DM Hall is offering investors the opportunity to acquire The Morrison Building in Mallaig in what it said is a ‘rarely available’ opportunity.
Marketed at offers over £400,000, the two-storey detached property was originally used by the Fisherman’s Mission. In more recent times, it 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 café. The first floor contains a 10-room bunkhouse together with a two-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.
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, DM Hall said.
It added that the West Highland railway line links Mallaig to Fort William, Oban and Glasgow and is popular in spring and summer with journeys passing over the Glenfinnan viaduct, made famous in the Harry Potter films.
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.”
