Page 11 - Shepherd Commercial Auctions - Catalogue 22/02/2024

Lot 7 147-149 High Street, Elgin, Moray IV30 1DS Multi-let Retail /Office
Features
• 100% income producing
• Current income £36,500 p.a. • ERV £40,000 p.a.
• Net Initial Yield 20.00%
• Management opportunities
Accommodation
The subjects comprise a substantial 3-storey plus basement and attic terraced mixed use commercial building of conventional decorative masonry construction under a pitched and slated roof. The building is Category “B” Listed and incorporates an array of carved stone features throughout. There is a Mansard style roofed projection to the rear of the property incorporating both felt and slate finishes.
The accommodation currently provides a ground floor plus basement retail unit currently operated as a DVSA Theory Test Centre. The ground floor has been substantially refurbished by the occupier and is laid out as a test centre with a reception, test rooms plus toilet and staff facilities. The basement provides storage space. The retail unit enjoys a large glazed frontage to the pedestrianised area of Elgin High Street.
The self-contained upper floor offices are accessed via double timber doors set within a feature arched entrance at ground floor level leading to a staircase to all floors. Each floor currently provides cellular office accommodation and meeting rooms throughout with staff ancillary facilities on each floor.
Location
Elgin is situated approximately 66 miles northwest of Aberdeen and 39 miles southeast of Inverness. Within the Moray Council area, Elgin is the main administrative, business and service centre with Forres, Buckie, Lossiemouth and Keith being classified as secondary settlements. The town is accessed by the A96 trunk road which runs between Aberdeen and Inverness. There is also a railway line between those two cities. Elgin has a population of approximately 23,128 (2011 Census) and is the regional town for Moray, with a primary catchment of approximately 90,000 within a 10-mile radius.
Tenancy
The property is currently let to 2 tenants with a current aggregate rental income of £36,500 per annum. The Estimated Rental Value (ERV) is approximatively £40,000 per annum and this can be achieved through asset management.
*Guide Price £179,000 (plus fees if applicable)
* Please see Buyer’s Terms for definition of guide price and auction fees
Auction Type
Unconditional Sale - The buyers fee is 2.4% inc VAT(2% plus VAT) subject to a minimum of £2.500 inc VAT(£2,083.33 plus VAT). The buyer will also be asked to contribute towards the seller’s legal fees – see special condition within legal pack for full details.
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