15 Academy St 9,698 SF Retail Building Inverness IV1 1JN £985,000 (£101.57/SF) 10% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Prominent corner site banking hall and offices in Inverness city centre.
- Period property.
- Destination property.
EXECUTIVE SUMMARY
The entire property is let to Clydesdale Bank plc on a full repairing and insuring basis until 30 September 2033, there is a tenant only break option as at 30 September 2028 upon giving 9 months’ advance notice. If the break option is exercised a penalty equating to 6 months’ rent is payable by the tenant. The passing rent is £104,000 per annum exclusive of VAT. Rent reviews are at 5 yearly intervals to open market rental value, the next review is at 1 September 2023.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Bank
Building Size
9,698 SF
Building Class
B
Year Built
1864
Price
£985,000
Price Per SF
£101.57
Net Initial Yield
10%
NOI
£98,500
Tenancy
Single
Number of Floors
5
Building FAR
2.85
Lot Size
0.08 AC
Frontage
AMENITIES
- Security System
- Storage Space
- Air Conditioning
1 of 1
NEARBY MAJOR RETAILERS
