Elgin is the administrative and commercial centre for the Moray Local Authority and has a resident population of circa 21,000 persons and a catchment of circa 90,000 persons within a 10 mile radius.
The property is situated in a prominent position just outwith the pedestrianised section of the High Street, the High Street being Elgin’s primary retail thoroughfare. Occupiers in the immediate vicinity include Shoe Zone, Hays Travel, Ladbrokes and Duncan & Todd.
The property comprises a double fronted ground floor retail unit within a two storey building of traditional construction.
From our measured inspection we would confirm the property extends to the following areas and dimensions:
Gross Frontage: 40’ 2” (12.24 m)
Net Frontage: 38’ 1” (11.6 m)
Net Internal Area: 1,348 ft² (125.23 m²)
The property is held on the residue of an existing lease which is due to expire on the 31st August 2028. The lease allows for a tenant break option effective the 31st August 2023. If the break option is not exercised the property will be subject to a rent review. The passing rent is £38,000 per annum exclusive.
Our clients are seeking to dispose of their occupational interest by way of a co-terminous sub-lease.
The property is entered in the Valuation Roll as follows:
Description: Betting Office
Rateable Value: £35,250
The property has been assessed as Band ‘E’. A copy of the Certificate is available on request.
Each party to be responsible for their own legal costs, with the ingoing Tenant being responsible for LBTT together with any costs incurred by the Landlord.
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.
Strictly by appointment through this office.