Fantastic long-term investment opportunity to purchase this detached single storey former bar and restaurant which is now being run as a convenience store and is situated in the scenic location of Mid Yell in the Shetlands. The current tenants have just recently signed up for a further three years lease (full repairing and insuring), after one year of trading, and current rent is £250 p/w (£13,000 p/a) with an agreed yearly increase of 5% or RPI, whichever is greater. The property has been extended to the front and rear forming approx. 1,797 sqft. Accommodation has been refurbished within the last few years and comprises of porch, bar, dining room, kitchen, toilets and store areas which are now being used to accommodate the layout of the store. The site also includes a small field to the front of the building, private car parking and a Porta cabin currently used as an office and store. The fantastic yield on offer makes this an excellent long-term investor opportunity. The intention of the current tenant is to turn the current store into a cafe area as it has large picture windows around two complete outside wall elevations, and then turn the current storeroom into the store which will increase sales space by 30 to 40% allowing an increase in range of products.
Excellent potential yield of almost 18%
Three year lease just been signed
Located in the Village of Mid Yell, this incredible opportunity is ideally situated in a mainly residential location close to a limited range of amenities including school, shop and sub-post office, health and leisure facilities and a care centre. Yell has much to offer to wildlife enthusiasts, hill walkers and those who simply want peace and quiet. It is also noted for its scenery and geology and provides a wide range of interests for visitors and residents alike. Crofting is a way of life on the island. Burravoe is approximately 32 miles from Lerwick by road and involves an inter-island ferry crossing. A roro ferry runs from Tofton the Shetland mainland to Ulsta at the South end of the island of Yell. Burravoe, which is approximately 4 miles north of Ulsta, has a primary school, community hall, marina and pier, as well as the Old Haa which is a museum, art gallery, café, gift shop and garden with seasonal opening hours.
Administration Charge - Purchasers will be required to pay an auction fee of 1% of the purchase price subject to a minimum of £3,000 inc VAT unless otherwise stated
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
Please call Auction House Scotland on 0141 339 4466 to arrange a viewing