Page 9 - Shepherd Commercial Auctions - Catalogue 04/05/2023

Lot 4 9A Moss Street, Elgin, Moray IV30 1LU Restaurant Investment
Features
• Attractive "C" Listed former Church building • FRI lease to Elgin Restaurant Ltd
• Current income £20,582 p.a.
• Extends to approx. 549 sq. m. (5,914 sq. ft.)
Description
The subjects comprise a substantial standalone Grade “C” Listed former church building dating to 1857. The main building is of stone and slate construction. There is a rear single storey projection of masonry construction harled externally under a lean to roof clad with a corrugated sheeting.
Accommodation
Internally the accommodation is arranged over ground and first floor levels. The floors are a mix of suspended timber and solid concrete construction. Windows throughout are a mix timber casement and uPVC double glazed design. The subjects have an electric heating system.
The ground floor provides an entrance vestibule with access to toilets and a staircase to the first-floor level. There is a large open plan dining area with formal bar, dry goods/drinks storage and a kitchen with food prep and utility areas. The first floor provides a large open plan space which has been partially compartmentalised to create a number of storage rooms and staff areas.
Location
Elgin is the main administrative and commercial centre for the region of Moray in the northeast of Scotland. The town lies approximately 38 miles to the northeast of Inverness and 66 miles northwest of Aberdeen via the main A96 trunk road.
The subject property is located on Moss Street at its junction with Francis Place occupying a prominent corner location. Moss Street forms part of one of the main arterial routes through Elgin town centre and connects directly to the A941. Surrounding properties are generally in commercial use and include hotel and B&B establishments as well as a selection of retailers. Shopping, education and transport facilities are all available in close proximity.
Site Area
The approximate site boundaries are shown outlined in red on the plan opposite. There is service access at the side of the property and space for refuse storage.
*Guide Price £250,000 (plus fees if applicable)
* Please see Buyer’s Terms for definition of guide price and auction fees
Planning
The unit currently benefits from Class 3 (Food and Drink) Consent in terms of the Town & Country Planning (Use Classes) (Scotland) Order 1997.
Rateable Value
The property is listed in the current Valuation Roll as follows:- Restaurant | NAV/RV: £17,500 as of 1st April 2023.
Tenancy
The property is let to Elgin Restaurant Limited until 4th January 2035 on FRI lease terms at a current rental of £20,582 per annum. The lease is subject to 3-yearly rent reviews with the next review falling due on 5th January 2024. Based on the current rental income of £20,582 per annum, exclusive of VAT, a purchase price at this level represents a Net Initial Yield of 8.06% after deduction of normal purchaser’s costs and a Reversionary Yield of 9.78 %.
Auction Type
Unconditional Sale - The buyers fee is 1.8% inc VAT (1.5% plus VAT) subject to a minimum of £1,800 inc VAT(£1,500 plus VAT).
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