Commercial Property Investment Portfolio, Lerwick
Unique opportunity to acquire a commercial property investment portfolio comprising two retail units on Commercial Street, in the heart of Lerwick’s main shopping area. The properties are being sold due to retirement.
The units occupy prime positions on Commercial Street close by the branches of several national chains, banks and well-established local businesses.
The two units have long-term tenants.
Lease details available on request.
Location
The units are situated in prime retail locations in the heart of Lerwick’s main shopping area, home to branches of several national chains and various banks, as well as well-established local businesses.
161 & 163 Commercial Street are situated a short distance to the north directly opposite Superdrug (formerly M&Co). Other businesses in the vicinity including the popular Dowry Café / Bar, Virgin Money Bank, Boots, Specsavers, Intersport and Harry’s well-known local department store.
Premises
161 Commercial Street, Lerwick ZE1 0EX
This unit is currently leased to the Original Cake Fridge and occupies the southern half of the ground floor of a substantial, three storey, stone-built property mainly comprising the larger unit at No.163, the access to which is situated on the other side of Burns Lane from No.161. It has a floor area of around 23m² or thereby comprising the single retail space with display windows to Commercial Street and Burns Lane, plus small store / kitchen.
The rateable value is understood to currently be £3,250.
163 Commercial Street, Lerwick ZE1 0EX
This unit is leased to a clothing store which is the largest retail clothing store in Shetland. It forms the main part of the building also housing No.161. The accommodation extends to around 170m² comprising retail space over three floors, the ground floor again having display windows to Commercial Street and the side lane, plus a staff room / store and toilet facilities.
The rateable value is understood to currently be £8,100.
This unit is let on internal and external maintenance (painting and gutter cleaning), repairing and insuring terms until 31 December 2027 with tenant’s option to extend for a further five years until 2032.
Please be aware although this property is marketed on the estateagencyshetland domain of Harper Macleod, the Shetland property office has closed. The property is now dealt with by the Inverness office. To arrange a viewing contact this office on 01463 795016.