Description
Excellent development and investment opportunity. Well-established retail premises sold with Grade A tenant paying over £16,000 per year and additional planning permission granted for 5 apartments on the upper floors.
36-38, Channel Street, Galashiels is a prime commercial premises on the ground level you will find the stable, long term tenant of over 20 years who has extended their lease by a further 5 years on 9/9/2024.
Savers owned by AS Watson Health and Beauty is a highly successful retailer generating £754,800,000 revenue in 2023 thanks to the high footfall attending stores in the UK like this one the current rental is £1,370pcm / £16,440 per year with rental guaranteed until at least September 2029.
Low rent for the area with the rateable value set at over £23,000- giving the opportunity for increased rental in the future.
Massive retail unit measured at 461sqm.
On the upper levels you will find the vacant space which boasts planning permission for 5 flats each with a potential sale value of up to £125,000 per property (over £600,000) or rental value of £900per month (£10,800 per year) giving a potential total income of over £50,000 per year (depending on specification).
Galashiels enjoys massive demand due to the great leisure and retail amenities and being a great commuter town with well connected roads leading to the A7 offering a 33 mile drive to Edinburgh City Centre.
Perfect location only a 4 minute walk to both the train and bus stations then a 2 minute walk to Tesco or 4 minutes to Asda to name a few of the major retailers within a stones throw from this property emphasizing why there is such high demand for residential developments in this location.
This property will be sold under auction terms and conditions by Braveheart auctions. For further information speak to one of our dedicated property team.
The seller has indicated they may be open to pre-auction offers on this property so don’t miss out. Visit our website today to submit your offer.
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