85/89 King Street
Kilmarnock
KA1 1QD

Heritable Retail Investment

  • Part let to East Ayrshire Council
  • Whole building totalling 5,476 sq ft
  • Asset Management and possible change of use potential (subject to planning)
  • Opposite Marks & Spencer
  • Lot
    32
  • Auction
    05/May/2021
  • Rent
    £16,000 per Annum Exclusive
  • Status
    Sold Prior
  • Price*
     
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
  • 85/89 King Street<br>Kilmarnock<br>KA1 1QD
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  • Photos
  • Map

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

Property Information

Location
Miles
24 miles south-west of Glasgow
Roads
A71, A76, A77, M77
Rail
Kilmarnock Railway Station
Air
Glasgow Prestwick Airport,
Glasgow International Airport
Situation

The property is prominently situated on the west side of pedestrianised King Street, close to The Burns Shopping Mall in the heart of the town centre. Opposite both
Marks & Spencer and Boots the Chemist.

Tenure

Heritable.

Description

The subjects comprise a three storey mid terrace building with a Council let shop at ground floor and two upper floors.
The first floor is let to a hairdressing/ beauty salon, the second floor is vacant and there is a separate entrance to all the upper floors from King Street.

VAT

VAT is applicable to this lot.

EPC

Please refer to the legal pack at www.acuitus.co.uk

Tenancy & Accommodation

FloorUseFloor Areas
(Approx)
TenantTermRent p.a.xReview
GroundRetail
183.21 sq m
(1,972 sq ft)
EAST AYRSHIRE
COUNCIL
(t/a Celebrate
Kilmarnock) (1)
1 year from
16/11/2020(2)
£6,000 
FirstHair/Beauty
Salon
126.31 sq m
(1,360 sq ft)
BEAUTY STUDIO
85 LIMITED
5 years from
17/08/2020 (3)
£10,00017/08/2022
SecondOffices
199.18 sq m
(2,144 sq ft)
VACANT   

(1) East Ayrshire shares borders with Dumfries and Galloway, East Renfrewshire, North Ayrshire, South Ayrshire and South Lanarkshire. The shop at 85/89 King Street operates as Kilmarnock Town Centre Partnership trading as 'Celebrate Kilmarnock', is a registered charity whose aims include promotion and work towards the advancement of citizenship or community development for the benefit of Kilmarnock and its environs, to advance arts, heritage and culture, promotion the provision of recreational facilities and organise recreational activities with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended.
(2) The property was originally let to East Ayrshire Council for a term of 2 years from 16th November 2018 expiring on 15th November 2020 at a rent of £12,000 pa. A lease extension, at a reduced rent of £6,000 pa, was then completed during lockdown extending the lease for a period of 1 year from 16th November 2020.
(3) The tenant has an option to determine the lease on 16/08/2022. If the tenant does not determine the lease, the tenant shall pay a reduced rent of £5,000 pa for 4 months from 17/08/2022.

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.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    23.04.21
    File Size
    19 MB
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  • Catalogue Page
    Updated Date
    16.04.21
    File Size
    661 KB
    View PDF
  • Site Plan
    Updated Date
    16.04.21
    File Size
    796 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    07.10.20
    File Size
    1,016 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
Mhairi ArchibaldMhairi Archibald +44 (0)7718 899 341 Mhairi.archibald@acuitus.co.uk
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Seller's Solicitors
TLT LLP 3rd Floor, Hobart House, 80 Hanover Street
Edinburgh
EH2 1EL
Howard Beach (0)333 006 0768 Howard.Beach@TLTsolicitors.com  Andrew McCowan 0333 006 1036andrew.mccowan@tltsolicitors.com

Useful Links

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