Channel Street, Galashiels

Description

Sought after position

Well presented

Spacious property providing retail / office accommodation

Set over two levels

Net Internal Area 123.02 sq m (1324 sq ft)

Rental Offers Over £8,500 are invited Ref. GC23-06

General Information

94 Channel Street is situated towards the eastern end of Channel Street, the principal retail street serving Galashiels.

Galashiels has a population of approximately 14,970 according to the 2021 Mid-Year Population estimates compiled by National Records of Scotland a 2.61% increase over the population recorded at the 2011 Census (14,590).

Situated within the Central Scottish Borders, the Town is one of the largest in the region, generally considered to be the principal administrative, social and retail centre effectively servicing a population of 105,270.

There is a significant student population within the town with campuses of Heriot Watt University and Borders College approximately 1 mile to the east at Netherdale.

In recent years Galashiels has benefited from considerable public and private investment. Developments have included the Gala Water Retail Park, two new supermarkets to the east of the town centre and significant transport infrastructure works including the Galashiels Inner Relief Road, and the Borders Railway link re-establishing passenger services between Edinburgh Waverley and the Central Borders.

The journey time from Galashiels to Edinburgh city centre by train is approximately 55 minutes with departures every 30 minutes. On weekdays, the first train departs from Edinburgh at 05.45 with the last at 23.55.

Description

A two-storey terraced building within an arcade of nine similar retail units which are believed to have constructed in the 1960s.

The building is of cavity brick construction, two storeys to the front section with pitched roof clad in slate to the front section, flat roof to the rear; single storey to the rear with flat roof walkway providing access to the rear of the units via an external stair from Overhaugh Street.

The front elevation is faced in reconstituted stone, it incorporates a protruding box window at first floor level with overhanging eaves.

There is a tarmacadam carpark to the rear accessed via Overhaugh Street which also provides delivery access to the rear of the building.

Accommodation

The accommodation currently comprises:

Ground Floor: Single fronted retail unit with recessed shop frontage accessed via arched arcade from Channel Street. Front shop with modern fit-out complete with an array of shelving and display units, suspended ceiling with recessed lights, spiral staircase to first floor level and changing room; rear stores; accessible WC with low flush unit and wash hand basin. Rear lobby with delivery access from carpark from rear.

First Floor: Landing; stock room; kitchen; managers office; rear hall; wc; cloakroom; small office; door to external balcony/walkway.

General Information

94 Channel Street is situated in a good trading position within Galashiels town centre.

Galashiels with a population of approximately 14,000 is on of the principal towns in the Scottish Borders. It is generally considered to be the main administrative, retail and social centre for the region, effectively serving a population of 115,000. In recent years Galshiels has been subject to considerable investment.

Developments have included the Galashiels inner relief road and the Borders Railway link. Which has re-established passenger services between Edinburgh Waverly and the central Borders. The journey time from Galashiels to Edinburgh city centre is approximately 55 minutes, with departures every 30 minutes.

The town features a wide range of High street and out of town retailing, restaurants, cafes and local amenities. There is also a significant student population, as home to the Heriot Watt University School of Textiles and Design as well as having a campus of Borders College.

94 Channel Street is situated towards the eastern end of Channel Street, the towns principal retail street. The area is characterized by retail uses at ground level with a mix of storage come office and residential accommodation to upper levels.

Nearby Occupiers include Leanne Ford Hair Design, Thompsons Solicitors, Border Pet Rescue, Card Factory, Boots Opticians, Ladbrokes Betting and Gaming Limited, Lloyds TSB, Hays Travel, Subway, Poundland, Domino’s Pizza, TSB and John Mill.

Tenancy Information

have been 94 Channel Street is let to Cornerstone Community Care for a term of seven years from 15 June 2020 at a passing rent of £7,500 per annum. The lease provides annual rental increases of 3% per annum. There are tenant break options at the third and fifth anniversary of the entry date.

Description

A two story terraced building within an arcade of nine similar retail units which are believed to have been constructed in the 1960s.

The unit provides accommodation on two levels.

The building is of cavity brick construction, two storeys to the front section with pitched roof clad in slate to the front section and a single storey to the rear with flat roof/walkway access via Overhaugh Street. To the rear there is a tarmacadam carpark, which also provides delivery access.

Accommodation

Ground Floor: Single fronted retail unit with recessed shop frontage accessed via arched arcade from Channel Street. Front shop office with modern fit-out and suspended ceiling with recessed lights, spiral staircase to the first floor level and changing room, rear store, accessible WC with low flush unit and wash hand basin. Rear lobby with delivery access from car park to the rear.

First Floor: Landing, stock room, kitchen, manager’s office, rear hall, WC, cloakroom, small office, doors to external balcony/walkway communal with the other units.

Areas

Net Internal Area 123.02sq m (1324sq ft)

Zone A 71.44sq m (769sq ft)

E & oe measurements taken with a laser measure.

Services

Mains electricity, water and drainage are connected.

Electric night storage units. Hot water is by means of a hot water cylinder with electric emersion unit.

Legal Costs

Each party will be responsible for their own legal costs incurred in connection with this transaction.

Rateable Value

The subjects are assessed to a Rateable Value of £9,200 effective from 01-April-2017.

The proposed Rateable Value effective from 01-April-2023 is £8,200.

Small Business Rates Relief Scheme (SBRR) currently provides up to 100% rates relief for units with a Rateable Value of £12,000 or less based on the combined total of all the occupiers business premises within England and Wales (subject to application and eligibility). The units each fall well below this threshold. This relief is reviewed annually in accordance with the budget. Current thresholds are correct for the current Financial Year.

Rateable value/council tax information has been obtained from the Gov.uk website whilst believed to be correct, this information has not been verified.

Tenure

Presumed Absolute Ownership following the Abolition of Feudal Tenure (Scotland) Act 2000.

Planning

The subjects are situated within the towns conservation area and town centre boundary as defined within the Scottish Borders Local Development Plan 2016. The property is not listed.

Established use, at the date of valuation Class 1 (Retail) of the Town and Country Planning (use classes) Scotland Order 1997 (as amended).

Value Added Tax

Any prices are exclusive of VAT. Any intending purchasers must satisfy themselves independently as to the instances of VAT in respect of any transaction.

Viewing

By appointment with the sole agents:

Edwin Thompson, Chartered Surveyors

76 Overhaugh Street

Galashiels

TD1 1DP

Tel. 01896 751300

Fax. 01896 758883

E-mail: s.sanderson@edwin-thompson.co.uk