Exciting Development Opportunity with Investment Element
Located within North Lanarkshire, Wishaw has a resident population of circa 28,500 and draws on a catchment in excess of 220,000 persons. The town benefits from easy access to the M74 motorway network and has direct rail links to Glasgow and Edinburgh.
As the subjects currently stand the development element provides a level site which is accessed off Roberts Street close to the Lidl supermarket. The area has a good mix of uses, with residential properties, offices and the Main Street within easy walking distance.
Our clients received consent in 2009 (now lapsed) for a scheme providing 6 residential flatted units on the land with associated parking. The sketch below has beeen provided by their current architects for illustrative purposes.
The development site is contiguous with the retail properties that front onto Main Street. We note that the upper floor of this building, together with a single storey extension to the rear of 222 Main Street, is currently vacant and there may be potential to incorporate this accommodation into any proposed development. First floor net internal area 866 sq ft (80 sq m). Rear extension net internal area 1,126 sq ft (106 sq m).
Comprising two self contained retail units on the Main Street, both currently let to local operators.
Trading as Scot Stitch the subjects are held on an IRI lease with effect from 13th February 2017 expiring 12th February 2022 at a rent of £6,000 per annum.
The unit extends to the following approximate areas and dimensions:
Gross Frontage: 22' 10" (6.95 m)
Net Frontage: 17' 4" (5.28 m)
Net Internal Area: 554 sq ft (51.46 sq m)
The subjects are currently entered into the Valuation Roll at £5,200 and have an EPC rating of G. A copy of the Certificate can be provided upon request.
Trading as Bobbleiscious the subjects are held on an IRI lease effective 6th February 2017 expiring 5th February 2022.
The current rent is £4,000 per annum rising to £5,000 per annum as of 6th February 2019.
The unit extends to the following approximate areas and dimensions:
Gross Frontage: 17' 10" (5.43 m)
Net Frontage: 13' 5" (4.09 m)
Ground Sales: 410 sq ft (38 sq m)
Ground Storage: 186 sq ft (17.27 sq m)
The subjects are currently entered in the Valuation Roll at £4,800 and an EPC has been commissioned. A copy of the Certificate can be provided upon request.
Our clients are seeking offers in excess of £250,000 for their feuhold interest of the site and the retail units.
All terms are quoted net of VAT where applicable.
Each party is to be responsible for their own legal costs, with the purchaser being responsible for any LBTT.
To comply with Money Laundering Regulations we are legally required to undertake due diligence on prospective purchasers/tenants which will at a minimum include proof of identity/address and funding. Applicable documentation will therefore be required on agreement of Heads of Terms.
All appointments to view and further information available from this office.