Page 10 - Shepherd February Commercial Auction 2023

115/119 King Street, 5/7 St Marnock Street, 52 Sandbed Street, Kilmarnock KA1 1QD
Lot 5
Prime town centre investment opportunity
Features:
• Prime town centre investment opportunity • Mix of office and retail space
• Income £86,300 p.a.
• Potential Income £91,800 p.a.
Description:
The subjects comprise a substantial corner block formed in stone and slate dating back to the late Nineteenth Century formed over three principal floors including four retail units, seven offices and a store. The retail units and store have direct street access with the upper floor offices served by a common entrance hallway and staircase.
Location:
The subjects are located in a prominent town centre location at the junction of King Street and St Marnock Street in the pedestrianised heart of Kilmarnock town centre. Surrounding shops are occupied by a range of national traders and local operators. Kilmarnock is the principal settlement in the East Ayrshire Council area with a resident population of around 45,000.
Leases:
Eleven of the twelve units are currently let on Full Repairing and Insuring leases producing an income of £86,300 per annum potential rising to £91,800 per annum when fully let. The leases include management fees of 7.5%.
Rating Assessment:
The property is currently entered in the Valuation Roll with the following rateable values: 115 King Street - £12,700, 117 King Street - £6,100, 119 King Street - £9,900, 52 Sandbed Street - £2,300, 5 St Marnock Street 1FR - £4,900, 5 St Marnock street 1FL Suite 1A - £5,900, 5 St Marnock Street 1FL Suite 1B - £5,200, 5 St Marnock Street 2FL Suite 2A -£3,150, 5 St Marnock Street 2FL Suite 2B - £3,400, 5 St Marnock Street 2FR Suite 2C -£4,600, 5 St Marnock Street 2FR Suite 2D -£3,350, 7 St Marnock Street - £9,000
100% rates remission for each of the above units may be available to qualifying occupiers under the Small Business Bonus Scheme.
*Guide Price £600,000+ (plus fees)
10 | *Please see Buyer’s Terms for definition of guide price and auction fees
Investment Considerations:
Only one vacant unit - Asset management potential - Guide price reflects net initial yield of 13.7% - Professionally managed building - management fees 7.5%
Tenure: See Legal Pack
Viewing:
Viewings by arrangement with Shepherd Commercial Property Auctions -Tel: 0333 016 4000 Email: auctions@shepherd.co.uk
Auction Type: Unconditional Sale. The buyers fee is 2% plus VAT (2.4% including VAT), subject to a minimum of £2,000 plus VAT (£2,400 including VAT).
Part let/part vacant
Closing date for next Auction: 7th May 2020 - Entries Invited