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For Sale Income Producing Retail Investment FOR SALE INCOME PRODUCING RETAIL INVESTMENT KING STREET CRIEFF PH7 3HB • POPULAR PERTHSHIRE TOWN • LET TO POUNDSTRETCHER LTD • PASSING RENT £55,000 PER ANNUM • OFFERS OVER £600,000 • NIY 8.74% INCOME PRODUCING RETAIL INVESTMENT KING STREET | PERTH PH1 3TW LOCATION The town of Crieff is located in northwest Perthshire lying approximately 17 miles west of the City of Perth. Crieff lies on Dundee the A85 road, the main road west from Perth linking into the west of Scotland. A85 The A9 trunk road and M90 motorway Perth A90 both lie within approximately a 20 A85 A85 minute drive time, these being the Comrie major arterial traffic routes in the area. CRIEFF A92 A91 St Andrews Crieff has a resident population of approximately 7,500 people although A84 A9 this is boosted by the tourist trade A91 during the peak tourist season. The population of 7,500 shows some 13% growth in the last 8 years. Glenrothes M9 A91 More precisely, the subjects sit on King M90 A92 Street within a busy mixed commercial Kirkcaldy Stirling area. Surrounding properties are A811 Dunfermline mixed commercial to include the A985 town’s Hospital and to the side (north) M80 Dalgety Bay residential housing. Falkirk Dumbarton M9 TRAVEL DISTANCES A80 Tranent A1 M8 EDINBURGH ABERDEEN 105 Miles M80 3a 3 M73 M8 Livingston EDINBURGH 60 Miles Paisley GLASGOW GLASGOW 48 Miles A8 A71 A68 A702 DUNDEE 41 Miles Hamilton A73 A703 East Kilbride M74 A7 Carluke PERTH 18 Miles A71 INCOME PRODUCING RETAIL INVESTMENT KING STREET | PERTH PH1 3TW DESCRIPTION ACCOMMODATION The subjects comprise a modern purpose built The subjects have been measured in accordance retail warehouse with onsite dedicated car parking. with the RICS Property Measurement 2nd Edition and we estimate the units extend to the following The property is of steel portal frame construction, Gross Internal Area: clad externally. Access to the subjects is directly off King Street, benefitting from a central double leaf aluminium framed glazed front door with two large Description Sq m Sq ft display windows to either side. Retail 576 6,200 The property is let to Poundstretcher and trades as “Bargain Buys”. The subjects are open plan and Stock/Staff area 96 1,035 regular in configuration, fitted out in line with the WCs 16 173 corporate brand. Total 696.75 7,500 TENANCY DETAILS LANDLORD Camborne Consulting Ltd TENANT Poundstretcher Ltd – Company Number 00553014 LEASE TERM 10 Years DATE OF ENTRY 25/01/2019 DATE OF EXPIRY 24/01/2029. The lease is subject to a tenant only break option on the 5th anniversary of date of entry. RENT £55,000 per annum, exclusive of VAT. Rent paid quarterly in advance. RENT REVIEW 5th anniversary. Open Market Review, subject to the normal assumptions and disregards. REPAIRING OBLIGATION Full Repairing and Insuring, subject to photographic schedule. A copy of the lease can be made available to all genuinely interested parties from the Sole Selling Agents. TENANT COVENANT Poundstretcher Ltd have a Dun and Bradstreet (D&B) rating of 4A 1. FURTHER INFORMATION [email protected] / 01738 447433 PRICE [email protected] / 01738 445733 Offers over £600,000 are invited for the subjects, subject to the leasing agreement in place. A purchase at this level represents a NIY of 8.74% after allowing for standard purchasers costs. EPC RATING Available upon request. RATING ASSESSMENT 01738 445 733 The subjects have been entered into the valuation role with a rateable value of £59,300. g-s.co.uk The unified business rate for the year 2019/20 is 49p exclusive of water and sewerage rates with an additional supplement 2.6p for properties with a rateable value over £51,000. Graham + Sibbald 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 VAT intending purchasers or lessees, and do not constitute, nor constitute part of an offer or contract; (II) all descriptions, dimensions, references to condition and necessary permissions for use and The property is elected for Vat purposes, however it is anticipated that the sale of the occupation, and other details are given in good faith and are believed to be correct but any intending purchaser or tenants should not rely on them as statements or representations of fact but subjects will be treated as a Going Concern (TOGC) and therefore no Vat will be payable. satisfy themselves by inspection or otherwise as to the correctness of each of them; (III) no person Interested parties are encouraged to make their own enquiries in this regard. in the employment of Graham + Sibbald have any authority to make or give any representation or warranty whatsoever in relation to this property. Date of preparation of details: August 2019..
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