• Highly prominent roadside location in densely populated residential area

• Secure income – let to Mitchells & Butlers Retail Ltd (Net Assets of £3.18 billon)

• In excess of 59 years unexpired with no breaks

• Heritable Interest (Scottish equivalent of Freehold)

• Car park with approximately 25 spaces

• Fully fitted restaurant and bar

• Large site offering potential future redevelopment opportunity, subject to planning

• £750,000, subject to contract

• 7% Net Initial Yield

• Potential reversionary yield of up to 9%

The property occupies a prominent position fronting Lewis Road and is directly next door to a Co-op convenience store. The property is situated within the residential district of Sheddocksley which is 3.5 miles (5.6 km) from Aberdeen City Centre. There is a bus stop outside the property.

Lewis Road leads to the A944 Lang Stracht which provides direct access to the City Centre and the surrounding locations.
Sheddocksley represents a public housing estate developed in the 1950’s. Many homes are now owned by their occupants under right-to-buy legislation. The property is in the heart of this densely populated residential district and is the local gastro pub serving competitively priced food and drink.

The immediate and surrounding areas are occupied by a range of businesses and establishments including Woodend Hospital, a range schools, car showrooms, a Tesco Superstore and local and national retailers.

The property comprises a single storey premises and car park and is fitted out to one of Mitchells and Butlers brands called ‘Sizzling Pubs’.

The property benefits from a fully fitted kitchen with extraction, two seperate bars, a large dining area, lounge area with seating, a cellar room, staff room and office.

Heritable Interest (Scottish equivalent of Freehold).

The property is let to Mitchells & Butlers Retail Limited, on a full repairing and insuring lease for a term of 99 years from 15^th May 1980 and expiring on 14^th May 2079, therefore there are in excess of 59 years unexpired on the lease.

The annual rent payable is 7% of gross turnover. This is subject to a collar of £55,252.76 and a cap of £71,039.26.

The current rent is £55,252.76 per annum.

The cap and collar is subject to review every 5 years should the landlord or tenant instigate it. The cap and collar has only ever been reviewed upwards. Neither party instigated a review in May 2020 so the current cap and collar is fixed until 14th May 2025. 

Contact us for further information on the what the cap and collar review is based on. 

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

We are instructed to seek offers of £750,000 (Seven Hundred and Fifty Thousand Pounds), subject to contract. This price reflects a net initial yield of 7% and a potential reversionary yield of up to 9%, assuming purchasers’ costs of 5.27%.

Please note that a purchaser will be re-charged the cost of searches which are provided in the data room.

Please note a purchaser will be charged a Transaction Fee of £5,000 + VAT.

We have established relationships with a number of leading finance companies who are in a position to quote terms for suitable situations. To learn more, please visit our “Finance” section.

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