FOR SALE HIGH YIELDING PRIME RETAIL INVESTMENT 13-17 HIGH STREET, LEVEN KY8 4ND OFFERS OVER £600,000 - Sheridan Property Consultants
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FOR SALE HIGH YIELDING PRIME RETAIL INVESTMENT 13-17 HIGH STREET, LEVEN KY8 4ND OFFERS OVER £600,000 Sheridan Property Consultants
EXECUTIVE SUMMARY • Two 100% prime retail units let to Superdrug Stores plc and TUI UK Retail Limited t/a Lunn Poly • Total passing rent of £53,000 per annum • Let to Superdrug Stores plc and TUI UK Retail Limited • New Leases agreed at rebased rents • Prominent corner building located on the prime pitch on Leven High Street • We are instructed to seek offers in excess of £600,000 (SIX HUNDRED THOUSAND POUNDS STERLING) exclusive of VAT. A purchase at this level would show an attractive net initial yield of 8.43% after allowing for purchasers costs of 4.68% including LBTT (Land Building and Transactions Tax). HIGH YIELDING PRIME RETAIL INVESTMENT 13-17 HIGH STREET, LEVEN KY8 4ND
LOCATION Located in East Fife, Leven is 14 miles from St Andrews and VA POU RIS 37 miles from Edinburgh. Leven is the dominant town providing ED the principal retail provision for the Levenmouth area, which encapsulates the towns of Leven, Methil and Buckhaven. CO The Fife area is a popular location for commuters to Edinburgh. STA From Leven the A915/A92 provides access to the national motorway network and the M90, which leads directly to Edinburgh. There are also proposals to reintroduce the Levenmouth rail link, which Fife Council are supporting, and this would further enhance the appeal of the area. At present the nearest train station is in Kirkcaldy. BA YN ESB The main employers within the conurbation are Diageo, who have AK ER Y VA recently invested £86 million in expanding their bottling facility, CA NT and Energy Park Fife where over 900 people are employed in the renewable energy sector. SITUATION The property is located in a prime retail position on the pedestrianised section of the High Street. There is public car parking nearby and Leven Bus Station is located at the southern end of the High Street. Neighbouring occupiers include Iceland, New Look, Bank of Scotland and Card Factory. TH 17 DESCRIPTION 17 TR OM AV SO EL N AG SU EN HE PER T The subject property comprises a substantial and well configured AL DR TH U & G single storey mid-terraced building which has been split to create BE AU TY two retail units. The larger unit (17) has been let to Superdrug FA HA ITH IRD RE SIN Stores plc and the smaller unit (13) has been let to TUI UK Retail G Limited. Both units benefit from fully glazed frontages, sales area to the front and staff/storage and WC facilities located to the rear. There is a shared fire exit corridor that leads to the rear of the property. Both units have been fitted out in the corporate style of the tenants. For indicative purposes only FOR SALE | HIGH YIELDING ATTRACTIVE MIXED-USE INVESTMENT P2
ACCOMMODATION We have measured the subject premises in accordance with the RICS Code of Measuring Practice 2007 (Sixth Edition) and would estimate that the subjects extend to the following areas and dimensions: REDUCED REDUCED DESCRIPTION NIA SQFT NIA SQM AREA SQFT AREA SQM 13 High Street 716 66.53 671 62.34 17 High Street 3,956 367.51 2,064 191.75 TENURE The property is held on a heritable title (Scottish equivalent of English freehold). TENANCY 13 High Street is let to TUI UK Retail Limited t/a Lunn Poly on a new Lease from 30 March 2017 expiring 29 March 2022 at a passing rent of £18,000 per annum (£26.82/sqft Zone A. There is also a Tenant Break Option on 30 March 2020, subject to providing six months prior written notice. The tenant received 3 months rent free. 17 High Street is let to Superdrug Stores plc on a new FRI lease from 30 March 2017 expiring 29 March 2027 at a passing rent of £35,000 per annum (£16.96/sq ft Zone A). There is an upwards only Rent Review on 30 March 2022. There is also a Tenant Break Option on 30 March 2020, subject to providing six months prior written notice. The tenants benefit from a rent free period of 3 months, which is being taken over a 6 month period, therefore the rent payable until 29 September 2017 is £17,500 per annum. COVENANT Superdrug Stores plc has a Dun & Bradstreet rating of 5A1. For the year ending 26 December 2015, the company reported a Sales Turnover in excess of £1.1 billion, Profit in excess of £56 million and Tangible Net Worth in excess of £50 million TUI UK Retail Limited has a Dun & Bradstreet rating of 3A1. For the year ending 30 September 2015 the company reported Sales Turnover in excess of £199 million, Profit in excess of £8 million and Tangible Net Worth in excess of £17 million. FOR SALE | HIGH YIELDING ATTRACTIVE MIXED-USE INVESTMENT P3
EPCs VAT We are advised that the Energy Performance Rating of the properties are as follows:- Our clients have elected to waive exemption for VAT and accordingly VAT will be payable on the purchase price, 13 High Street, Leven: G although we anticipate the sale will be treated as a TOGC. 17 High Street, Leven: G LEGAL COSTS PROPOSAL Each party will be responsible for their own legal costs incurred in connection with the transaction. We are instructed to seek offers in excess of £600,000 (SIX HUNDRED THOUSAND POUNDS STERLING) exclusive of VAT. A purchase at this level would show an attractive net initial yield of 8.43% after allowing for purchasers costs of 4.47% including LBTT (Land Building and Transactions Tax). VIEWING & FURTHER INFORMATION Please contact the sole selling agents Sheridan Property Consultants Sheridan Property Consultants 37 ONE 37 George Street Edinburgh EH2 2HN Tel: 0131 300 0296 Stewart: Tel: 07740 940898 Email: stewart@sheridanproperty.co.uk Cathal: Tel: 07808 627224 Email: cathal@sheridanproperty.co.uk Allan: Tel: 07702 520411 Email: allan@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: May 2017 | Design by Graffig - email: mail@graffig.com
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