50 Union Street

50 Union Street
£350,000

Published on January 27, 2022

Building:
50 Union Street
Address:
Union Street
Postcode / City:
AB10 1BB Aberdeen
Type:
SOLD
Info PDF:
Download
Square Feet:
2,181

Description

INVESTMENT FOR SALE WITH REBASED RENTAL

The property occupies part of the ground and basement floors within a four storey and basement mid-terrace building of substantial granite and slate construction.

LOCATION

The property is located on the north side of Union Street, Aberdeen’s principal shopping thoroughfare as shown on the street plan for identification purposes only.

Aberdeen is Scotland’s third city and is widely considered to be the energy capital of Europe. Historically known as the granite city, Aberdeen is vibrant, creative and ambitious known for its historic charm and cosmopolitan community. It is the administrative centre for the northeast of Scotland with an estimated population of 228,000 and a further catchment in excess of 500,000 inhabitants.

Nearby occupiers include Virgin Money, Miller & Carter, Brewdog and Sports Direct.

ACCOMMODATION

The following accommodation is provided:-

Net Internal Area
Ground Floor
Sales/betting office, male, female
and disabled public toilets                                                      
138.2 m2 (1,488 sq ft)
Basement
Storage and staff toilet                                   
64.4 m2 (693 sq ft)
TOTAL  202.6 m2 (2,181 sq ft)

We have calculated the ITZA to be 978 sq ft devaluing to £35.79/sq.ft. – Zone A.

SERVICES

All main services are installed. Heating/cooling is provided by an air conditioning system.

RATING ASSESSMENT

The property is entered in the current valuation roll as follows:

Net & Rateable Value – £45,500.

The Uniform Business Rate for 2021 / 2022 is 49p in the £.

LEASE TERMS

The property was originally leased on full repairing and insuring terms from 21st March 2003 until 20th March 2023 to Ladbrokes Limited (now Ladbrokes Betting and Gaming Limited). The lease was extended to 27th May 2028 and the rental rebased from £48,000 to £35,000 per annum which is fixed until expiry.

TENANT COVENANT

Ladbrokes Betting and Gaming Limited for the year ending 31st December 2019 had a turnover of £983,371,000 with a profit before taxation of £462,204,000. The tenant is one of the leading British betting and gambling companies established in 1886 employing over 16,000 people.

PRICE

Offers in the region of £350,000 are invited which will show a purchaser an initial return of 10% before costs.

VAT

All figures quoted are exclusive of Value Added Tax. However, we would anticipate the transaction being completed under TOGC rules.

TENURE

Freehold.

EPC

The property currently has an EPC rating of G. Further details are available on request.

LEGAL COSTS

Each party will be responsible for their own legal costs. LBTT and registration dues will be borne by the purchaser in the normal manner.

OFFERS & VIEWINGS

All offers should be submitted in writing to the sole agents who will also make arrangements to view.

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