Mixed use for sale
Property description & features
- Tenure: Freehold
- Exciting mixed use/residential development opportunity
- National brand tenant in situ
- Rental income from day one
- Lease recently extended to 2029
- Added value from residential development
- Planning approved reference 22/000896/FUL
Exciting mixed use/residential development opportunity enjoying a prime location in central Galashiels. Extending to an overall floor area of approximately 924 sq. metres (9,945 sq. feet) over two levels, the property comprises a tenanted/trading retail unit on the ground floor, with planning permission approved for the first and roof levels to be developed into six residential units. The ground floor is currently occupied by the national chain, Savers, on a rolling annual lease (the tenant has occupied since August 2011) producing a current annual rental in the amount of £16,535pa. The tenant has recently approved a lease extension at the same rental to end July 2029 which offers further long term security with a tenant of strong covenant. The first floor and roof section of the property have had planning permission approved under Borders Council Ref. 22/00896/FUL to create 6 residential units, comprising one three bedroom, four, two bedroom and one, one bedroom apartments. No access to the upper floor is currently available, with the trading unit available for viewing during normal trading hours. The benefit of ongoing rental income from day one, along with the added value potential of completing the residential development element, is sure to attract strong levels of demand from investors/developers. Early expression of interest is essential.
Galashiels is a town in the Scottish Borders, situated on the Gala Water river. It is a popular destination for visitors who want to explore the rich history and culture of the region, as well as enjoy the scenic landscapes and outdoor activities. Galashiels has excellent transport links, with regular bus and train services to Edinburgh, Glasgow, and nearby towns. The town also has a modern transport interchange, which opened in 2015 and connects the bus and rail networks.
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