The subjects comprise an entire Grade B Listed, traditional sandstone building which is arranged over basement, ground, first and second floors. The ground and basement floors are entirely self-contained and are in the process of being converted in to a fully operational restaurant for in excess of 80 covers. The first and second floors are in office use and are accessed via a separate common stairwell accessed from pavement level on Murray Place.
Internally the premises are open plan at ground floor level whilst the upper parts are predominantly cellular for the benefit of the occupiers business. The upper parts are accessed via a sold, carpeted stairwell with a plentiful supply of natural daylight.
Location
Stirling is situated approximately 25 miles north east of central Glasgow and approximately 36 miles North West of Edinburgh. The city has a resident population of approximately 37,500 persons and is a major commercial centre for the Stirling district as well as a commuter town for both Glasgow and Edinburgh.
The town has excellent road connections with the M90 motorway leading north to Perth, Dundee and Aberdeen and south to Glasgow and M9 motorway to Edinburgh. The town also benefits from rail communications to Glasgow and Edinburgh.
The local economy is heavily supported by the public sector, service industries and financial and business services. The major employers in the area include Government Administration, Stirling University, Scottish Amicable, Forth Valley Health Board, Caberboard Ltd and Tesco.
Situation:
The subjects are situated on the east side of Murray Place in an excellent City Centre location bound by Barnton Place & Maxwell Street to the North and Centre which is home to over 90 retail stores spread over 500,000 sq ft together with 1,450 car parking spaces.
Immediate surrounding occupiers include Oxfam, Coral, Spar, Cancer Research, Toni & Guy and Subway.
Accommodation
The subject premises, in accordance with the RICS Code of Measuring Practice 2007 (Sixth Edition) extend to the following approximate net internal areas;
Second Floor - Yamaha Music Point -113.32 sq m (1,220 sq ft)
First Floor - Mathie Mackluckie Ltd - 124.37 sq m (1,339 sq ft)
Ground Floor - Jing Shen - 207.20 sq m (2,320 sq ft)
Basement - Jing Shen - 77.60 sq m (835 sq ft)
TOTAL - 522.49 sq m (5,624 sq ft)
Terms
Tenure - The subject properties are held on a heritable title (Scottish equivalent to English freehold).
Tenancy Information - The second floor office is let to Yamaha Music Point Stirling Ltd on Full Repairing & Insuring terms at a passing rent of £9,000 per annum (quarterly in advance). The expiry date of the lease was 17 March 2017, but the lease is continuing on tacit relocation until 17 March 2018. Yamaha are currently in discussions regarding an extension with further details available to interested parties.
The first floor office is let to Mathie Mackluckie Ltd on Full Repairing and Insuring terms subject to a photographic schedule of condition at a passing rent of £9,000 per annum (quarterly in advance). The expiry date of the lease is 30 November 2020 subject to a tenant only break option on 30 November 2018.
The ground and basement levels are currently let out to Jing Shen on Full Repairing & Insuring terms at a passing rent of £45,000 per annum (monthly in advance). The expiry date is 17 December 2032.
The rent review is based on a 5 yearly review pattern to open market rental subject to a capped increase of 22% of the rent payable immediate prior to the review date. The tenant has placed a rental deposit of £11,250.
Proposal - We are instructed to seek offers in excess of £750,000 (SEVEN HUNDRED AND FIFTY THOUSAND POUNDS STERLING) exclusive of VAT.
A purchase at this level would show an attractive net initial yield of 8% after allowing for purchasers costs of 5% including LBTT (Land Building and Transactions Tax).
EPC - The subjects have an Energy Performance rating of F. F.
VAT - Our clients have elected to waive exemption for VAT and accordingly VAT will be payable on the purchase price, although we anticipate the sale will be dealt with by way of a Transfer of Going Concern (TOGC).
Legal Costs - Each party will be responsible for their own legal costs incurred in connection with the transaction.
Specification
- Prime Mixed Use Office & Leisure Investment in the heart of Stirling’s City Centre
- Total passing rent of £63,000 per annum
- Extensively redeveloped, high quality restaurant at ground floor
- Category B Listed