The subjects comprise extensive mid-terraced retail premises benefiting from a large dedicated car park to the rear.
Location
The subjects command a highly prominent positon on the west side of Main Street within its prime section where neighbouring occupiers include Tesco, Superdrug, Greggs, William Hill and Boots.
Prestwick is an affluent commuter town with a population of approximately 15,000 people located in the South Ayrshire Local Authority region approximately 3.2 miles north of Ayr, 10 miles south-west of Kilmarnock and 32 miles south-west of Glasgow.
The town is well located for access to the M77 motorway that provides direct access to Kilmarnock, Glasgow City Centre and Ayr. The M74 motorway is also accessible via the nearby A71 and is the main motorway connecting Scotland with England.
Excellent rail links are provided with regular daily services available to and from Glasgow Central Station with an average travel time of approximately 40 minutes. Prestwick International Airport is also located nearby just 1 mile north of the subjects.
Accommodation
We have measured the subjects in accordance with the RICS Code of Measuring Practice (6th Edition) and calculate a gross internal floor area of 1,014.54 sq m (10,920sq ft).
Terms
Planning
Class 1 Consent of the Town and Country Planning (Scotland) Act 1997.
Tenancy
The subjects are let to B&M Retail Ltd on a straight 10 year lease from 9th April 2018. The passing rent is £90,000 per annum (£8.24/sq ft). The lease is subject to an upward only open-market review on 9th April 2023 subject to a maximum 10% uplift to £99,000 per annum. B&M were granted 6 months rent-free from the date of entry followed by 24 months at half-rent.
Covenent - For a more detailed view of the covenant, please see attached brochure.
VAT
The property has been elected for VAT, however, it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal
We are instructed to seek offers over £1,200,000 (One Million Two Hundred Thousand Pounds) subject to contract and exclusive of VAT for the Absolute Ownership. A purchase at this level would reflect a net initial yield of 7.11% allowing for purchasers costs of 5.33% including LBTT (Land Building and Transaction Tax).
Please note that any outstanding rent-free will be deducted from the purchase price.
Specification
Executive Summary
- Extensive retail premises with large dedicated car park located on prime section of Main Street, Prestwick
- Let to B&M Retail Ltd (5A1)
- New 10 year FRI lease from April 2018
- Passing rent of £90,000 per annum (£8.24/sq ft overall)
- We are instructed to seek offers in excess of £1,200,000 (ONE MILLION TWO HUNDRED THOUSAND POUNDS) exclusive of VAT. A purchase at this level would show an attractive net initial yield of 7.11% allowing for purchasers costs of 5.33% including LBTT (Land and Buildings Transaction Tax).