AM. Superb commercial investment opportunity in Glenrothes. Two retail units in popular local parade - both tenanted. Potential combined rental income of £1,400 per month.
Rarely Available Commercial investment opportunity comprising 2 shop units in popular local parade*** Densely populated location*** Long Term tenants with leases continuing annually on tacit relocation*** All rent up to date***
· The properties have a potential combined income of £1400 + vat pcm (£16,800) *** Once rents have been increased these properties offer a possible Yield of 12% at Guide Price Post Asset Management*** Potential Break up value in excess of £170,000 (based on recent sales in same parade)***
· Very popular residential area: 7 Bighty Ave Sold £132k (Jan 21) ***45 Bighty Ave Sold £117k (Dec 20) ***32 Bighty Ave Sold £110k (Nov 20) *** 21 Bighty Ave Sold £120k (May 20) ***
· 49 Bighty Ave is currently occupied by an optician and 53 Bighty Ave is occupied by a hairdresser*** The current combined rent is £11,750 +vat per annum*** The rents have stayed low for a number of years*** Massive rental growth potential***
· Super sized shops: 49 Bighty Ave is circa 420 sq ft & 53 Bighty Ave is circa 450 sq ft***Other occupants in parade include Hot food takeaway, post office / spar, newsagent & hairdressers*** Popular local parade***
Fantastic opportunity to acquire 2 x retail units in popular local parade of shops in a sought after residential district in Glenrothes. Both properties are being sold with tenants in place and although subject to VAT, any sale could be treated as a TOGC (subject to obtaining independent advice).*** Number 59 Bighty Ave (NOW SOLD) was recently on the market at O/o £85k*** Potential portfolio break up value in excess of £170k based on the above example*** The properties are both ground floor retail units contained within a two storey terrace of similar properties with residential on the 1st floor. The property appears to be of brick construction rendered externally beneath a pitch and tile roof. Glenrothes is a thriving New Town in Central Fife with an expanding population which is now approaching approximately 50,000. The town is the administrative centre for the Fife Region and benefits from a busy commercial centre focused on the Kingdom Centre and also a large number of established industrial estates around its periphery. The subjects are well situated for access to the A92, connecting to the central belt via the M90. Glenrothes is further served by having railway stations at both Thornton and Markinch *** These properties are currently let to long term tenants with leases continuing on tacit relocation*** They offer excellent asset management potential with possibilities of substantial rent increases to existing tenants or new tenants*** Current tenants rents are fully up to date*** Glenrothes is a major service centre and is the administrative capital of Fife, containing the headquarters of both Fife Council and Police Scotland Fife Division. It is a centre for excellence within the high-tech electronics and manufacturing sectors.
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* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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