Heritable Retail investment with development potential
Well located close to the pedestrianised High Street
Nearby occupiers include British Heart Foundation, JD Wetherspoon and Kirkcaldy Indoor Market
Let to Wilkies Limited on a new 2 year lease
Currently producing £12,000 pa
Three vacant upper floors with residential development potential (subject to planning)
Lot 26
Auction 10th December 2020
Rent £12,000 per Annum Exclusive
Status Withdrawn Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
18 miles north-east of the Forth Road Bridge
28 miles north of Edinburgh
24 miles south west of St Andrews
Roads
A92
Rail
Kirkcaldy Railway Station (ScotRail)
Air
Edinburgh Airport
Situation
The property is situated on the south side of High Street, close to its junction with Kirk Wynd in Kirkcaldy town centre. Nearby occupiers include British Heart Foundation, Specsavers and Kirkcaldy Indoor Market.
In 2019, Fife Council gave consent to the development of around 1,200 houses and flats, a primary school and retail units on land at the south-west edge of the town. More locally to the property, £1.60m of improvements to the Promenade are almost complete.
Tenure
Heritable.
Location
Miles
18 miles north-east of the Forth Road Bridge
28 miles north of Edinburgh
24 miles south west of St Andrews
Roads
A92
Rail
Kirkcaldy Railway Station (ScotRail)
Air
Edinburgh Airport
Situation
The property is situated on the south side of High Street, close to its junction with Kirk Wynd in Kirkcaldy town centre. Nearby occupiers include British Heart Foundation, Specsavers and Kirkcaldy Indoor Market.
In 2019, Fife Council gave consent to the development of around 1,200 houses and flats, a primary school and retail units on land at the south-west edge of the town. More locally to the property, £1.60m of improvements to the Promenade are almost complete.
Tenure
Heritable.
Description
The property comprises a traditional sandstone building planned over basement, ground and three upper floors. At ground floor there is a large extension at ground and first floor levels to the rear. There are a 13 car parking spaces to the rear accessed from the Promenade.
Plans have been produced indicating a potential redevelopment of the upper floors to create 2-3 residential flats. Fife Council have indicated council grant applications could be available as a contribution towards this development (subject to funding approval and planning consent). Any development of the upper floors is subject to planning consent.
VAT
VAT is applicable to this lot.
Viewings
Please contact Mhairi Archibald (0771 8899341)
EPC
See legal pack at www.acuitus.co.uk
Description
The property comprises a traditional sandstone building planned over basement, ground and three upper floors. At ground floor there is a large extension at ground and first floor levels to the rear. There are a 13 car parking spaces to the rear accessed from the Promenade.
Plans have been produced indicating a potential redevelopment of the upper floors to create 2-3 residential flats. Fife Council have indicated council grant applications could be available as a contribution towards this development (subject to funding approval and planning consent). Any development of the upper floors is subject to planning consent.
VAT
VAT is applicable to this lot.
Viewings
Please contact Mhairi Archibald (0771 8899341)
EPC
See legal pack at www.acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Possession
Term
Rent p.a.x
Basement
Unused
see note (2) below
Vacant Possession
£0
Ground
First Car park (13 spaces)
Retail Stores/Ancillary Retail Sales
175.36 sq m 131.60 sq m 116.01 sq m
(1,888 sq ft) (1,416 sq ft) (1,249 sq ft)
Wilkies Limited (by licence) (1)
5 years from date of sale (3)
£12,000
First
Storage
294.74 sq m
(3,173 sq ft)
Vacant Possession
£0
Second
Storage
107.95 sq m
(1,162 sq ft)
Vacant Possession
£0
Attic
Storage
66.83 sq m
(719 sq ft)
Vacant Possession
£0
Total
776.49 sq m
(8,358 sq ft)
£12,000
(1) Wilkies Limited began trading as a clothing retailer in Edinburgh in 1898. The company now operates from 15 stores throughout Scotland with an online platform. Wilkies have created a new 2 year licence for occupation of the ground floor and basement. (2) The basement floor has a restricted ceiling height throughout and has not been measured. The basement floor area is estimated to be similar to the front area of the ground floor retail shop with an estimated floor area of the whole ground floor area of 175.21 sq m (1,886 sq ft) (3) The date of entry under the licence will be the date of entry in the disposition transferring title to the purchaser. The licence is subject to a tenant break option on the second anniversary of the date of entry on 3 months prior written notice. There is a photographic schedule of condition attached to the lease (further detail can be found in the legal pack)
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
