Well situated retail parade of 6 shops in the centre of a residential development
Fife Council have recently undertaken a programme of works to improve the property
Approximately 50% of the tenants have been in occupation for over 20 years
Asset Management Opportunities
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 74
Auction 30th March 2017
Rent Gross: £41,300 per Annum Exclusive
Status Sold
Price £431,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Insolvency Practitioners - Deloitte
Property Information
Location
Miles
28 miles north-east of Edinburgh, 25 miles south-west of St Andrews, 18 miles east of the Forth Road Bridge
Roads
A92, M90
Rail
Kirkcaldy (40 mins to Edinburgh Waverley)
Air
Edinburgh Airport
Situation
Kirkcaldy has a population of approximately 50,000 and a catchment of 150,000 from east Fife. The town is the second largest town in Fife and benefits from excellent accessibility from the A92 linking with the M90 south to Edinburgh and north to Perth. The new road bridge, the Queensferry Crossing, which will link Fife with Edinburgh and the south, is due to open in May 2017. The property is located in a popular residential area with two primary schools nearby. Birnam Road is approximately 2 miles north west of Kirkcaldy town centre and approximately half a mile of Fife Central Retail Park.
Tenure
Leasehold. Held from Fife Council for a term of 99 years from 18/12/1970 until 17/12/2069 at a rent of £3,100 per annum exclusive. The rent is reviewed every 21 years. The current passing rent is £2,590 p.a.x. The 18th December 2013 rent review is outstanding but due to be settled prior to completion. The council have proposed £3,100 p.a.x. which has not been disputed by the seller.
Location
Miles
28 miles north-east of Edinburgh, 25 miles south-west of St Andrews, 18 miles east of the Forth Road Bridge
Roads
A92, M90
Rail
Kirkcaldy (40 mins to Edinburgh Waverley)
Air
Edinburgh Airport
Situation
Kirkcaldy has a population of approximately 50,000 and a catchment of 150,000 from east Fife. The town is the second largest town in Fife and benefits from excellent accessibility from the A92 linking with the M90 south to Edinburgh and north to Perth. The new road bridge, the Queensferry Crossing, which will link Fife with Edinburgh and the south, is due to open in May 2017. The property is located in a popular residential area with two primary schools nearby. Birnam Road is approximately 2 miles north west of Kirkcaldy town centre and approximately half a mile of Fife Central Retail Park.
Tenure
Leasehold. Held from Fife Council for a term of 99 years from 18/12/1970 until 17/12/2069 at a rent of £3,100 per annum exclusive. The rent is reviewed every 21 years. The current passing rent is £2,590 p.a.x. The 18th December 2013 rent review is outstanding but due to be settled prior to completion. The council have proposed £3,100 p.a.x. which has not been disputed by the seller.
Description
The property comprises a single storey retail parade currently divided to provide six ground floor retail units with basement ancillary accommodation. The property benefits from rights to park.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Insolvency Practitioners and therefore no warranties or guarantees in any respect, including VAT, can be given.
The information in these particulars has been provided to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Insolvency Practitioners are acting without personal liability.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a single storey retail parade currently divided to provide six ground floor retail units with basement ancillary accommodation. The property benefits from rights to park.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Insolvency Practitioners and therefore no warranties or guarantees in any respect, including VAT, can be given.
The information in these particulars has been provided to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Insolvency Practitioners are acting without personal liability.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit No.
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent (gross)
Review/(Reversion)
92-96
Ground & Basement
Retail/ Ancillary
477.70 sq m
(5,142 sq ft)
A M LANDSBURGH (ST ANDREWS) LTD t/a Spar
25 years from 29/09/1992
£21,500
29/09/2012 (28/09/2017)
90
Ground & Basement
Retail/ Ancillary
65.03 sq m
(700 sq ft)
C SING WAN t/a Chan’s Takeaway
25 years from 18/05/2007
£4,000
18/05/2017 and 5 yearly (17/05/2032)
88
Ground & Basement
Retail/ Ancillary
65.96 sq m
(710 sq ft)
L THOMSON t/a Xquisite Health & Beauty
5 years from 01/05/2007
£4,500
30/04/2017 (1)
86
Ground & Basement
Retail/ Ancillary
64.47 sq m
(694 sq ft)
S M BAYNE & COMPANY LTD t/a Bayne’s B
10 years from 25/12/1992
£3,500
24/12/2017 (1)
84
Ground & Basement
Retail/ Ancillary
64.66 sq m
(696 sq ft)
FIFE CATERING CO LTD t/a Paul’s Fish & Chicken Ba
15 years from 11/07/2013
£3,800
11/07/2018 & 11/07/2023 (10/07/2028)
80-82
Ground & Basement
Retail/ Ancillary
152.64 sq m
(1,643 sq ft)
A QAYYUM & F Y QAYYUM t/a Premier Newsagents
25 years from 15/12/1993
£7,100
(31/10/2018)
Totals
890.46 sq m
(9,585 sq ft)
£44,400
(1) Under Scottish law, the lease will continue year on year on the same terms and conditions until the next anniversary. If either the tenant or the landlord wish to terminate the lease, they must serve notice to quit within the specified time period prior to the anniversary.
