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8-14 George St 4,750 SF Retail Condo Unit Offered at $1,265,772 in Oban PA34 5SB
INVESTMENT HIGHLIGHTS
- Let to Waterstones Booksellers (5A2 Dun & Bradstreet Credit Rating)
- Full Repairing & Insuring terms with a lease expiry on 5 October 2029
- Passing rent of £75,000 per annum (£38.23/sq.ft. Zone A)
EXECUTIVE SUMMARY
George Street serves as the principal retail thoroughfare within Oban. The subject property is located on the west side of George Street in the block bounded by William Street to the north and John Street to the south. Nearby occupiers include British Heart Foundation, Yorkshire Building Society, McColls, McDougalls Bakery and a variety of local traders. The subject property comprises a ground and part-first floor retail unit within a traditional stone building of three storeys in height held under a pitched and slated roof. The subject property offers an extensive frontage to George Street.
PROPERTY FACTS
| Total Building Size | 7,000 SF | Floors | 4 |
| Property Type | Retail (Condo) | Typical Floor Size | 3,500 SF |
| Property Subtype | Storefront Retail/Residential | Year Built | 1976 |
| Building Class | B | Lot Size | 0.09 AC |
| Total Building Size | 7,000 SF |
| Property Type | Retail (Condo) |
| Property Subtype | Storefront Retail/Residential |
| Building Class | B |
| Floors | 4 |
| Typical Floor Size | 3,500 SF |
| Year Built | 1976 |
| Lot Size | 0.09 AC |
AMENITIES
- Storage Space
1 UNIT AVAILABLE
Unit 12
| Unit Size | 4,750 SF | Sale Type | Investment |
| Price | $1,265,772 | Tenure | Freehold |
| Price Per SF | $266.48 | Cap Rate | 7.48% |
| Condo Use | Retail | NOI | $94,679.76 |
| Unit Size | 4,750 SF |
| Price | $1,265,772 |
| Price Per SF | $266.48 |
| Condo Use | Retail |
| Sale Type | Investment |
| Tenure | Freehold |
| Cap Rate | 7.48% |
| NOI | $94,679.76 |
DESCRIPTION
Internally, the subject property offers a generous retail sales area on ground floor whilst the first floor, accessed by a wide stair rising up to a large open plan area is currently used for storage purposes, but which could easily be used for retail. To the front of the unit there is an office/storage and staff facility with W/C facilities contained within this area. The property has been fitted out in the corporate style of Waterstones.
The property is let to Waterstones Booksellers Limited from 6 October 2003 until 5 October 2029 on Full Repairing and Insuring terms at a passing rent of £75,000 per annum (£38.23/sqft Zone A). The tenant recently extended their lease by 5 years from 2024 showing their commitment to the location and trading performance.
SALE NOTES
Instructed to seek offers in excess of £950,000 (NINE HUNDRED AND FIFTY THOUSAND POUNDS STERLING) exclusive of VAT. A purchase at this level would show an attractive Net Initial Yield of 7.48%, based on standard purchaser’s costs and LBTT at 5.59%.
NEARBY MAJOR RETAILERS
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8-14 George St
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