31 Annan Road 2 Properties Offered at $465,199 CAD in Gretna

The property comprises a ground floor commercial unit and forms part of a neighborhood parade anchored by a Co-op Foodstore which sits prominently fronting Annan Road. The main access is from the front elevation via a double-glazed shop front and entrance door, with a secondary access to the rear. The unit benefits from shared car parking to the front and a yard/bin store area to the gable and rear elevations.
Internally, the property has been fully fitted as an Indian restaurant and provides a restaurant/bar area to the front with kitchen and toilet facilities to the rear, completed to a good quality & modern standard.
The investment also benefits from an adjoining plot where planning permission has been secured to develop a further unit of 1,000 sq. ft. A
copy of the planning permission is available upon request.
Ground Floor Retail: 1,108 Sq. ft. (102.91 Sq. m)
Adjoining Land: 1,000 Sq. ft. (92.9 Sq. m)
TENURE
The property is offered for sale on a freehold basis, subject to the existing occupational lease.
LEASING DETAILS
The premises is let on a full repairing and insuring lease for a term of 15 years from 11th December 2023, expiring 10 December 2038. The lease contains a stepped rent structure with the passing rent of £16,000 per annum for years one to three, rising to £18,000 per annum for years four and five. The lease is subject to five-yearly rent reviews geared to open market rental value thereafter.
The lease includes tenant-only break options on the 5th and 10th anniversaries being 11th December 2028 and 11th December 2033 respectively. There are no Landlord break clauses.
The Vendor is seeking offers for their freehold interest subject to and with the benefit of the lease in place in the sum of:
Retail: £205,000 (Two Hundred and Five Thousand Pounds)
Adjoining Land: £50,000 (Fifty Thousand Pounds)
A purchase at this level reflects a net initial yield of 7.5% after allowing for purchaser’s costs, based on the current passing rent of £16,000 per annum. The rent increases to £18,000 per annum from year four (December 2026), which equates to a net yield of 8.22% from that point onwards, providing a built-in income growth without reliance on market rental increases.