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.comYou can also read
