Retail Investment Opportunity
6 Bowmont Street, Kelso, Roxburghshire, Scottish Borders. TD5 7JH
Offers over £55,000
01896 751 300
The town has a population of approximately 5,639 according to the 2011 Population Census, and acts as a local centre for a wide rural hinterland. The settlement is conveniently located within the Central Borders, approximately 18 east of Galashiels, 44 miles south of Edinburgh.
Kelso is an historic setting with a great many attractions within the town and surrounding area generating a high level of seasonal tourist trade.
6 Bowmont Street, Kelso comprises a double fronted shop unit which is fitted out to a good standard comprising front shop, store room and w.c.
The property is situated in a good trading position just off prime pitch on the main pedestrian link between The Square and East Bowmont Street car park.
The unit is currently occupied by Border Gallery.
The shop is let on a full repairing and insuring lease for a term of eight years from 10 June 2019 at a current passing rent of £5,760 per annum.
Other businesses in the vicinity include A Hume, Orvis, FatFace, Douglas Home & Co, The Cross Keys, Ednam House, Boots.
The Rateable Value is currently assessed to £6,600 effective from 01-Apr-2017.
The Small Business Rates Relief Scheme provides rates relief to help small businesses in Scotland. For the 2019/20 financial year up to 100% rates relief is available for business with a combined rateable value (of all business premises in Scotland) with a Rateable Value of £15,000 or less subject to application and eligibility.
We are instructed to seek offers in excess of £55,000 exclusive of Value Added Tax, reflecting a net initial yield of 10.25% allowing for standard purchasers costs of 2%.
A closing date may be set for offers. Please note that only those parties who formally notify their interest will be informed of the closing date. Interested parties are advised to notify the selling agents of their interest as soon as possible. The sellers reserve the right to sell privately and are not bound to accept the highest or indeed any offer.
Offers should include: The identity of the purchasers; the price offered; source of funds; clear details of any conditions attached to the offer; proposed timescale for conclusion of missives, completion and payment.
Mains electricity, water and drainage.
To be confirmed.
This property is sold subject to and with the benefit of all rights of way, whether public or private, and any existing or proposed wayleaves, servitude rights, restrictions and burdens of whatever kind, whether referred to in these particulars or not.
Value Added Tax
Any prices are exclusive of VAT. Any intending purchasers must satisfy themselves independently as to the instances of VAT in respect of any transaction.
Each party will be responsible for their own legal costs incurred in connection with this transaction.
By appointment with the sole agents:
Edwin Thompson, Chartered Surveyors
76 Overhaugh Street
E-mail: [email protected]
Town Centre Position
Producing £5,760 per annum
New eight year lease
Net Initial Yield 10.25%