Key details
Overview
Unique opportunity to acquire a commercial property investment portfolio comprising two retail units on Commercial Street, in the heart of Lerwick’s main shopping area. The properties are being sold due to retirement.
The units occupy prime positions on Commercial Street close by the branches of several national chains, banks and well-established local businesses.
The two units have long-term tenants.
Lease details available on request.
Location
The 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.
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.
Premises
161 Commercial Street, Lerwick, ZE1 0EX
This unit is currently leased to the Original Cake Fridge Giftshop and Cakeaway which sells homemade cakes and crafts made in Shetland and Scotland. It 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.
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.
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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.
Again thank you for your assistance so far, I couldn’t have asked for better giving the country wide situation so I’m very grateful for works done so far and the speed at which it has happened.