FOR SALE 100% PRIME RETAIL INVESTMENT

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1 FOR SALE 100% PRIME RETAIL INVESTMENT NOW IN OCCUPATION Sheridan Property Consultants OFFERS OVER 1,200,000 (9.56% NIY) HIGH STREET LANARK, ML11 7EX

2 Investment Summary 100% Prime retailing pitch within the town; Unbroken retail parade investment let entirely to well known, national retailers; Let to Specsavers, Greggs, Savers and Chest Heart & Stroke Scotland; Located in one of the busiest market towns in the Central Belt; Total passing rent of 121,000 per annum; Our clients are seeking offers in excess of 1,200,000 (ONE MILLION TWO HUNDRED THOUSAND POUNDS STERLING) exclusive of VAT which reflects an attractive net initial yield of 9.56% assuming purchasers costs of 5.49%. P 1

3 Location Lanark is one of Scotland s oldest and most important market towns, having been a Royal Burgh since The town is an extremely popular tourist destination and is home to the famous World Heritage site of New Lanark and the spectacular Falls of Clyde made famous by JMW Turner. Lanark is very accessible, located approximately 27 miles south east of Glasgow and 33 miles south west of Edinburgh. The A72/B7018 connects Lanark to the M74 motorway to the west with the A70 leading to Edinburgh and the town also benefits from a railway station linking to all major Scottish cities, making Lanark a popular commuter town with a growing population. The town currently has a resident population of approximately 13,000 persons and also benefits from a large agricultural catchment area. The population is substantially boosted by tourist numbers each year, with New Lanark having in excess of 350,000 visitors per annum and is in the top 20 visitor attractions in Scotland. LANARK Situation The subjects occupy the 100% prime retail pitch on the town s historic High Street, the principal thoroughfare in the town. Nearby occupiers include M&Co, Ladbrokes, Thomas Cook, Lloyds Pharmacy, Boots, Poundland and Costa. TRAVEL DISTANCES LOCATION DISTANCE TIME GLASGOW CITY CENTRE 27 miles 44 mins EDINBURGH 33 miles 1 hr 15 mins LIVINGSTON 23 miles 41 mins P 2

4 Goad & Title Boundary CAR PARKING 80 CAR PARKING SPACES (ESTIMATED) this represents the title of the subjects P 3

5 Description The properties comprise of a modern retail parade of four units arranged over ground and first floors, under a pitched and slated roof. Each of the units benefits from a modern glazed shopfront at ground floor and provide clear rectangular open sales floorplates at ground floor with first floor ancillary/storage. The properties also benefits from rear servicing and ample public parking spaces and forms part of one of the town s busiest car parks. Tenancies The property is let in accordance with the tenancy schedule set out below: TENANT REPAIR RFA (SQFT) RENT ZONE A/SQFT ENTRY EXPIRY BREAK OPTION(S) RENT REVIEW COMMENTS Savers Health & Beauty Ltd (Unit 1) FRI 2,147 45, /05/ /05/ /05/ /05/2023 Greggs (Unit 2) FRI 1,195 22, /09/2017 6/09/ /09/2022 & /09/2022 & 2027 Chest, Heart & Stroke Scotland (Unit 3) FRI 1,135 21, /06/ /06/ /06/ /06/2023 Specsavers (Unit 4) FRI 1,032 32, /01/ /01/2021 TOTAL 5, ,000 9 months rent free outstanding from 21 May The landlord will top-up any rent free due on completion. Tenant has option to extend lease until 06/09/2037. Schedule of Condition. 12 months rent free outstanding from 25 June The landlord will top-up any rent free due on completion. Tenure The property is held on a heritable title (Scottish equivalent of English freehold). Covenant UNIT TENANT D&B RATING FINANCIAL YEAR TO SALES TURNOVER NET PROFIT 42 High Street (Unit 1) Savers Health & Beauty Ltd N ,708,000 28,953, High Street (Unit 2) Greggs plc 5A ,195,000 57,993, High Street (Unit 3) Chest Heart & Stroke (Scotland) 3A ,586,829 2,947, High Street (Unit 4) Specsavers Optical Superstores Ltd 5A ,509,000 15,656,000 P 4

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7 EPC We are advised that the properties have the following EPC ratings:- ADDRESS 42 High Street (Unit 1) E 40 High Street (Unit 2) C 38 High Street (Unit 3) G 36 High Street (Unit 4) G Proposal EPC RATING We are instructed to seek offers in excess of 1,200,000 (ONE MILLION TWO HUNDRED THOUSAND POUNDS STERLING) exclusive of VAT for our client s heritable interest subject to and with the benefit of the existing leases. A purchase at this level would show an attractive net initial yield of 9.56% after allowing for purchaser s costs at 5.49%. VAT Our clients have elected to waive exemption for VAT and accordingly VAT will be payable on the purchase price, although we anticipate the sale will be dealt with by way of a Transfer of Going Concern (TOGC). Legal Each party will be responsible for their own legal costs incurred in connection with the transaction. Viewing & Further Information Please contact the sole selling agent: Sheridan Property Consultants 37 One, 37 George Street, Edinburgh EH2 2HN Sheridan Property Consultants Stewart Sheridan stewart@sheridanproperty.co.uk Cathal Keane cathal@sheridanproperty.co.uk Graeme Millar graeme@sheridanproperty.co.uk Notice: Sheridan Property Consultants for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, reference to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them and are advised to do so; (iii) no person in the employment of Sheridan Property Consultants has any authority to give representation or warranty whatever in relation to this property; (iv) all prices, rents and premiums quoted are exclusive of VAT at current rate. Date of Publication: August 2018