FOR SALE

Investment Property: Abbey Studios Business Centre

Income: £16,284 Per Annum: 9% Return

Property Sale Guide: £180,000

^^ Abbey Studios Business Centre ^^

Ground Floor: High Street Elevation.

280 High Street, Arbroath, Angus, DD11 1JF.

Offices 1 + 2 + 3 are leased by a firm of solicitors. Offices 4 + 5 + 6 are leased by a private equity company (formerly a public limited company (plc).

The monthly rent, payable on 1st of each month in advance (3 year contracts from 1st January 2022 on a renewable 3 year frequency). The rent total paid is £1,357 per calendar month.

Room 7 is the staff kitchen and dining room (included in the rental agreements).

^^ Offices 1 to 6 Are All Leased ^^

^^ Room 7 Is The Staff Kitchen & Dining Room ^^

Due to Data protection and GDPR legislation, prospective buyers solicitors can be supplied with copies of the original the lease agreements and individual rent rolls upon signature of the relatively standard “Non Disclosure Agreement.”

^^ Abbey Studios Business Centre: 280 High Street Elevation ^^

On completion of renovation. Prior to tenants moving in (1-1-2022)

Based on the current rental income of £1,357 per calendar month equating to £16,284 per annum and on a purchase price of £180,000, this represents…

A Return on Investment (ROI) of

9%

The ground floor premises are currently assessed for business rates ZERO payable because of exemption. The nominal numbers are: £8,700 (here). Both the draft (here) and proposed (here) Non Domestic Business Rates (NDR) are indicated (on appeal) at £6,700. Rates relief means NO business rates are due for the foreseeable future.

Currently the whole ground floor premises qualifies for 100% business rates relief and none of the owner’s tenants pay rates as the assessment is below the current £15,000 trigger point.

^^ Abbey Studios Business Centre: James Street Elevation ^^

On completion of renovation. Prior to tenants moving in (1-1-2022)

^^ Abbey Studios Business Centre: James Street Elevation ^^

All of the offices were completely renovated after the owners purchased this building in March 2020. In spite of the Covid pandemic and with significant safety measures in place the trades team successfully carried out the extensive restoration. Once all the new roof works + rewiring + replumbing + heat and sound insulation + new fire grade doors/closers + extra fire insulation and new fire alarm and CCTV system, along with fresh professional redecoration + new carpets etc., the full set of offices rented out remarkably fast.

^^ Abbey Studios Business Centre: James Street Elevation ^^

The James Street Elevation is a significant length and contains 10 large plate-glass panels.

Prior to the tenants occupying the premise, a short video was made. Please note that small amounts of SNAGGING (minor cosmetic repairs) were due to be remedied at this point (which is part of the reason for taking a video recording BEFORE the tenants took up occupancy.

^^ Abbey Studios Business Centre ^^

^^ Snagging Video ^^

Taken during the Covid pandemic so as and minor remedial matters could be attended to. For example, final trims on door frames adjacent to the fire exit in James Street…

^^ Abbey Studios Business Centre ^^

Example: the exposed brickwork between door and fire call-point + security alarm panel

needs trimming and cosmetic tidying.

Each room had all floors, walls, doors and ceilings renovated.

^^ All Floors Were Renovated ^^

^^ The Whole Building Was Rewired ^^

Each Office Is Separately Metered For Electricity Usage

Back in 2021 before electricity prices started rocketing, one of the directors managed to negotiate a very good deal on high specification RWA45 insulation panels.

These heat and sound insulation panels were destined for a hotel renovation project on the island of Arran but were stored temporarily on the mainland at Abbey Studios.

Meanwhile at Abbey Studios, the roof had leaked, but fortunately the damage had been caught in time before any substantive dilapidations had occurred.

^^ The First Major Job ^^

Was To Renew/Overhaul The Leaking Roof

The leaking roof had caused quite a lot of damage to the old plasterboard panels below.

It was one of toses good-bad-good situations. When the old water damaged plasterboard panels were remove, the damage was made good.

Crucially the opportunity to access behind the plasterboard was welcomed.

The building wad already being rewired. This months of emptiness from the previous owners and leaking roof meant that when the water-damaged plasterboard was removed, the interstitial voids could be filled with proper RWA45 insulation batts and then double skinned with fire-retardant plasterboard.

^^ There Were Numerous Damaged Plasterboards ^^

The old ones ere removed.

The void cleaned, treated and filled with RWA45 insulation.

^^ The Old, Waterlogged Plasterboard Was Removed ^^

^^ New Fire Retardant Plasterboard Applied In Double Skin Overlap.

^^ Each Room Was Finished Off With A Fresh Coat of Smooth Plaster ^^

^^ A Standard Finish of Clean White Painted Walls ^^

Plus White Ceiling and Blue Carpet In All 6 Offices.

Crucially, during the last 30 years of renovating High Street shops and offices, we always make the rent as affordable as possible. This hands newstart businesses a good chance to become established.

^^ High Street Premises For As Little As £7 A Day ^^

This is possible as we have NO mortgage on any of our buildings. Just a group of friend from when we were a plc (publi limited company). Each one of us who are shareholders in the ownership company generally do better than the miserly 2% offered by the banks.

We generally seek a 7.5% return. This building pleasantly brings in 9%.

It is a win-win.

As owners, our shareholders are happy. Spo too are our tenants with very economical rent.

It doesn’t take long to bring the High Street back to life if you present a decent quality set of offices or shops at a competitive rent…

^^ Office 5: With Tenant ^^

^^ Offices Have Access To The Building’s CCTV System ^^

^^ As Soon As Offices Renovations Were Complete ^^

A tenant is ready to move in…

^^ Office Number 2 ^^

Now Tenanted By A Firm of Prestigious Solicitors, along with offices 1 and 3.

^^ The Main Reception Has Plenty of Room For Client Seating ^^

^^ The Main Reception & Lower Corridor ^^

Has Plenty of Room For Client Seating

^^ The Main Fire Alarm Panel & Call Point Plus Siren ^^

Engineer working here a year ago (Jan 2022)

^^ The Main Fire Alarm Panel & Call Point Plus Siren ^^

Fully Functional & Tested Regularly

^^ Time To Hoover & Tidy ^^

A Small Hurricne Is Ideal For This

^^ Office 1: Spacious & Nicely Secure ^^

There is a pin-number keypad for access to the building from

when some folk would wander in during Covid with no saftey measures.

So making these premises Covid-safer seamed reasonable.

^^ Office 3: The Solicitors Are Leasing This ^^

^^ Office For Client Privacy ^^

The firm of solicitors leasing offices 1 + 2 + 3 have asked if thy can paint the part of the building they are leasing in the company colours.

Given the length of lease and the fact that Law Society rules provide landlords with significant “comforts om ensuring rent i paid means we are minded to say “yes” and move the “Abbey Studio” signage further along James Street.

^^ The Solicitor Tenant Has Asked Permission To Repaint Their Part ^^

Given we are now selling the building with tenants in situ, it is a reasonable ponit of view to give the new landlord the final word on this change of colour.

Though from the earlier work regarding signs, it is not too great an imposition and the Santander bank at the other end of town has a very similar building to ours and their corporate colours are red.

^^ Earlier Signage Work Photos For Reference ^^

^^ Photo Showing Proximity To The Arbroath Abbey ^^

This means that any meaningful change of signage would require planning permission as it is close to the curtilage of a listed building. The planners are likely to seek harmonisation with previous colour schemes…

^^ Approximately 2010 & Previous Owner’s Colour Scheme ^^

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If you have any questions,

please feel free to get in touch,

either by telephone or text…

Text/Tel:

0779 134 2742

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FOR SALE

Investment Property: Abbey Studios Business Centre

Income:

£16,284 Per Annum

9%

Return on Investment (ROI)

Property Sale Guide: £180,000