Investment Opportunity 27 Wells Street Inverness The City Of Inverness, IV3 5JU

Investment opportunity offering an 8% return on investment of a tenanted dental practice in Inverness.

• Investment sale of a tenanted dental practice offering a strong covenant.

• 20 year Fully Repairing and Insuring Lease (November 2019), generating a passing rent of £19,500 p/a.

• Attractive income opportunity offering a gross yield in the region of c8% p/a.

• Ideally located and well-maintained property in the City of Inverness.

DESCRIPTION

27 Wells Street, Inverness is an ideally located property, adjacent to the City Centre of the Highland Capital, Inverness. Currently tenanted by a well-established Dental Practice with a 20-year Fully Repairing and Insuring Lease commencing in November 2019 generating an income of £19,500 p/a, providing an attractive investment opportunity. Based on the current rental at the schedule price this proposition offers a solid return on investment of 8% prior to costs. The business trades as Evolution Dental Practice, which is a highly regarded dentist surgery offering high quality NHS and independent cosmetic dentistry to a broad client base of patients in Inverness and the surrounding areas. The current landlord has ensured that a stringent maintenance schedule is undertaken, meaning that the property is presented in excellent condition throughout.

PROPERTY

27 Wells Street is a traditional stone-built property with pitched slate roof. The end-terraced unit benefits from a prominent frontage and is minutes' a few minutes walk from the City Centre. The subjects are set over 1.5 storeys. The main entrance is accessed at street level leading into the customer waiting area and surgery reception. It is clear from viewing that the property has been maintained to a high level and is offered to the market in pristine condition. To the rear of the property is off-road parking for up to 4 vehicles, mainly for staff use.

Ground Floor - Reception area, customer waiting room, customer W.C, surgery room 1 and store room.

First Floor - Surgery rooms 2 and 3, LDU sterilisation room, staff room, staff W.C. and managers office.

LEASE

The property is sold with a sitting tenant under a 20 year Fully Repairing and Insuring Lease which commenced in November 2019, with five-year rent reviews in line with inflation. Rental is currently set at £19,500 p/a. We are informed the tenant can seek up to 100% of the rental back from the NHS under extant rules, resulting in excellent covenant strength.

REASON FOR SALE

The landlord has owned the property since 2009 and it is now their wish to reduce business commitments, hence the decision to bring this attractive investment opportunity to the market.

LOCATION

Close to the centre of Inverness, the property and is ideally situated for those either visiting nearby shops, restaurants etc. or working in the City. Inverness has extensive facilities for visitors and residents alike. Inverness is a growing City and with such expansion comes many opportunities in both commerce and social activities.

Inverness is also a popular city in which to live with a vibrant cultural offering and the presence of many social and entertainment venues close-by. The city also has excellent communications links (bus and rail station), with the airport 15 minutes' drive away. Schooling in Inverness is plentiful plus UHI provides a wide-range of tertiary level courses. The welfare amenities in Inverness are excellent with a major hospital plus many outreach services.

SERVICES

27 Wells Street, Inverness benefits from mains electricity, gas, water and drainage. The business benefits from gas central heating with newly installed gas boiler. There are CCTV security cameras throughout the property.