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Previous Auction Lot

From Auction held in September 2019
Lot 10

130-132 MIDSTREET, KEITH, AB55 5AA

Grade B Listed Town Centre Building with £14,570 Rental Income and Further Potential

Location

Keith, known as “The Friendly Town”, is a busy town on the A96 Trunk road from Aberdeen to Inverness. It is approx. 55 miles east of Inverness and 48 miles north west of Aberdeen. It has a good range of facilities and good transport links. The unit is located on the main shopping street in the town.

Description

The property comprises an imposing, purpose built, stone & slate property built in 1911 and arranged over 3 main foors. It is Grade B Listed. In addition, there is a further single-story stone building in the middle of two rear yard areas. The ground foor and yards are leased to the Royal Mail and in use as the local sorting offce. The main sorting area is a single storey section to the rear with a metal truss roof incorporating glazing panels. The rest of the ground foor is a selection of individual offce rooms and include male and female toilets. A separate entrance on Mid Street, leads to the frst and second foors which were last in use as offces and provide generous accommodation with excellent ceiling heights and some very attractive period features. There is a full bathroom at frst foor level. The upper foors are in need of some refurbishment and may lend themselves to redevelopment, perhaps for residential use subject to obtaining the necessary consents.

Accommodation

Location sq.m. sq.ft.
Ground Floor Main building 188.73 sq.m. 2,031 sq.ft.
Yard building 53.37 sq.m. 574 sq.ft.
First Floor 7 rooms 87.02 sq.m. 937 sq.ft.
Second Floor 4 rooms 56.88 sq.m. 612 sq.ft.
Total 386 sq.m. (approx) 4,155 sq.ft. (approx)

Planning

Interested parties should make their enquiries with Moray Councils Department of Development Management and Environmental Services, Tel: 0300 1234561 Email: development.control@moray.gov.uk

Rateable Value

130 Mid St First & Second Floors £5,900
132 Mid St Ground Floor – sorting offce £9,000

EPC

Upon Request

Tenancy

The ground foor, rear single storey building and two yard areas are let to Royal Mail Group Limited under the terms of a lease which commenced in October 2006 and terminates on 24th March 2022. The current rent is £14,570, increasing to £14,934 on 25/3/2020 and £15,308 on 25/3/2021. The agreement is drawn on FRI terms and includes an option, in favour of the tenant, to extend the agreement for a further 10 years from 25/3/2022 on giving 6 months notice. Should the option be exercised, the rent will increase at a rate of 2.5% annually.

Tenure

Owner with part Vacant Possession.

Viewing

By arrangement with the Auctioneers, SVA Property Auctions Ltd Tel 0131 624 6640.




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