FOR SALE 8 LAMINGTON STREET, TAIN IV19 1AA - VAT FREE RETAIL INVESTMENT - Sheridan Property Consultants
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
FOR SALE
8 LAMINGTON STREET, TAIN IV19 1AA
VAT FREE RETAIL INVESTMENT
EXCELLENT FUTURE DEVELOPMENT POTENTIAL
OFFERS OVER £150,000
Sheridan
Property
Consultants
EXECUTIVE SUMMARY • Passing rent of £15,000 per annum (£19.09/sqft Zone A); • Attractive net initial yield of 9.82%; • FRI Lease expiring August 2031; • Let to Ladbrokes Betting & Gaming Limited (5A1 Covenant); • Excellent future development opportunity with a 0.33 acre site to the immediate rear • VAT Free Investment; • Excellent opportunity to acquire a small well let retail investment in the Highlands; LOCATION Tain is located in the Highlands of Scotland on the A9, 34 miles from Inverness, 23 miles from Dingwall and approximately 130 miles west of Fraserburgh. Tain, Scotland’s oldest Royal Burgh is a prosperous town on the shores of the Dornoch Firth. The town has a resident population of approximately 3,500 persons and is the focal point for an extensive rural area. The town has a very attractive central shopping area with a variety of national and local retailers including Co-op, RS McColls, Lloyds Pharmacy, RBS and M&Co. SITUATION The subject property is located on Lamington Street which is the main shopping street in Tain. The subject property is in a prominent location at the east end of the street. P1
P2
DESCRIPTION The subject property comprises the ground floor and basement of a two storey and attic stone building under a pitched and slated roof. Internally the ground floor of the property is fitted out in the corporate style of the tenant, Ladbrokes. The basement is not included as part of the Ladbrokes lease. In addition, there is a large parcel of land to the rear of the property which is included in the sale offering a fantastic future development opportunity. P3
ACCOMMODATION We understand the floor areas extend to the following approximate Net Internal areas: Gross frontage: 17’8” 5.4m Net frontage: 14’11” 4.55m FLOOR SQFT SQM Ground Floor NIA 1,120 104 Basement 1,173 109 ITZA 786 73 TOTAL NIA 2,293 213 In addition to the subject premises, there is a large parcel of land to the rear, which extends to 0.33 acres (0.13 Ha) and could be suitable for development, subject to planning. TENURE The property is held on a heritable title (Scottish equivalent of English freehold). TENANCY The subject property is let to Ladbrokes Betting & Gaming Limited on a full repairing and insuring Lease from 1 September 2006 with expiry due 27 August 2031. There is a tenant only break option on 27 August 2026, subject to 6 months prior written notice. The current passing rent is £15,000 per annum (£19.09/sqft Zone A). The Lease makes provision for rent reviews on a five yearly cycle with the next review due 28 August 2021. COVENANT Ladbrokes Betting & Gaming Limited has a Dun & Bradstreet rating of 5A1. Their latest financial results for the year ending 31 December 2016 show a turnover in excess of £843 million and gross profits in excess of £900 million. Ladbrokes is the leader in the global betting and gaming market with annual group revenues of more than £1 billion, and operates from more than 2,750 shops employing a total of 12,500 people in six countries. EPC We would advise that the EPC rating of the property is D+. P3
P4
PROPOSAL VIEWING & FURTHER
We are instructed to seek offers in excess INFORMATION
of £150,000 (ONE HUNDRED AND FIFTY
THOUSAND POUNDS STERLING) exclusive of Sheridan
VAT for our client’s heritable interest subject to
and with the benefit of the existing lease.
Property
A purchase at this level would show an attractive
Consultants
net initial yield of 9.82% allowing for purchasers www.sheridanproperty.co.uk
costs of 1.8%.
Sheridan Property Consultants
37 One, 37 George Street,
VAT Edinburgh
The property is not VAT elected and therefore EH2 2HN
VAT is not payable.
Tel 0131 300 0296
LEGAL COSTS Stewart Sheridan
07740 940898 | stewart@sheridanproperty.co.uk
Each party will be responsible for their own
legal costs incurred in connection with the Cathal Keane
transaction. 07808 627224 | cathal@sheridanproperty.co.uk
Graeme Millar
07523 512804 | graeme@sheridanproperty.co.uk
Sheridan Property Consultants for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for
the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, reference to condition and necessary permission for use
and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy
themselves by inspection or otherwise as to the correctness of each of them and are advised to do so; (iii) no person in the employment of Sheridan Property Consultants has any authority to give
representation or warranty whatever in relation to this property; (iv) all prices, rents and premiums quoted are exclusive of VAT at current rate
Date of publication: March 2018You can also read
