FOR SALE UNITS 3&4 8-10 MILL STREET ALLOA FK10 1DT PROMINENT RETAIL INVESTMENT OFFERS OVER 175,000 (11.75% NIY) Sheridan Property Consultants
Investment Summary: Rare opportunity to acquire a prime retail unit in the heart of Alloa town centre Situated on a prominent corner position to Candleriggs & Mill Street Let to Semi-Chem Ltd who did not exercise their 2018 break option Parent company guarantee from Scottish Midland Co-operative t/a Scotmid (5A1 Covenant) Total passing rent of 21,000 per annum ( 14.87/sq ft Zone A) Future asset management and sub-division potential We are instructed to seek offers over 175,000 (ONE HUNDRED AND SEVENTY FIVE THOUSAND POUNDS STERLING) exclusive of VAT. A purchase at this level would reflect an attractive Net Initial Yield of 11.75% assuming purchaser s costs of 2.23%. Location: Alloa is located approximately nine miles east of Stirling and six miles north west of the Kincardine Bridge, offering excellent vehicular access to the M9 and M80 motorway networks which in turn leads to Edinburgh (40 miles) and Glasgow (25 miles). It is the principal town in Clackmannanshire and has a resident population of approximately 20,000 persons with a wider catchment area of 25,000. The Stirling-Alloa Railway line has recently re-opened providing excellent links between Kincardine and Stirling via Alloa. The new rail line has substantially improved access to and from the town which has benefitted the local economy enormously. 3-4 MILL STREET, ALLOA FK10 1EA P1
Situation: The subjects occupy a prominent, corner position on the south-east side of Mill Street at the intersection of the one-way system within the town centre linking Mill Street from the south and Shillinghill to the north. The subjects benefit from return frontage onto the pedestrianised Candleriggs which provides direct links to the Candleriggs and Kilncraigs car parks. Surrounding occupiers include Lidl, Dominos, Baynes, Greggs, Bella Vita, Marie Curie Cancer Research & Betfred. Description: The subjects comprise two amalgamated retail units within a modern designed building constructed less than 20 years ago and form one large, open plan sales store with partially sub-divided space to the rear for stores, staff and WC facilities. The subjects are fitted out in the corporate style of Semichem. The subjects occupy the immediate ground floor of a four storey, red sandstone and brick building held under a pitched and slated roof. The premises have the potential to be readily sub-divided back to form two separate retail units as the space internally benefits from two pedestrian access points one on the corner of Mill Street & Candleriggs and one fronting directly onto Mill Street. Accommodation: We have been provided with the following areas of the subject property which have been measured in accordance with the RICS Code of Measuring Practice 2007 (Sixth Edition): AREA SIZE (SQM) SIZE (SQFT) TOTAL NET INTERNAL AREA 149.35 1,608 TOTAL REDUCED FLOOR AREA 131.15 1,412 3-4 MILL STREET, ALLOA FK10 1EA P2
A9096 Road to Stirling A907 FOR SALE semi-chem TOWN CENTRE PFS Tenancy Information: The subject property is let to Semi-Chem Limited on Full Repairing & Insuring terms from 18 December 2006 until 31 January 2021 at a passing rent of 21,000 per annum ( 14.87/sq ft Zone A), paid quarterly in advance. The tenant had a break option on 1 February 2018 which they did not exercise. The lease is guaranteed by the parent company Scottish Midland Co-operative Society Limited t/a Scotmid. Tenure: The property is held on a Heritable title (Scottish equivalent of English Freehold). 3-4 MILL STREET, ALLOA FK10 1EA P3
Company Information: Semichem is a discount health and beauty retailer with 90 stores across Scotland, Northern Ireland and the North East of England. Semichem was founded by the Kerr family in Ayrshire in the 1980s before being bought over by The Scotmid Cooperative in 1995, when semichem had only 25 stores. It has since grown to be a recognised retailer on the majority of towns and cities high streets. The lease is guaranteed by Semichem s parent company, The Scottish Midland Co-operative Society who have the highest possible Dun and Bradstreet credit rating of 5A1. For the accounts posted 28 January 2017 the company reported a turnover of 376 million, a net profit of 6.2 million, retained reconciliation profit of 55 million and a tangible net worth of 69.1 million. EPC: We are advised that the Energy Performance Ratings of the property is C. Proposal: We are instructed to seek offers over 175,000 (ONE HUNDRED AND SEVENTY FIVE THOUSAND POUNDS STERLING) exclusive of VAT. A purchase at this level would reflect an attractive Net Initial Yield of 11.75% assuming purchaser s costs of 2.23%. 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 Costs: Each party will be responsible for their own legal costs incurred in connection with the transaction. Further Information: Please contact the sole selling agent:. Sheridan Property Consultants Sheridan Property Consultants 37 One, 37 George Street, Edinburgh EH2 2HN Tel 0131 300 0296 Stewart Sheridan 07740 940898 stewart@sheridanproperty.co.uk Cathal Keane 07808 627224 cathal@sheridanproperty.co.uk Graeme Millar 07523 512804 graeme@sheridanproperty.co.uk 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: September 2018