Auction Property Retail 

High Street, Galashiels

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Features

  • Auction Date: 21st - 22nd November 2018
  • Three Storey Former Delicatessen, Brasserie & Offices
  • Class 3 Hot Food Consent
  • Residential Development Opportunity (STP)
  • Busy High Street Location
  • Freehold
  • Close to amenities
  • Excellent transport links

Address

8 High StreetGalashielsSelkirkshireTD1 1SD
Details
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Property Details

Draft Details
•Auction Date: 21st – 22nd November 2018
•Guide Price: £100,000+
•Ideal Mixed Use Development Opportunity (STP)
•Busy High Street Location

The property comprises a former café / delicatessen to the ground floor with double fronted glazing, wooden flooring, tiffany style pendant lights, storage and fire escape to the rear.

An ornate central stairwell leads to the customer toilets located at mezzanine level and to the first floor there is a brasserie style restaurant spanning over the neighbouring shop with four full length glazed units overlooking the town centre, wooden flooring and again tiffany style pendant lighting. There is a fire escape leading to Overhaugh Street and stairway leading to the second floor.

The property is located on the eastern side the High Street in the large town of Galashiels in the heart of the Scottish Borders.

Nearby traders include, Asda Superstore, Iceland, The Clydesdale Bank, JD Wetherspoons, Burtons and Dorothy Perkins in addition to a good range of local independent retailers.

The capital City of Edinburgh is just 30 miles north of the property and is easily accessed by the A7 trunk road or by the Borders Railway within an hour.

Galashiels is the largest town in the Scottish Borders and attracts a wide range of visitors travelling from the North of England into Edinburgh via the picturesque Kielder Forest and The Borders Forest.

Description continued

Beyond the first floor restaurant is a kitchen and preparation area extending over the next doors shops below (Sorella and The Italian Job). This area of the building has traditional sash windows overlooking the high street and the pedestrianised area.

The second floor is currently set up as office spaces with reception area, three good sized offices to the front elevation and one to the side elevation. The office to the side of the property has the benefit of a fire escape leading to the lower levels of the building. In addition, there is a small storeroom.

Accommodation

Ground floor retail: 77m2 (829 ft2)
First floor restaurant: 117m2 (1259 ft2)
First floor kitchen & prep area: 41m2 (441 ft2)
Second floor offices: 88m2 (947 ft2)
Total: 323 m2 (3476 ft2)

Services

We understand the property to have mains gas, electricity, water and drainage. Potential buyers are advised to make their own investigations

Business Rates

The property has a rateable value of £16,300 pa as at 1st April 2017. Please Note, a new tenant or occupier of the property has the right to appeal this rateable value within 6 months of the beginning of the tenancy agreement and this property may also be applicable for small business rates relief.

VAT

TBA

Guide Price

£100,000+

Buyers Premium

2% (min. £3,600) inc. VAT

Investment Analysis:

Subject to planning, the property could be converted to apartments on the upper floors. We envisage that a minimum of four two bedroom residential units could be developed as access could potentially be gained from Overhaugh Street, (subject to planning). Alternatively, following conversion, the top floor office units could be converted to a three bedroom apartment (STP) and the lower floors could remain to provide an income to the freeholder.

Location Map

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