Prominent Burger King Drive Thru Investment. Riverway Retail Park, Irvine, KA12 8AG

Size: px

Start display at page:

Download "Prominent Burger King Drive Thru Investment. Riverway Retail Park, Irvine, KA12 8AG"

Juniper Andrews
5 years ago
Views:

1 Prominent Burger King Drive Thru Investment

02 M9 A807 A803 DENNY GRANGE Site RIVERWAY RETAIL PARK SOUTH NEWMOOR INDUSTRIAL ESTATE BROOMLANDS A82 M80 B819 DUMBARTON A879 GLASGOW AIRPORT A803 M80 M8 M73 LINWOOD BEITH DALRY Site GLASGOW PAISLEY

2 02 M9 A807 A803 DENNY GRANGE Site RIVERWAY RETAIL PARK SOUTH NEWMOOR INDUSTRIAL ESTATE BROOMLANDS A82 M80 B819 DUMBARTON A879 GLASGOW AIRPORT A803 M80 M8 M73 LINWOOD BEITH DALRY Site GLASGOW PAISLEY M77 BELLSHILL A73 EAST KILBRIDE A726 M77 CARLUKE INDUSTRIAL ESTATE RIVER KILMARNOCK DARVEL PRESTWICK AIRPORT A76 Troon - Larne MAUCHLINE AYR A70 CUMNOCK A77 DOUGLAS M74 Investment Summary Prominent and busy location, fronting onto Merryvale Roundabout at the entrance to Riverway Retail Park. The Riverway area is an established retail location serving Irvine and the surrounding catchment area Let to Burgerking Limited until 27/05/2024 with a further rent review due in 2019 Heritable interest Rental income of 95,750 per annum ( per sqft) Offers in excess of 1,400,000 (One Million Four Hundred Thousand Pounds Sterling), reflecting a Net Initial Yield of 6.48%, assuming standard purchaser s costs and LBTT

3 03 Location Irvine is located on the west coast of Scotland in North Ayrshire. The New Town lies approximately 32 miles south west of Glasgow and 9 miles west of Kilmarnock. The town has a population of around 33,690 with a wider catchment in the North Ayrshire area of in excess of 136,000 people The area is well served by the local road network with the and providing quick road links to the north and east and connecting to the M77 via Kilmarnock Irvine train station is situated close by the subject property, which is on the mainline between Stranraer and Glasgow. In terms of local inward investment, the Irvine Bay Regeneration Company was established in 2006 which has coordinated major redevelopment projects such as Irvine Harbour, Riverside Business Park and the Bridgegate Renovation Project. RIVERWAY The Riverway retail area of Irvine has created a strong critical mass of retailing between the Rivergate Shopping Centre, the main Riverway Retail Park along with Sainsbury s and Tesco Extra, next to the subject property. Other major retailers located in the area include Primark, Boots, Asda, M&S Food Hall, Home Bargains, Sports Direct and Homebase. Riverway Retail Park MERRYVALE ROUNDABOUT In addition to the Burger King drive-thru both KFC and McDonalds are represented nearby. Description Tank Fronting onto Merryvale roundabout, the property comprises a single story standalone drive thru unit with dedicated car parking. The property is accessed via a shared access road with the Tesco petrol filling station next door, over which the purchaser will have a dedicated right of access in perpetuity. Exit from the site is directly onto the Riverway spine road. The property extends to 3,449 sqft on a site of approx acres. 0m 10m 20m 30m Masterplan ESS The property comprises a single story stand-alone drive thru unit with dedicated car parking

Tenancy Information The property is let to Burgerking Limited from 28/05/1999 to 27/05/2024 subject to one last upwards only rent review due on 28/05/2019.

4 Tenancy Information The property is let to Burgerking Limited from 28/05/1999 to 27/05/2024 subject to one last upwards only rent review due on 28/05/2019. The lease reflects standard Full Repairing and Insuring terms. The current passing rent is 95,750 per annum, reflecting per sqft. This increased from 91,600 per annum at review in Tenant Covenant Strength Burger King was established in Florida in The global business is owned by Canadian based Restaurant Brands International who also own the rapidly expanding Tim Hortons brand. BK has over 16,000 outlets in 100 countries. In Q4 2017, the UK Master Franchise was acquired by Bridgepoint Capital. The business has over 500 outlets and is actively seeking expansion opportunities both in and out of town. Further information can be made available to interested parties.

Prominent Burger King Drive Thru Investment 05 11-13 Riverway Retail Park, Irvine, KA12 8AY Energy Performance Certificates (EPCs) Copies of the EPC and recommendations are available on request.

5 Prominent Burger King Drive Thru Investment Riverway Retail Park, Irvine, KA12 8AY Energy Performance Certificates (EPCs) Copies of the EPC and recommendations are available on request. Tenure Heritable. Subject to a Deed of Conditions. VAT The property has been elected for VAT purposes and VAT is charged on the rent. VAT is payable over and above the purchase price, however, we envisage that any sale will be conducted by way of a Transfer of a Going Concern (TOGC). Proposal We are instructed to seek offers in excess of 1,400,000 (One million Four Hundred Thousand Pounds Sterling) subject to conclusion of missives and exclusive of VAT. This reflects a net initial yield of 6.48% assuming standard purchaser s costs and LBTT. Further Information For further information please contact: Gregor Martin gmartin@eyco.co.uk Duart Keith dkeith@eyco.co.uk Eric Young & Co Waverley Gate 2-4 Waterloo Place Edinburgh EH1 3EG Requirements of Writing (Scotland) Act 1995 These particulars are not intended to, nor shall form part of any legally enforceable contract and any contract shall only be entered into by way of an exchange of correspondence between solicitors. DISCLAIMER Messrs Eric Young & Co for themselves and for their client whose agent they are give notice that: (1) These particulars are set out as a generally outline only for the guidance of intended purchasers or tenants and do not constitute any or part of an offer or contract. (2) All descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchaser or tenant should not rely on them as statements or presentations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (3) No person in the employment of Messrs Eric Young & Co has any authority to make or give representation or warranty whatever in relation to this property. (4) Unless otherwise stated all prices and rents are quoted exclusive of VAT. Prospective purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction. DATE OF PUBLICATION: May 2018

FOR SALE PROMINENT RETAIL INVESTMENT 34 CHARLOTTE STREET STRANRAER DG9 7EF. OFFERS OVER 435,000 (8.51% Net Initial Yield)

FOR SALE PROMINENT RETAIL INVESTMENT 34 CHARLOTTE STREET STRANRAER DG9 7EF. OFFERS OVER 435,000 (8.51% Net Initial Yield) FOR SALE 34 CHARLOTTE STREET STRANRAER DG9 7EF PROMINENT RETAIL INVESTMENT OFFERS OVER 435,000 (8.51% Net Initial Yield) Executive Summary: Excellent opportunity to acquire a prime town centre Betfred