FOR SALE RARE VAT FREE ST ANDREWS RETAIL/CAFE INVESTMENT 131 SOUTH STREET ST ANDREWS KY16 9UN Sheridan Property Consultants Offers over 385,000 (6.25% NIY)
Executive Summary: Extremely rare and sought after retail investment opportunity; Situated in the heart of St Andrews, one of Scotland s most affluent towns and the Home of Golf; Prominent and highly visible position on South Street with excellent passing trade; Passing rent of 25,000 per annum ( 55.18/sqft ITZA); Vat free investment suitable for private individuals; Let to Vinetum Limited trading as St Andrews Waffle Company; Our clients are seeking offers in excess of 385,000 (THREE HUNDRED AND EIGHTY FIVE THOUSAND POUNDS STERLING) exclusive of VAT which reflects an attractive net initial yield of 6.25% assuming purchasers costs of 3.77%. 131 HIGH STREET, ST ANDREWS KY16 9UN P1
Location: St Andrews is located on Scotland s east coast in the region of Fife. It is located approximately 47 miles north of Edinburgh and 90 miles north east of Glasgow with Dundee 13 miles to the north. St Andrews is exceptionally well served by road links to the M90 motorway via the A91 and A92 whilst there is also a railway station at the nearby village of Leuchars, which is located on the east coast main line linking Edinburgh with Aberdeen. St Andrews is known worldwide as The Home of Golf, with the world famous Old Course being the most frequent venue for The Open Championship, the oldest of golf s four major championships. The town is also home to the University of St Andrews, founded in 1413 and is the third oldest university in the English-speaking world and one of the UK s most prestigious. The University is an integral part of the St Andrews with students make up approximately one third of the town s population during the university teaching calendar. 1131 South Street St Andrews KY16 9UN 131 HIGH STREET, ST ANDREWS KY16 9UN P2
Situation: The subjects are situated on the north side of South Street between the junctions of Logies Lane and Bell Street within the heart of the St Andrew s retailing centre. Surrounding occupiers are a mixture of licensed premises and national and local retailers whilst also lying opposite Madras College. Occupiers in the immediate vicinity are a mixture of national and local traders which include M&Co, Oxfam, Pizza Express, Rollos Property, Johnsons Dry Cleaners, Burger, Cancer Research and RBS. Description: The property comprises a mid-terraced, stone constructed building arranged entirely over ground floor level. The premises provide retail/cafe accommodation at the front for approximately 34 covers with a single WC facility together with a counter servery and kitchen facilities located towards the rear. Access to the property is via a recessed timber and glazed entrance door whilst the frontage also benefits from a large display window fronting directly onto South Street. 131 HIGH STREET, ST ANDREWS KY16 9UN P3
Accommodation: We have measured the subject premises in accordance with the RICS Code of Measuring Practice 2007 (Sixth Edition) and would estimate that the subjects extend to the following areas: - AREA SQ M SQ FT Total Net Internal Area 70.28 756 Reduced Floor Area 42.04 453 Tenure: The subject properties are held on a heritable title (Scottish equivalent of English freehold). 131 HIGH STREET, ST ANDREWS KY16 9UN P4
Tenancy: The subject property is let to St Andrews Waffle Company on a Full Repairing & Insuring Lease from 23 March 2015 expiring 22 March 2035 at a current passing rent of 25,000 per annum ( 55.18/sqft ITZA). The Lease makes provision for rent reviews on a 5 yearly review pattern at 23 March 2025 and 2030. There are tenant only break options that run co-terminus with the rent review dates. Company Information: Vinetum Limited trading as St Andrews Waffle Company are a subsidiary to Venderoso Ltd. They are a locally owned and operated company focusing on the catering business. The company currently trade from 131 South Street in St Andrews and are currently undergoing rapid expansion with additional premises on South Street currently being fitted out for occupation in Q2 2018. 131 HIGH STREET, ST ANDREWS KY16 9UN P5
EPC: EPC documentation is available on request. Proposal: Our clients are seeking offers in excess of 385,000 (THREE HUNDRED AND EIGHTY-FIVE THOUSAND POUNDS STERLING) exclusive of VAT for the benefit of the property with the occupational lease in place. A purchase at this level reflects an attractive net initial yield of 6.25% assuming purchasers costs of 3.77%. VAT: VAT has not been elected and therefore there is no VAT payable on the purchase price. Viewing & Further Information: Please contact the sole selling agent: Stewart Sheridan/Cathal Keane/Graeme Millar Sheridan Property Consultants 37 ONE, 37 George Street Edinburgh EH2 2HN Tel. 0131 300 0296 Sheridan Property Consultants www.sheridanproperty.co.uk Stewart: 07740 940898 email: stewart@sheridanproperty.co.uk Cathal: 07808 627224 email: cathal@sheridanproperty.co.uk Legal Costs: Graeme: 07523 512804 email: graeme@sheridanproperty.co.uk Each party will be responsible for their own legal costs incurred in connection with the transaction. Sheridan Property Consultants for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, reference to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them and are advised to do so; (iii) no person in the employment of Sheridan Property Consultants has any authority to give representation or warranty whatever in relation to this property; (iv) all prices, rents and premiums quoted are exclusive of VAT at current rate; Date of Publication: April 2018