228-232 High Street
Kirkcaldy
Fife
KY1 1JT

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
10/Dec/2020
Rent
£12,000 per Annum Exclusive
Status
Withdrawn Prior
Price*
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Important Update

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Photos
Map

* More information on the term "price" can be found here

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.

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 £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.