ADDRESS113-115, Lorne Arcade High Street, Ayr, KA7 1QL
TYPEGeneral Retail, Retail
TENUREUnder Offer, For Sale Freehold, For Sale Leasehold
POSTED ON28th October 2019
Multi-let retail investment Fully Let Portfolio Town Centre Arcade with public car parking Passing rent £83,187 per annum Offers over £875,000 are invited
Lorne Arcade is a Multi-let Retail Investment located in the heart of Ayr Town Centre. This secure retail arcade provides one of the few links from the High Street to Boswell Park Car Park. The centre comprises a parade of part single and part two storey buildings beneath flat and pitched roofs comprising of 9 retails units contained over ground and first floor with a pedestrian walk way through the arcade beneath a pitched glazed roof. Scheme comprises a purpose built Victoria style arcade of 9 standard retail units fronting onto and accessed from Ayr High Street. The arcade provides approximately 3,545 sq ft of net retail accommodation. Lorne Arcade currently generates an income of £83,187 per annum. Price : £875,000 (Eight Hundred and Seventy Five Thousand pounds), subject to contract and exclusive of VAT. A purchase at this level provides a net initial yield of 9.00%. The investment offers a number of asset management and development opportunities including: :- Re-gearing of tacit and expiring leases :- Review of rents to ERV :- Improve signage to the scheme to enhance footfall further.