FOR SALE - PRIME HIGH STREET RETAIL INVESTMENT HIGH STREET, MELROSE TD 9PA Sheridan Property Consultants
HIGH STREET, MELROSE TD 9PS INVESTMENT SUMMARY Unique retail investment in the sought after Scottish Borders town of Melrose; New 0 year lease from 0 October 207; Let to Chest Heart & Stroke Scotland Limited (A Covenant); Passing rent of 20,000 per annum; Fixed rental uplift to 2,000 per annum in October 2022; We are instructed to seek offers in excess of 297,00 (TWO HUNDRED AND NINETY-SEVEN THOUSAND FIVE HUNDRED POUNDS STERLING) exclusive of VAT. A purchase at this level would show a net initial yield of.0% and a reversionary yield of 8.% after allowing for purchasers costs of.29% including LBTT (Land Building and Transactions Tax). FOR SALE PRIME RETAIL INVESTMENT
HIGH STREET, MELROSE TD 9PS Location: Melrose is a picturesque town situated in the Scottish Borders, home to the Rugby Sevens and Melrose Rugby Club. The town is famous for the Melrose Abbey, which dates back to the early 2th Century and is one of the most beautiful monastic ruins in Great Britain. It is the site of the burial of the heart of the Scottish King, Sir Robert the Bruce, whose heart was discovered in the grounds of the abbey during an archaeological dig by high school students. The casket was placed in a sealed lead cylinder and then re-buried in its proper resting place. The remains of the Abbey are cared for by Historic Scotland. Melrose is situated between the Eildon Hills and River Tweed. The town is very popular with tourists and provides an extensive range of quality amenities ranging from a variety of specialist shops, small supermarkets, restaurants and a selection of hotels. The Borders General Hospital also lies within walking distance and the Scottish Borders Council HQ is located in Newton St Boswells, less than miles distant. Edinburgh is within easy commuting reach by car via the A8 or A7 or by Borders Railway, with the station at Tweedbank a short drive away and has a journey time to Edinburgh of around minutes. WEST END LANE West End Post Posts Car Park 2 St Dunstan's Car Park El Sub Sta Bank ST DUNSTAN'S LANE Westview Posts Pavilion 8.m 8 Orchard Cottage Buccleuch House 88.m Braidwood Head 2 Post Office TCB BUCCLEUCH STREET THE WYND Warehouse Fiorlin to Little Fordel Car Park Morow Gardens to 0 Bow Cottage Afforden Wilderness King's Arms Hotel Situation: The subject property is situated on the north-west side of High Street, adjacent to the junction of Buccleuch Street to the north. The High Street in Melrose, together with Market Square, which is a continuation of the high street is the principal retailing thoroughfare in Melrose s Town Centre. 9 8 2 7 Dugmoir Court Cottage George and Abbotsford Hotel HIGH STREET 2 8 Hall The Townhouse Hotel 7 9 Bank El Sub Sta 7 Hall Surrounding occupiers are a mix of national and local operators which include Spar, Boots Pharmacy, Brasserie at The Townhouse, The Fabric Shop, Co-op, Rettie & Co. Estate Agents and the popular Ship Inn Bar & Restaurant. Melrose Rugby Club and Melrose Abbey are also within walking distance. 0 2 The Pendstead Burt's Hotel Ormiston Institute LB MARKET SQUARE 2 Market Cross
HIGH STREET, MELROSE TD 9PS Description: The subjects comprise a large, mid-terraced, ground floor retail unit held within a two storey plus attic traditional stone-built property. The unit benefits from an extensive glazed frontage which extends to approximately 9 metres offering one of the largest display fronts on the High Street. Internally, the subjects offer generous, open-plan retail space towards the front whilst there is a large rear store with full height loading doors which can be accessed off Buccleuch Street. Accommodation: We have measured the subject premises in accordance with the RICS Code of Measuring Practice 2007 (Sixth Edition) and would estimate that the subjects extend to the following net internal area: TOTAL 27. SQM 2,0 SQFT Tenure: The property is held on a Heritable title (Scottish equivalent of English Freehold). Tenancy: The subject property is let to Chest Heart and Stroke Scotland Limited on a new 0 year lease from October 207 expiring 0 October 2027 at a passing rent of 20,000 per annum. There is a tenant only break option on 0 October 2022. The lease is on Full Repairing & Insuring terms, subject to a schedule of condition. Should the tenant not exercise their break in 2022, the rent will benefit from a fixed uplift to 2,000 per annum.
HIGH STREET, MELROSE TD 9PS Covenant: Chest Heart & Stroke Scotland Limited have a Dun & Bradstreet rating of A. For the year ending March 207 the company reported sales turnover in excess of million, profit in excess of 2.9 million and a Tangible Net Worth in excess of 2. million. EPC: We would advise that the Energy Performance rating of E. Proposal: We are instructed to seek offers in excess of 297,00 (TWO HUNDRED AND NINETY-SEVEN THOUSAND FIVE HUNDRED POUNDS STERLING) exclusive of VAT. A purchase at this level would show a net initial yield of.0% and a reversionary yield of 8.% after allowing for purchasers costs of.29% including LBTT (Land Building and Transactions Tax). VAT: Our clients have elected to waive exemption for VAT and accordingly VAT will be payable on the purchase price, although the property may be sold as a 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 7 One, 7 George Street, Edinburgh EH2 2HN Tel 0 00 029 Sheridan Property Consultants Stewart Sheridan 0770 90898 stewart@sheridanproperty.co.uk Cathal Keane 07808 2722 cathal@sheridanproperty.co.uk Graeme Millar 072 280 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: May 208