The property comprises a single storey former foodstore which is occupied solely by The Original Factory Shop. It sits on a good sized and very prominent roadside site offering excellent signage opportunities. The site in front of the store provides plentiful customer parking and there is a separate loading bay providing direct access to the rear of the store for larger delivery vehicles.
The store has a regular layout and provides an excellent open-plan sales floor. Separate from the sales floor there is ample storage, staff and toilet facilities.
Location
Tranent is a popular town in East Lothian with a population currently estimated at approx. 12,000 residents. It is situated 12 miles east of Edinburgh and near the busy A1 arterial route. With its excellent transport links, the town is a favoured commuter location. The nearby A1 provides links into the national road network, there are regular bus services to and from the town and the nearest train station is less than 2 miles away in Prestonpans.
The subject property occupies an extremely prominent roadside location on Haddington Road (A199) at the edge of the town centre. The property is immediately adjacent to a popular Aldi store and the surrounding area comprises a mix of both residential and other commercial occupiers.
The town and surrounding areas have seen substantial and ongoing residential development in recent times and as a result the population is set to expand in the years to come.
Accommodation
We estimate that the property extends to approximately 11,400sq. ft (1,059sq. m).
Terms
RATING - We understand from the local Assessors Department that the subjects are currently entered in the Valuation Roll as follows:
Rateable Value £52,900.
Uniform Business Rate (2024/2025) £0.545.
TENANCY - The property is let entirely to The Factory Shop Limited on FRI terms, for a period of 10 years from 25 November 2017 and expiring on 24 November 2027. The passing rent is £97,500 per annum, exclusive of VAT.
PROPOSAL - We are instructed to invited offers in excess of £1,025,000 (one million and twenty-five thousand pounds). A purchase at this level would reflect an attractive Net Initial Yield of 9% after purchaser costs.
EPC - A copy of the EPC for the property can be provided on request.
LEGAL COSTS - Each party will be responsible for their own legal costs incurred in connection with the transaction.
COMPANY INFORMATION - The Factory Shop Limited t/a The Original Factory Shop (TOFS) was founded in 1969 and is now an established and extremely popular UK-wide discount retailer trading from more than 200 stores nationwide. The concept of the business is to sell big brand goods at factory shop prices. For further information visit www.tofs.com
TOFS have traded successfully from this site in Tranent for many years and we are advised by the vendor that they have been a solid and reliable tenant throughout with no significant issues arising.
Specification
- Large former foodstore extending to approx. 11,400sq. ft (1,059sq. m).
- Extremely prominent roadside location on Haddington Road (A199) and close to the A1 arterial route.
- Situated on a generously sized site providing ample customer car parking and excellent servicing.
- Located immediately adjacent to a popular Aldi store.
- Let to The Factory Shop Limited t/a The Original Factory Shop.
- Annual passing rent of £97,500.
- Offers in excess of £1,025,000 are invited, reflecting a net initial yield of 9%.