The property comprises a retail unit over ground floor only within a traditional Grade C Listed building. The tenant trades from the front of the unit with staff facilities and storage space to the rear. There is a car park to the rear of the property.
Location
Ayr has a population of approximately 46,000 and is located approximately 36 miles south west of Glasgow.
The town is well connected by road and rail, and is just 3 miles south of Glasgow Prestwick International Airport.
High Street is the main retailing pitch in Ayr stretching from Marks & Spencer to the north to Ayr Central Shopping centre to the south. The property has an excellent position to the south end of High Street with nearby occupiers including Café Nero, Santander and Greggs.
Accommodation
The property provides the following areas, giving an ITZA of 1,535 sq ft.
Ground Floor - 2,721 sq ft (252.79 sq m)
Terms
Tenancy - The property is let to Barclays Bank plc on a 20 year Full Repairing and Insuring lease until 26 February 2027. The current rent is £72,000 per annum, reflecting a Zone A rate of £46.92 per sq. ft.
Tenant Covenant - Barclays is a British banking and financial services company, headquartered in London and has approximately 1,600 retail banking branches across the UK.
Barclays Bank plc has a Dun & Bradstreet credit rating of 5A1 representing a minimum risk of business failure.
Tenure - Heritable Interest (Scottish equivalent of English freehold).
EPC - EPCs available on request.
VAT - The property is elected for VAT however, it is anticipated that the transaction will qualify as a Transfer of a Going Concern (TOGC).
Proposal - We are instructed to seek offers in excess of £830,000 (Eight Hundred and Thirty Thousand Pounds Sterling) subject to contract and exclusive of VAT for the Heritable Interest in the subject property. A purchase at this level would reflect a Net Initial Yield of 7.75% after standard purchaser’s costs based on Land and Buildings Transaction Tax (LBTT).
Specification
- Excellent opportunity to acquire an established retail investment
- Prime high street location
- Let to excellent covenant Barclays Bank plc
- Unexpired lease term of 9.75 years
- Offers in excess of £830,000 are invited for the Heritable interest
- Attractive net initial yield of 7.75% after purchasers costs.