Magnum House, PA2

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Key Points

Summary

The property is let on a 20 year full repairing & insuring lease that commenced in December 2023. Rent is subject to 5 yearly rent reviews.

Description

The property comprises a building of brick build construction, arranged across two floors, with ground floor retail space, under a pitched and tiled roof.

The subjects comprise a ground floor takeaway which is accessed via a single aluminium framed pedestrian door which leads into the sales area. The commercial kitchen is, as expected, fitted out to a professional standard with extract ventilation and a range of stainless steel sink units, utility basins and fitments. A comprehensive range of floor and wall mounted style units are installed with appropriate worktops. The floor is covered in commercial vinyl, walls covered with PVC and stainless steel splashbacks. The ceiling incorporates square LED and strip lighting. The rear of the property provides the kitchen, food prep room and welfare facilities.

Location

Paisley is a large town situated in the west central Lowlands of Scotland. Located north of the Gleniffer Braes, the town borders the city of Glasgow and straddles the banks of the White Cart Water.

The property is located in the Charleston area of Paisley, approximately one mile
south of the town centre. The property is situated on the east side of Neilston Road a short distance south from the junction with Mary Street. Neilston Road forms part of an arterial route south of the town. Paisley Canal Railway Station is located close by to the property, as are local bus routes.

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Investment Opportunity

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The accommodation comprises the following areas:

Tenancy

The property is let on a 20 year full repairing and insuring lease that commenced in December 2023, at a rent of £9,000 per annum. The lease incorporates a tenant break option at the 5th anniversary. The rent is subject to open market rent reviews at every 5th anniversary.

Tenure

Heritable Interest (Scottish equivalent of English Freehold).

Price

Offers in the region of £105,000 are invited for the heritable interest (Scottish equivalent to English Freehold) subject to the lease agreement in place. Based on a rental income of £9,000 per annum a purchase at this level would reflect a net initial yield of 8.6%.

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