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Property Type: INVESTMENT - Retail
Address: 55 West Blackhall Street, Greenock, PA15 1UT
Property Size: 165.9 sq m (1,786 sq ft)
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The property is located to the south of West Blackhall Street, Greenock’s principal retail street and is immediately to the west of the main shopping centre, Oak Mall. The unit benefits from a prominent position at the corner of West Blackhall Street and Argyle Street, within the prime stretch of the street. West Blackhall Street is formed a short distance from the Dalrymple Street (A770) and Inverkip Road (A71), both of which are main roads passing through the centre of Greenock.
Occupiers in the locality include Bank of Scotland, Baguette Express, Nationwide and Ladbrokes.
Greenock itself comprises a town of approx. 45,000 persons and is located approximately 27 miles west of Glasgow City Centre, accessed via the M8/A8. The town also benefits from excellent public transport connections.
- Let to Countrywide Estate Agents t/a Slater Hogg & Howison
- Excellent tenant covenant - rated 'VERY LOW RISK'
- Prominent corner unit
- Rental income £21,250pa - 11.56% return after costs
- PRICE REDUCED - Offers over £180,000
The property comprises a prominent corner retail unit designed over ground and basement levels and forming part of a traditional four storey building constructed of solid sandstone and having a pitched, timber framed and concrete tiled roof.
The unit is fitted to an excellent corporate standard, with main public area, private offices, staff kitchen and toilets and storage at ground floor level and basic storage at basement level.
From sizes taken at the time of our inspection, we calculate the gross internal areas to be as follows:
Ground Floor: 80.30 sq m (864 sq ft)
Basement: 85.63 sq m (922 sq ft)
TOTAL: 165.93 sq m (1,786 sq ft)
The property is currently let to Countrywide Estate Agents (Company No 789476) for a 15 year term on a full repairing and insuring lease expiring on 27 November 2020. The current rent is £21,250pa.
For the year ending 31/12/15, Countrywide Estate Agents had a turnover of £354m and a pre-tax profit of £42m. Creditsafe UK have given the company a Credit Rating of 83/100 (Very Low Risk) and an International Score of ‘A’ (Very Low Risk).
Offers over £195,000 are sought. This represents a net initial yield of 10.64% after allowing for purchasers costs of 1.75% and Land and Buildings Transaction Tax.