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HOT FOOD TAKE AWAY INVESTMENT FOR SALE: 8 CHURCH STREET CRIEFF

For sale: POA|265 Sq Ft|Residential, Retail, Hotel, Retail - High Street, Retail - Out of Town, Restaurant/Cafes

PROPERTY DETAILS

FOR SALEPOA
SIZE265 Sq Ft
ADDRESS8 Church Street, Crieff, Perth and Kinross, PH7 3AE
TYPEResidential, Retail, Hotel, Retail - High Street, Retail - Out of Town, Restaurant/Cafes
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON21st September 2019

DESCRIPTION

* 100% Rates Relief
* Town Centre Location
* 265sq ft
* Let on Full Repairing & Insuring Lease
* Lease on Personal Name
* 10years from 21st Feb 2019
* Passing Rent £4,550p.a
* Fixed Increase To £4,749.68 From 1st Anniversary
* Offers Over £45,000 Are Invited Representing a Gross Initial Yield of 10.1% Increasing to 10.55%

Location

The subjects are located on Church Street a short distance from the main retail thoroughfare. The surrounding area is predominately ground floor commercial units with residential above.

Crieff is a market town within the administrative authority of Perth & Kinross Council. The town lies between Perth and Crianlarich on the A85, with Perth being located some 17 miles east of Crieff whilst Stirling is located 23 miles to the south west.
Crieff is a tourist town with attractions including Caithness Glass Visitor Centre, Crieff Hydro and the Glenturret Distillery. The town also provides a range of local services including Medical, Banking and shopping facilities.

Subjects
The unit comprises of a ground floor takeaway premises, contained within a 3 storey plus attic terrace building, of stone construction with a facing stone cladding, under a pitched roof overlaid in slate.
The accommodation provides a ground floor takeaway reception and waiting area and a commercial kitchen to the rear. The subjects also benefit from a staff W.C.
The subjects comprise suspended timber floors with vinyl and tiled coverings, tiled walls with mounted lights and plastered and painted ceilings with ceiling mounted strip lighting.

The subjects are currently undergoing extensive refurbishment by the new tenant including but not limited to; Refreshed frontage, new signage, renovated front counter, wall coverings, upgraded lighting throughout, renovated kitchens, w.c and flooring throughout.

Area
We have calculated the subjects on a Net Internal Area (N.I.A) basis in accordance with RICS Code of Measuring Practice:

Ground: 24.62sqm (265sq ft)

Executive Lease Summary

The property is held on a full repairing and insuring lease on the following terms:

Tenant: Personal Name
Term: 10 years (21st Feb 2019 - 20th Feb 2029)
Tenant Break: 5th Anniversary
Rent Review: Every 3 years
Rent: £4,550p.a from date of entry to 1st anniversary increasing to £4,749.68per annum until the next rent review.

The tenant is an accomplished head chef who, prior to venturing on his own, was operating a kitchen within a well established local hotel for several years. His niche is Italian cuisine, focussing on staple meals with a twist, using locally sourced ingredients.

The tenant is well known within the town as having a keen eye for food and the quality which he produces.

Proposal 

The subjects are available to purchase for offers in excess of £45,000 representing a Gross Initial Yield of 10.1% increasing to 10.55% in year 2.

V.A.T

All prices and premiums quoted are exclusive of V.A.T

E.P.C

Available on request

Legal

Each party shall bear their own legal costs incurred in the transaction

Viewing

By appointment only

Lease & Title

Available on request

LOCATION

Location: 8 Church Street, Crieff, Perth and Kinross, PH7 3AE

Gleneagles (7.3 miles)

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