RETAIL INVESTMENT FOR SALE – ALLOA

For Sale
  • FRI LEASE WITH PASSING RENT OF £19,000 PER ANNUM
  • LOW ZONE A RATE OF ONLY £14.35 PER SQFT
  • LONG LEASE DURATION UNTIL 4/1/2027 – NO BREAK OPTIONS
  • WELL ESTABLISHED TENANT WITH MULTIPLE LOCATIONS THROUGHOUT SCOTLAND
  • PROMINENT RETAIL PITCH OPPOSITE MAIN BUS TERMINUS
  • DOUBLE FRONTAGE RETAIL UNIT CAPABLE OF FUTURE SUBDIVISION
  • OFFERS OVER £199,950 EXC
  • 9.27% NET INITIAL YIELD

LOCATION

Alloa is the third largest town within Central Scotland with a resident population of approximately 19,000 people and an estimated further catchment in the region of 50,000 people. Alloa is located approximately 9 miles east of Stirling and 6 miles north of the Kincardine Bridge, and has excellent transport links to both Edinburgh and Glasgow.

The subjects are located on Shillinghill, immediately adjacent to the town’s principal bus terminus and taxi rank. The main car park for the town centre provides approximately 276 spaces and is located immediately behind Maple Court.

Nearby occupiers include Subway, Iceland, Indigo Sun, New Look, Superdrug, Argos and Ladbrokes.

DESCRIPTION

The subjects comprise a ground floor retail unit within a parade of similar units. The property benefits from a large double windowed frontage with glazed entrance door.

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

The property is currently occupied by Sun Shack Fife Limited who have been in occupation since 2012 and operate from 17 similar retail outlets throughout Scotland.

The lease is drawn along standard FRI terms at a passing rent of £19,000 per annum. The lease has recently been extended by the tenant with a date of expiry at 4/1/2027 – 10 years unexpired with no break options. A deposit agreement is also in place at a sum of £4,750 which will be transferred to a new owner. The tenant has always paid rent and service charge on a timely manner and payment history can be provided to demonstrate this.

FLOOR AREAS

From sizes taken during our inspection we calculate the subject property, measured in accordance with the RICS Code of Measurement Practice (second edition, January 2018) to extend to the following approximate net internal area (NIA):

Ground Floor     162.4m2/1,748ft2

PROPOSAL

Fixed price of £199,950 exclusive for the Heritable (Scottish equivalent of Freehold) interest. The premises are elected for VAT but subject to status a sale can be treated as a TOGC.

RATING

The Rateable Value of the property is £20,250.

Please contact local rating office for further information

CLOSING DATE

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 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

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

EPC

E

 

PUBLICATION DATE 05/07/2019

Price: Offers over £199,950
Address:13-14 Maple Court
City:Alloa
County:Clackmannanshire
Postcode:FK10 1J
Floors:1
Square Feet:1,748
Parking:-
Property Type:Investment / Retail Unit
Tagged Features:

Location Map