The subjects comprise of two distinct parts, the first being a prominent two-storey building which fronts Bridge Street, Ellon. The other part of the development is the parade of seven ground floor retail units, located to the rear of the main building. The seven commercial units (known as Units 1 to 7) are situated within an attractive retail parade which is of single-storey construction.. There is a car park providing four spaces to the rear of the parade that serves the centre.
Location
The subjects are located within the town of Ellon, which stands around 16 miles north of Aberdeen. The town serves as a main service and employment centre for the south of the Formartine region and is a well-established commuter town for Aberdeen. The population of Ellon is around 9,850 and continues to develop at a fairly rapid pace with the ongoing construction of a number of substantial residential developments to the north of the town. The location is easily accessible from Aberdeen via the A90. Aberdeen is the third largest city in Scotland with an estimated population of 229,060 as of 2020 with a further 261,470 located within Aberdeenshire. The subjects comprising Ellon Shopping Centre occupy a strong position with the town, with Bridge Street being part of the main commercial hub through Ellon. Therefore, the site benefits from a good level of footfall and passing trade.
Accommodation
The centre presents an opportunity to acquire a well let scheme in the main administrative centre for the Formartine district. The scheme experiences low void periods due to the demand for sub 1,000 sq ft units from various local business operations. Two of the most recent lettings include those at Unit 4 and Unit 6, both of which were let after a short marketing period. This is a testament to how popular the scheme is and how well suited it is to the local market.
Terms
PROPOSAL We are instructed to seek offers in excess of £600,000 for our client’s interest in the subjects. A purchase at this level would reflect a net initial yield of 11.38% after allowing for purchaser’s costs based on Land and Building Transaction Tax (LBTT)
VAT The figures quoted are exclusive of VAT at the prevailing rate. Please note that VAT is not applicable to the purchase price.
LEGAL COSTS Each party shall be responsible for their own legal costs associated with the transaction with the purchaser being responsible for any LBTT, registration dues etc.
DATA ROOM Further information can be supplied upon request.
Specification
- TOWN CENTRE LOCATION
- VAT FREE INVESTMENT
- COMBINED RENTAL – £71,610 PER ANNUM WITH POTENTIAL TO INCREASE
- WAULT IN EXCESS OF 3 YEARS
- NET INITIAL YIELD – 11.38%
- ASSET MANAGEMENT POTENTIAL
- OFFERS OVER £600,000