Heritable Retail investment with development potential
Well located close to the pedestrianised High Street
Nearby occupiers include British Heart Foundation, JD Wetherspoon and Kirkcaldy Indoor Market
Licenced to Wilkies Limited on an internal repairing only licence (subject to Schedule of Condition) until July 2025
Currently producing £15,000 p.a.x.
Dance School Operator in Part and Car Park both Producing Income to Wilkies Ltd by way of sub let
Residential development potential (subject to planning)
Lot 50
Auction 18th May 2023
Rent £15,000 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
18 miles north-east of the Forth Road Bridge, 28 miles north of Edinburgh, 24 miles south west of St Andrews
Roads
A92
Rail
Kirkcaldy Railway Station (ScotRail)
Air
Edinburgh Airport
Situation
The property is situated on the south side of High Street, close to its junction with Kirk Wynd in Kirkcaldy town centre. Nearby occupiers include British Heart Foundation, Specsavers and Kirkcaldy Indoor Market.
In 2019, Fife Council gave consent to the development of around 1,200 houses and flats, a primary school and retail units on land at the south-west edge of the town. More locally to the property, Phse Two of improvements to the Promenade are almost complete.
Tenure
Heritable. Scottish Equivalent of English Freehold
Location
Miles
18 miles north-east of the Forth Road Bridge, 28 miles north of Edinburgh, 24 miles south west of St Andrews
Roads
A92
Rail
Kirkcaldy Railway Station (ScotRail)
Air
Edinburgh Airport
Situation
The property is situated on the south side of High Street, close to its junction with Kirk Wynd in Kirkcaldy town centre. Nearby occupiers include British Heart Foundation, Specsavers and Kirkcaldy Indoor Market.
In 2019, Fife Council gave consent to the development of around 1,200 houses and flats, a primary school and retail units on land at the south-west edge of the town. More locally to the property, Phse Two of improvements to the Promenade are almost complete.
Tenure
Heritable. Scottish Equivalent of English Freehold
Description
The property comprises a traditional sandstone building planned over basement, ground and three upper floors. At ground floor there is a large extension at ground and first floor levels to the rear. There are a 13 car parking spaces to the rear accessed from the Promenade.
Indicative plans have been produced indicating a potential redevelopment of the upper floors to create 2-3 residential flats. Fife Council have indicated council grant applications could be available as a contribution towards this development (subject to funding approval and planning consent). Any development of the upper floors is subject to planning consent.
The Dance School occupy part of the first floor rear area at a monthly sub rent of £458.33.
VAT
VAT is applicable to this lot.
Viewings
Please contact Mhairi Archibald (0771 8899341)
EPC
See legal pack at www.acuitus.co.uk
Description
The property comprises a traditional sandstone building planned over basement, ground and three upper floors. At ground floor there is a large extension at ground and first floor levels to the rear. There are a 13 car parking spaces to the rear accessed from the Promenade.
Indicative plans have been produced indicating a potential redevelopment of the upper floors to create 2-3 residential flats. Fife Council have indicated council grant applications could be available as a contribution towards this development (subject to funding approval and planning consent). Any development of the upper floors is subject to planning consent.
The Dance School occupy part of the first floor rear area at a monthly sub rent of £458.33.
(1) Wilkies Limited began trading as a clothing retailer in Edinburgh in 1898. The company now operates from 11 stores throughout Scotland with an online platform. (2) The basement floor has a restricted ceiling height throughout and has not been measured. The basement floor area is estimated to be similar to the front area of the ground floor retail shop with an estimated floor area of the whole ground floor area of 175.21 sq m (1,886 sq ft)
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
