PRIME RETAIL INVESTMENT LET TO SANTANDER UK PLC - 49-51 Port Street Stirling, FK8 2EW - LoopNet
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PRIME RETAIL INVESTMENT LET TO SANTANDER UK PLC 49-51 Port Street Stirling, FK8 2EW
INVESTMENT SUMMARY A unique opportunity to acquire a High Yielding, extremely prime property at the heart of Stirling’s retailing pitch. Located near one of the main entrances to The Thistles Shopping Centre, benefitting from the high footfall that the centre generates. Heritable Interest (Scottish Equivalent of Freehold). Let to Santander UK plc for a term expiring 31st December 2030, benefitting from over 10 years until lease expiry. Santander have been in occupation of the unit since 1993. Passing rent of £80,000 per annum, rebased as of 1st January 2021 to £52,000 per annum. NIA of 2,499 sq. ft. of flexible retail space arranged over ground and first floor, with an ITZA of 1,452 sq. ft. We are instructed to seek offers in excess of £550,000 (Five Hundred and Fifty Thousand Pounds) exclusive of VAT. A purchase as this level would show an attractive net initial yield of 13.89% after allowing for standard purchasers costs of 4.71% including LBTT (Land and Building Transaction Tax). With a reversionary yield of 9.03% in January 2021.
LOCATION SITUATION
Stirling is a city in central Scotland, located approximately 30 miles north west of The subject property occupies a prominent position on the east side of Port Street,
Edinburgh and 25 miles north east of Glasgow. It is the administrative centre for the one of the key retailing throughfares in Stirling. Nearby occupiers include Marks &
Stirling Council area and is acknowledged as the ‘Gateway to the Highlands’. Spencers, New Look and the Bank of Scotland. One of the main entrances to The
Thistles Shopping Centre is nearly adjacent to the property which adds to the
The city has excellent transport links with the M9 linking to Edinburgh and the M80 to already significant footfall. The Thistles Shopping Centre provides 600,000 sq. ft. of
Glasgow. Stirling has a frequent rail service that links to other Scottish cities. Stirling’s retail accommodation with tenants including Debenhams, H&M, Zara and Next.
transport and communication links have developed a substantial retail sector that
serves the surrounding communities.
STIRLING TRAIN STATION
RETAILING IN STIRLING Retailing in Stirling is focused around the dominant Thistles Shopping Centre and along Port Street and Murray Place. The Thistles Shopping Centre extends to approximately 600,000 sq. ft. and benefits from a 1,300 space car park. The centre is anchored by Marks & Spencer, Debenhams and Primark. Footfall is estimated to be circa 10m per year and Stirling is ranked 15th out of 39 in the CACI ‘Major Centre’ classification. The pedestrianised section of Port Street and Murray Place are the principal retailing throughfares in the city. Santander benefits from a dominant frontage onto Port Street and from being located next door to Marks & Spencer, one of the main anchor tenants for Thistles Shopping Centre together with other retailers such as New Look and Slater Menswear.
DESCRIPTION
The property occupies an extremely prime position on Port Street near the entrance
to The Thistles Shopping Centre.
The property is arranged over ground and first floor, totalling 2,499 sq. ft.
ACCOMMODATION
Floor Use Sq M Sq Ft
Ground Floor Sales 199.24 2,145
First Floor Staff Room 32.89 354
TOTAL 232.13 2,499
ITZA 134.88 1,452
TENURE
Heritable Interest (Scottish Equivalent of English Freehold).
TENANCY INFORMATION
The property is let in its entirety to Santander on a term expiring on the 31st
December 2030 on a Full Repairing and Insuring basis at a current rent of £80,000
per annum. The rent has been rebased as of the 1st January 2021 to £52,000 per
annum.
Santander have a tenant only break option on the 1st January 2024 and the 1st
January 2026. However the recent lease extension demonstrates their commitment
to the town and surrounding area having been in occupation of this branch since
1993.
COVENANT STATUS
SANTANDER UK PLC, D&B RATING 5A1
Santander UK is one of the leading personal financial services companies in the
United Kingdom, and one of the largest providers of mortgages and savings in the
United Kingdom. The bank has circa 20,000 employees, 14 million active customers,
with over 800 branches and 64 corporate business centres.
Date of Accounts 31st Dec 2017, 31st Dec 2018, 31st Dec 2019,
£000’s £000’s £000’s
Turnover 7,429,000 7,430,000 7,224,000
Pre-Tax Profits 1,817,000 1,567,000 1,012,000
Net Worth 17,590,000 12,482,000 2,297,000
VAT
The property is elected for VAT purposes and it is anticipated that the sale will be
completed by way of a Transfer of Going Concern (TOGC).
EPC
A copy of the EPC can be made available to interested parties upon request.
PROPOSAL
We are instructed to seek offers in excess of £550,000 (Five Hundred and Fifty
Thousand Pounds) exclusive of VAT. A purchase at this level would show an
attractive net initial yield of 13.89% after allowing for standard purchasers costs of
4.71% including LBTT (Land and Building Transaction Tax), with a reversionary yield
of 9.03% as of the 1st of January 2021.
CONTACT US
FOR FURTHER INFORMATION, PLEASE CONTACT:
Stuart Low Mark Gillies Andrew Peel
Director, Capital Markets Associate Agent
0779 380 8337 0778 729 1149 0780 389 6976
stuart.low@g-s.co.uk mark.gillies@g-s.co.uk andrew.peel@g-s.co.uk
IMPORTANT NOTICE
1. These particulars are intended as guide only. Their accuracy is not warranted or guaranteed. Intending
Purchasers/Tenants should not rely on these particulars but satisfy themselves by inspection of the
property. Photographs only show parts of the property which may have changed since they were taken.
2. Graham + Sibbald have no authority to give any representation other than these particulars in
relation to this property. Intending Purchasers/Tenants take the property as they find it.
3. Graham + Sibbald are not authorised to enter into contracts relating to this property. These particulars
are not intended to nor shall they form part of any legally enforceable contract and any contract shall
only be entered into by way of an exchange of correspondence between our client’s Solicitors and
Solicitors acting for the Purchaser/Tenants.
4. All plans based upon Ordnance Survey maps are reproduced with the sanction of Controller of HM
Stationery.
5. A list of Partners can be obtained from any of our offices.
6. Date of Publication: November 2020
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