Key details
Overview
Unique opportunity to acquire a commercial property investment portfolio comprising four retail units on or by Commercial Street, in the heart of Lerwick’s main shopping area. The properties are being sold due to retirement.
The units range in size from 23m² to 170m².
Three of the units occupy prime positions on Commercial Street close by the branches of several national chains, banks and well-established local businesses.
The fourth unit is again right in the centre just behind Commercial Street, facing on to The Esplanade / harbour area.
The three largest units have long-term tenants. The fourth unit is presently vacant but is expected to be leased soon.
Lease details available on request.
Location
All four units are situated in prime retail locations in the heart of Lerwick’s main shopping area, home to branches of several national chains and various banks, as well as well-established local businesses.
125 – 127 is situated just along from the Market Cross opposite Connochies, Lerwick’s newsagents, other businesses close by including the Bank of Scotland, the Camera Centre, Ninian & Aurora.
161 & 163 Commercial Street are situated a short distance to the north directly opposite Superdrug (formerly M&Co). Other businesses in the vicinity including the popular Dowry Café / Bar, Virgin Money Bank, Boots, Specsavers, Intersport and Harry’s well-known local department store.
The fourth unit at Harrison Square is just behind Commercial Street, facing the Esplanade and harbour area.
Premises
125 – 127 Commercial Street, Lerwick, ZE1 ODL
This unit is currently leased to a well known international charity organisation. It forms part of a stone-built semi-detached building with a floor area estimated to extend to around 150m² or thereby. It comprises the main, well-lit retail space which benefits from a large window frontage to Commercial Street, an office, work room / store, kitchen & toilet on the ground floor (No.125), plus offices and a toilet upstairs (No.127).
The rateable value is understood to currently be £10,900.
This unit is let on internal and external insuring terms until 2029.
161 Commercial Street, Lerwick, ZE1 0EX
This unit occupies the southern half of the ground floor of a substantial, three storey, stone-built property mainly comprising the larger unit at No.163, the access to which is situated on the other side of Burns Lane from No.161. It has a floor area of around 23m² or thereby comprising the single retail space with display windows to Commercial Street and Burns Lane, plus small store / kitchen.
The rateable value is understood to currently be £3,250.
This unit is presently vacant but has in the past been used as a hairdresser or retail space.
163 Commercial Street, Lerwick, ZE1 0EX
This unit is leased to a clothing store which is the largest retail clothing store in Shetland. It forms the main part of the building also housing No.161. The accommodation extends to around 170m² comprising retail space over three floors, the ground floor again having display windows to Commercial Street and the side lane, plus a staff room / store and toilet facilities.
The rateable value is understood to currently be £8,100.
This unit is let on internal and external maintenance (painting and gutter cleaning), repairing and insuring terms until 31 December 2027 with tenant’s option to extend for a further five years until 2032.
Harrison Square (Esplanade), Lerwick, ZE1 0LL
This unit is currently leased to a DIY store. It occupies part of the ground floor / basement of a four storey, stone-built, mixed-use building fronting Commercial Street and Harrison Square. The accommodation includes the retail space with two display windows to Harrison Square, back shop, store & WC. The floor area is estimated to be around 78m².
The rateable value is understood to currently be £7,200.
This unit is let on internal repair and external maintenance (painting etc.) terms. Also insuring terms and is a rolling tenancy.
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Important Information for Prospective Purchasers
This schedule is intended only to help you decide whether to view the property. We always recommend you view the property personally.
The information is believed to be correct, but it is not warranted and is not to form part of any contract of sale. All dates, distances, areas and room sizes noted are approximate and for use as a general guide only. Prospective purchasers should satisfy themselves as to the working condition or otherwise of any equipment such as central heating or kitchen appliances.
This schedule should not be taken as a comment on the condition of the property. This is a matter for your surveyor and we recommend that once you have found a property you are interested in, you obtain a survey report. We can provide details of surveyors if required.
Interested parties are advised to note their interest through their solicitor as soon as possible so that they can be informed if a closing date is fixed. Noting interest does not place any obligation on the seller to set a closing date or to give any noted interests the opportunity to offer. Whilst every effort will be made to advise noted interests of any closing date set, this cannot be guaranteed.
No responsibility will be accepted for expenses incurred by parties who have noted interest but do not get an opportunity to offer, or for any expenses incurred traveling to properties which have been sold or withdrawn.
We have been very pleased with the professional service we received from Harper Macleod. In particular the sales particulars and marketing of the property. The advice received during the sale process was extremely helpful and the conveyancing was straightforward and hassle free. Would recommend Harper Macleod.