Page 9 - Shepherd February Commercial Auction 2023

Lot 4
Substantial mixed use investment
1-5 Union Street, Inverness IV1 1PP
Features:
• Multi let retail/office
• Attractive blend of covenants
• Current income of £67,250 per annum
• Estimated rental value of £75,250 per annum • EPC Rating: F
Description:
The subjects comprise a substantial mixed-use commercial building of conventional decorative masonry construction under a pitched and slated roof. The building is Category B Listed dating to 1863 and incorporates an array of carved stone features throughout. The accommodation currently comprises 2 retail units laid over the ground and basement floors plus 5 office suites laid over the first and second floor levels within the building. The larger of the 2 retail units incorporates the basement floor. The upper floors are accessed via a secure arched entrance at ground floor level leading to a central staircase to the upper floors. A mix of cellular and open plan office suites are provided on either side of the central staircase with common toilet facilities provided on each of the floor landings.
Location:
Inverness is the Capital and main administrative centre for the Highlands of Scotland covering a wide geographic area serving over 250,000 people. The city is well connected via the main A9 leading south to Perth, Glasgow and Edinburgh, and north to Wick and Thurso. The A96 connects to Aberdeen and the A82 to Fort William. The subject property occupies a prominent corner location on the eastern end of Union Street at its junction with Academy Street directly opposite Inverness Railway Station. The property is centrally and ideally located within close walking distance of a range of shops and banks and the main Eastgate Shopping Centre is close by. Inverness airport lies 10 miles to the east of the city centre and provides regular flights to the Scottish Islands, UK mainland destinations and a range of international flights. Both rail and bus services run regularly to and from the city.
Accommodation:
Retail Unit and Basement - Serco Caledonian Sleepers Ltd (197 sqm/2,118 sq ft)
Ground Floor Retail Unit - AV Barbers Ltd (15 sqm/160 sq ft)
First Floor (Part) - Serco Caledonian Sleepers Ltd (74.5 sqm/801 sq ft)
First Floor (Part) - The Property Management Co (Aberdeen) Ltd 42.5 sq. m. (458 sq. ft.)
Second Floor (Part) - VOID (70sqm/751 sq ft)
Second Floor (Part) - Epicure Catering Services Ltd (24.5 sqm/264 sq ft) Second Floor (Part) - Pranisa Thananchai (15sqm/165 sq ft)
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 2.4% inc VAT (subject to a minimum of £2,500 inc VAT) of the purchase price.
*Guide Price £570,000+ (plus fees)
*Please see Buyer’s Terms for definition of guide price and auction fees
Tenure: See Legal Pack Subject to tenancy
Next Auction: 28th May 2020
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