FOR SALE | PRIME RETAIL INVESTMENT BANK OF SCOTLAND, 2-6 EASTGATE, INVERNESS, IV2 3NA
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FOR SALE | PRIME RETAIL INVESTMENT BANK OF SCOTLAND, 2-6 EASTGATE, INVERNESS, IV2 3NA LET TO BANK OF SCOTLAND PLC | 5A1 COVENANT | RE BASED RENT OF £150,000 PER ANNUM FRI LEASE EXPIRING 29 JULY 2029 (CIRCA 8.5 YEARS UNEXPIRED) | SITUATED IN 100% PRIME PITCH GRADE B LISTED BUILDING (NO VACANT RATES PAYABLE) OFFERS OVER £2,000,000 (7.06% NIY)
2-6 EASTGATE, INVERNESS, IV2 3NA LOCATION Inverness is the commercial, administrative and business centre for the Highlands and Islands of Scotland. The city is one of the fastest growing in Europe with a resident population of over 65,000 people and a catchment area of approximately 350,000 people. Inverness enjoys excellent transport links via the main A9 trunk road leading both north and south and benefits from daily rail and bus services. Aberdeen is approx. 104 miles to the southeast and Edinburgh and Glasgow are 157 miles to the south and 170 miles to the southwest respectively. The subject property occupies a 100% prime retail position on Eastgate at the High Street and Inglis Street junction and is located directly opposite the Eastgate Shopping Centre. Neighbouring occupiers include Marks & Spencer, HSBC, Café Nero, Boots Opticians and Hotter Shoes. DESCRIPTION This is an attractive “B” Listed stone & slate building set over 3 floors and has a corporate fit-out. The ground floor provides a general banking hall and the two upper floors providing office accommodation for back room banking staff and staff ancillary facilities. All three floors are serviced by a lift and two concrete staircases. The building has been completely redeveloped behind the existing façade. ACCOMMODATION The accommodation and approximate net internal areas are as follows: FLOOR M² FT² Ground: Banking Hall 281.22 3,027 First: Offices & Stores 229.60 2,471 Second: Offices, Stores & Staff Welfare 223.32 2,404 TOTAL 734.14 7,902 ITZA 234.86 2,528 The Gross Frontage extends to approximately 14.93 m (49 ft).
2-6 EASTGATE, INVERNESS, IV2 3NA EPC The building has an EPC Rating of “E”. Full details are available on application. TENURE The property is held on a Heritable Title (Scottish Equivalent of English Freehold). TENANCY The property is let on full repairing and insuring terms. The Lease was recently extended for 10 years to 29 July 2029 on a rebased rent of £150,000 per annum, which reflects an overall Zone A rate of approximately £59.33 per sq ft. There is an upwards only rent review to market rent on 30 July 2024. The unexpired Lease term is circa 8.5 years. COVENANT The property is let to Bank of Scotland plc which was taken over by Lloyds Banking Group in January 2009. Lloyds Banking Group is the largest retail bank in the UK. In 2019, it turned over £17.142 billion, with net income of approximately £3 billion. The tenant has an undoubted 5A1 covenant. RECENT COMPARABLE EVIDENCE Recent demand for prime retail investments in Inverness was evidenced by the sale of MacDonald’s, 12 High Street, Inverness in January 2021 at £1,935,000. The passing rent being paid by the tenant, McDonald’s Real Estate LLP was £146,500 per annum. This reflects a Zone A rate of £82.26 psf and an attractive Net Initial Yield of 7.15%. SALE PRICE Our client is inviting offers over £2,000,000 for the sale of their Heritable Interest in the property with the benefit of the existing Lease. This reflects an attractive Net Initial Yield of 7.06% allowing for standard purchaser’s costs. VAT VAT will be payable on the purchase price. It is anticipated the sale would be treated as a TOGC (Transfer of a Going Concern). LEGAL COSTS Each Party will be responsible for their own legal costs. In the normal manner, the purchaser will be responsible for LBTT, Registration Dues and VAT thereon. LEGAL PACK Lease and title documentation will be provided to interested parties on application.
2-6 EASTGATE, INVERNESS, IV2 3NA The Agents for themselves and for the vendors or lessors of this property whose agents they are, give notice that: (i) the particulars and plan are set out as a general outline for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct at the date of first issue but 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; (iii) no person in the employment of The Agents has any authority to make or give any representation or warranty whatever in relation to this property; (iv) all prices and rentals are quoted exclusive of VAT unless otherwise stated. Prospective purchasers/lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction. We comply with the Money Laundering, Terrorist Financing and Transfer of Fund Regulations 2017. Publication Date: March 2021.
2-6 EASTGATE, INVERNESS, IV2 3NA
GROUND FLOOR FIRST FLOOR SECOND FLOOR
FURTHER INFORMATION
For further information please contact the Joint Agents:
Neil Calder: n.calder@shepherd.co.uk Tel: 07551 173667
Ian Hannon: ian.hannon@shepherd.co.uk Tel: 07767 812079
Stewart Sheridan: stewart@sheridanproperty.co.uk Tel: 07740 940898
Graeme Millar: graeme@sheridanproperty.co.uk Tel: 07523 512804
Shepherd Chartered Surveyors, Mulberry House, 39-41 Harbour Road, Inverness, IV1 1UA | Tel: 01463 712239
Sheridan Property Consultants, 37 George Street, Edinburgh, EH2 2HN | Tel: 0131 300 0296
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