DM HALL, one of Scotland’s largest independent firms of chartered surveyors, is offering investors a rarely available opportunity to acquire The Morrison Building, Mallaig, PH41 4PY, which is being marketed at offers over £400,000.
The Morrison Building is a substantial two storey detached property originally used by the Fishermen’s Mission. In more recent times the building has evolved to cater for a range of different uses and has become precious to the local community.
Occupiers include a tea shop, a bookshop, an artisan gift shop and an artist’s studio, all on the ground floor, alongside a sizeable and popular café. In all, seven tenants produce an annual rent of £59,673, an attractive investment yield of 14.35 per cent.
The first floor contains a 10 room bunkhouse together with a 2 bedroomed apartment occupied by the operators. The apartment falls within the lease of the entire first floor.
The circa 7,000 sq. ft. property, built around 1977, has remained fully occupied for the last few years with the tenants choosing to extend their leases whenever possible. Full floor plans of the accommodation are available.
The Inverness-shire coastal village of Mallaig lies approximately 40 miles west of Fort William in the Arisaig peninsula. While the local economy is established primarily around fishing and tourism with a resident local population of around 1,000, the area is one of the most prominent tourist destinations in Scotland.
The West Highland railway line links Mallaig to Fort William, Oban and Glasgow and is enormously popular in spring and summer with journeys passing over the Glenfinnan viaduct, made famous in the Harry Potter films.
Mallaig is a popular destination for tourists with the West Highland railway and the ferry crossing from Mallaig to Armadale at the southern tip of the Isle of Skye is a particular attraction.
Village amenities include a primary school, a secondary school which caters for residents in Mallaig and nearby villages including Morar and Arisaig, together with the small isles of Eigg, Rum, Muck, Canna and also the Knoydart peninsula.
DM Hall commercial property Partner, Jonathan McManus, who, together with his colleague Leah Sellers, is overseeing the sale, said: “this building is important to the local community and is fully occupied providing an income of £59,673 per annum, which rises to £60,673 a year from June 2023.
“All leases currently are due to expire between May and July of 2024 and our client has decided not to discuss renewals/extensions with the tenants in order to provide any new owner/purchaser with full flexibility in terms of their approach. We can say, however, that almost all tenants have indicated their wish to extend their leases.
“Our clients are seeking offers for the heritable interest of over £400,000 and anyone interested in finding our more should contact me, JonathanMcManus@dmhall.co.uk or on 07771 606582, or my colleague, Leah.Sellers@dmhall.co.uk on 07879 626448.”
DM Hall has 23 offices throughout Scotland and more than 230 members of staff.
