SHEPHERD Chartered Surveyors is offering a freehold bank investment in Peterhead for sale.
The property is located within the main town centre area, standing in a prominent location on the north side of Broad Street at its junction with Longate. Broad Street is a secondary retailing location that adjoins with the town’s primary retailing centre.
The 3,440 sq ft substantial, semi-detached, two storey corner terraced property comprises a number of interview rooms and small strong room on the ground floor whilst the first floor provides cellular office accommodation as well as staff toilets and kitchen facilities.
The property is let to Clydesdale Bank on a full repairing and insuring lease which commenced on 30th September 1998 for a period of 20 years and one day with the tenant having a right to extend the lease on expiry for a further 20 years plus one day.
There are currently just over four years unexpired on the existing lease with two outstanding rent reviews dated from 2008 and 2013 with the passing rental currently standing at £27,850 pa.
Scott Young, commercial surveyor at Shepherd’s Aberdeen office, said: “This is an exciting investment opportunity due to the covenant strength of the existing tenants.
“An increase in capital investment within the Peterhead area, due to sectors such as manufacturing and onshore support for the oil industry, has increased levels of employment and boosted growth within the town centre.
“As such, we anticipate keen interest in this rarely available freehold bank investment opportunity.”
Offers in excess of £260,000 are invited. A purchase at this level would provide a purchaser with a net initial yield of 10.22 per cent, allowing for purchaser’s costs of 4.8%.
Interested parties should contact the sole selling agent on tel 01224 202800.
For further information please contact Scott Young on tel 01224 202800.
Issued on behalf of Shepherd by Liquorice Media tel 0141 297 1699 www.liquorice-media.com
Date: 13th June 2014.
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Contact: Susan Christie