Investment Opportunity 27-29 Harbour Street, Hopeman, Moray, IV30 5SJ

Superb investment opportunity offering a decent return on investment of 7.25%. Comprises of a tenanted fish and chip shop with coffee shop under separate leases.

• Investment opportunity comprising tenanted fish and chip shop with adjoined substantial coffee shop under separate lease.

• Attractive income opportunity offering a combined gross yield of 7.25%.

• Well maintained properties ideally located to take advantage of the popularity of the area to the tourism sector.

• Both units offer flexible trading areas, prominent location with large modern fully glazed shop frontage, offering excellent branding signage.

DESCRIPTION

27-29 Harbour Street, are two separate tenanted businesses ideally located to take advantage of the popular tourist location of Hopeman, in Moray. The properties are prominently situated in an area benefiting from a high level of footfall, offering excellent signage options. 29 Harbour Street trades as Hopeman Sands Coffee Shop, which is a well frequented coffee house offering hot snacks, fresh baking and a range of hot and cold drinks. The Coffee Shop has ten years left to run (2029) on a Fully, Repairing and Insuring Lease, generating income of £6,000 p.a. 27 Harbour Street, comprises a well-established Fish and Chip shop business which has a Fully Repairing and Insuring Lease running until 2024, generating an income of £9,600 p/a.. The current landlord has ensured that a stringent maintenance schedule is undertaken, meaning that the property is presented in excellent condition throughout. We are led to believe that it may be possible to purchase both properties with vacant possession, should a new owner wish to operate the trading elements. This business represents a solid opportunity for someone wanting to invest their capital and generate a sound return on investment.

PROPERTIES

27-29 Harbour Street are adjoined traditional stone-built terraced properties with a pitched slate roof. The terraced unit, is of two storey construction with a residential dwelling above, which may be available through separate negotiation. The properties benefit from prominent frontage and are a few minutes' walk from the picturesque harbour front.

The Coffee Shop has a main entrance that is accessed at street level leading into the customer servery area, which provides a wonderful ambience. Free-standing wooden tables and chairs are attractively spaced, to seat up to 24 covers. To the rear of the customer area is public W.Cs and staff store room. The Chippy is presented in excellent condition and is a well established business.

Hopeman Sands Coffee Shop - Servery, food prep zone, 24 covers, customer W.C, staff store.

The Chippy - Chip shop floor, service area, prep store, staff W.C. and store room.

LEASES

Both properties are being sold with sitting tenants under Fully Repairing and Insuring Leases. 29 Harbour Street, lease runs until 2029, receiving income of £6,000 p/a. 27 Harbour Streets lease runs until 2024 receiving annual income of £9,600 offering solid covenant strength. Based on the current rental at the schedule price this proposition offers a decent return on investment of 7.25% prior to costs.

REASON FOR SALE

The landlord has owned the property for over 30 years and it is now his wish to reduce business commitments, hence the decision to bring this attractive investment opportunity to the market.

LOCATION

27-29 Harbour Street, sits centrally to the popular picturesque village of Hopeman. The property is ideally placed to take advantage of the popularity of the area to the tourism sector. With a population of circa 1750, Hopeman is a growing community within commuter distance of Elgin and Forres. The village benefits from its own retail units, an indoor / outdoor bowling club, hotel, primary school and various community clubs etc. Hopeman has its own harbour. A wider range of facilities and amenities are available in Elgin and Lossiemouth, which are both only a short drive away, including secondary schools, a varied selection of retail outlets, leisure facilities, medical centres, and the train station. There is a popular 18-hole golf course in Hopeman with a further championship course in Lossiemouth plus many others within a short drive. The broader area boasts a number of sandy beaches, quality golf courses and places of general interest. The area is renowned for its sea life and the coast is home to the ever-popular dolphins. Water sports and fishing are highly popular past times in the region, as are field sports.

SERVICES

27-29 Harbour Street, Hopeman benefits from mains electricity, gas, water and drainage. Both properties also have sperate LPG gas on site. The properties are fully double glazed throughout and were extensively renovated following a fire in 1999.