Page 15 - Shepherd Commercial Auctions - Catalogue 04/05/2023

Lot 10 1-5 Union Street Inverness, IV1 1PP Mixed Use Investment
Features
• Multi-Let Retail/Office
• Attractive Blend of Covenants
• Current Income £67,250 per annum • Asset Management Opportunities
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.
Accommodation
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.
Tenancy
The property is currently let to 6 tenants with a current aggregate rental income of £67,250 per annum. The Estimated Rental Value (ERV) is approximatively £75,250 per annum and this can be achieved through the letting of the 2nd floor suite to be vacated by Y-People and asset management.
*Guide Price £560,000 (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 (£2,083plus VAT).
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