• Let to Clyde Dental Practice Ltd

• Lease until February 2035 – no breaks

• Detached stand-alone modern building

• Minimum uplifts at rent review

• Offers in excess of £640,000, subject to contract

• Attractive Net Initial Yield of 7.08%

The subjects occupy a prominent position next to Penicuik Shopping Centre and are located next to the A701, being the principal road through the town. Immediately adjacent to the property is a large car park with free parking for 2 hours, serving the town centre and there is a Lidl Supermarket diagonally opposite the subjects. Nearby occupiers within the Shopping Centre include B & M, Dominos, Farmfoods and Greggs.

The property is a single storey detached modern pavilion of brick and steel construction. External elevations are finished with dressed stone and there is a hipped slate covered roof. There are double glazed windows throughout and gas central heating.

Internally the property is fitted out as a modern dental practice with large open plan reception/waiting area, 5 consulting rooms, 2 lab rooms, staffroom and both customer and staff toilets. The property is DDA compliant.

Heritable (Scottish equivalent of English freehold).

The subjects are let to Clyde Dental Practice Ltd on full repairing and insuring terms for 25 years beginning 1st March 2010 until 28th February 2035 (approximately 14 years unexpired lease term, without breaks).

There are 5 yearly rent reviews to the greater of Open Market Value (OMV) or the current rent times a multiplier of 1.09062. The rent was reviewed on 1st March 2020 and there are two further rent reviews in 2025 and 2030.

The current rent is £47,578pa.

The property has been elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the transaction will be treated as a Transfer of a Going Concern (TOGC).

We are instructed to seeks offers in excess £640,000 (Six hundred and forty thousand pounds), subject to contract and exclusive of VAT, in respect of our clients Heritable Interest in the property, with the benefit of the existing lease. This reflects an attractive Net Initial Yield of 7.08% after deduction of standard purchaser’s costs of 4.70%.