SALE BY ONLINE AUCTION 1ST JULY 2021 AT 9.00AM. Online Property Auctions Scotland are pleased to present this interesting freehold commercial sale opportunity in Greenock.
• Freehold Commercial Investment Opportunity***Unique office pavilion (Built 1994)being sold subject to a headlease with circa 156 Years Remaining*** Current income is £3000 per annum*** Rarely seen property investment in Scotland***
• Scott House comprises: a modern office pavilion extending to 2,865 sq m (30,834 sq ft) over 3 levels*** The Long Leasehold interest was marketed in 2019 for £2,550,000*** Very Valuable Real Estate***
• Unique Inter Generation reversionary potential*** MUST BE SOLD*** Asset with Potential Marriage Value*** GREAT property*** Asset management potential***
• Greenock is located 24 miles west of Glasgow and is recognised as an important commuter centre for the city, with direct access provided via the M8/A8 together with Greenock Central and Cartsdyke railway stations
• The total site area is approximately 2.835 acres (1.147 hectares) with 220 car parking spaces alongside this 30,000 sq ft office pavilion*** Truly Unique auction property***
*** Unique office pavilion (Built 1994)being sold subject to a headlease with circa 156 Years Remaining.*** The property is currently subject to a Head Lease for 177 years from the 4th Jan 2002.***There is ground rent income of £3,000pa until June 2024 (three full years remaining) after which the ground rent is only £20pa for the remainder of the term***The Lease provides an option for the Tenant to purchase the Heritable Interest from any time after the 1st June 2024 for £200. HOWEVER, as the option appears only in the lease itself, and not contained in any separate agreement that was made between the original tenant and the original landlord (not us at the time), the tenant is unable to enforce the option. There is case law that a purchase option in a lease does not bind singular successors of the original landlord (Bissett v Magistrates of Aberdeen (1898) 1 F 87)***BUYERS ARE ADVISED TO MAKE THEIR OWN ENQUIRIES*** Scott House comprises a modern office pavilion extending to 2,865 sq m (30,834 sq ft) over three levels. Excellent parking ratio of 1:140 sq ft. The property is fully let to Cigna European Services (UK) Limited who recently extended their lease until 31 December 2024, subject to a tenant break option at 30 June 2021***Current passing rent of £405,000 per annum, which reflects a rate of £13.13 per sq ft.*** Potential to sell property to HEADLEASE Tenants to enhance the value of their asset*** Great opportunity for investors either seeking an asset with Long Term reversionary value (in 156 years) or looking to sell the Freehold to the Headlease tenants*** This is a great opportunity for professional property investors***
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