RETAIL INVESTMENT FOR SALE – FALKIRK

For Sale
  • PASSING RENT OF £36,000 PER ANNUM
  • LOW PASSING RENT OF £3 PER SQFT, UNDER RENTED
  • LONG UNEXPIRED LEASE DURATION UNTIL 31st AUGUST 2023 NO BREAK OPTIONS
  • WELL ESTABLISHED TENANT WITH GOOD COVENANT STRENGTH
  • PROMINENT RETAIL PITCH ON BUSY ARTERIAL ROAD
  • OPEN PLAN LAYOUT
  • OFFERS OVER £450,000 EXC INVITED
  • 8% INITIAL YIELD

LOCATION

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Falkirk is a large town in the Central Lowlands of Scotland, historically within the county of Stirlingshire. It lies in the Forth Valley, 23.3 miles (37.5 km) north-west of Edinburgh and 20.5 (33.0 km) north-east of Glasgow.

Falkirk is the main town and administrative centre of Falkirk council area, which has an overall population of 156,800 and inholds the nearby towns of Grangemouth, Bo’ness, Denny, Labert and Stenhousemuir.

The subjects are located on the western side of Main Street at its connection to Grahams Road. Main Street forms a busy arterial road into Falkirk and as such is well located for its current use. The property has previously been utilised as a car showroom, Dreams Bed Centre and furniture showroom.

Surrounding occupiers include Tesco, Coop, Dreams and other national retail companies.

DESCRIPTION

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The subjects comprise a substantial retail showroom contained within a single storey building. The property benefits from a large glazed return frontage on the south, east and north elevation.

Internally, the subjects provide a large open plan retail area, office space, w.c. and store.

The property is currently occupied by Strathcarron Hospice Retail Ltd who have been in occupation since 2018 and operate from a number of other retail outlets throughout Scotland. The subjects form their main furniture showroom. The lease is drawn along standard IRI terms at a passing rent of £36,000 per annum. The lease expires on 31/08/23.

The property was previously leased at a rental of £65,000 per annum and the current passing rent of £36,000 equates to £3 per sq ft. In our view there is good scope for a higher rent at reversion based upon lettings of other similar units.

There are good levels of unmetered parking nearby.

FLOOR AREAS

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From sizes provided by our client, we understand that the subject property, measured in accordance with the RICS Property Measurement Professional Statement (First Edition, May 2015) incorporating the International Property Measurement Standards and the RICS Code of Measuring Practice to extend to the following approximate gross internal area (GIA):

1,127.5m2/12,136 ft2

RATING

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The Rateable Value of the property is £36,500.

Please contact local rating office for further information.

 PROPOSAL

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Offers over £450,000 exclusive for the Heritable (Scottish equivalent of Freehold) interest.

EPC

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A copy of an EPC is available upon request.

Prospective purchasers should take advice from a qualified EPC as assessor for further advice about the rating and ongoing requirements.

CLOSING DATE

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A closing date may be set and all interested parties should make a note of interest at the offices of the Sole Agent. We reserve the right to sell or let the property without setting a closing date and we are not obliged to accept the highest or indeed any offer for the sale or lease of the property.

VAT

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All prices, premiums and rents quoted are exclusive of VAT.

PUBLICATION DATE 11/03/2019

Price:Offers over £450,000
Address:Strathcarron Hospice, 2 Main Street
City:Falkirk
Postcode:FK2 7PB
Floors:1
Square Feet:12,136
Property Type:Retail Investment
Lot size:12,136

Location Map