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High Profile Multi-Let Retail Investment with Upper Floors Investment Summary MURRAYGATE DUNDEE 2-6 DD1 2AZ High Profile Multi-Let Retail Investment with Upper Floors Investment summary Let to Monsoon Holdings Ltd, Yours Clothing Ltd, AG1 Trading Ltd t/a Refill Station W.A.U.LT of approx. 3.6 years to breaks and 5.5 years to expiries Category A-listed 4-storey, corner building with vacant upper floors Total net internal area of approx. 13,074 sq ft Total current passing rent of £211,000 pa Offers over £2.4m (exclusive of VAT) Net initial yield of 8.27% INVERNESS A9 ABERDEEN Dundee is Scotland’s TO A9 fourth largest city, set in INVERNESS a stunning location at the A90 mouth of the River Tay on Scotland’s East Coast DUNDEE PERTH A90 ST ANDREWS A9 The city is located approximately Newly opened state of the art 22 miles east of Perth and 14 miles Dundee railway station with STIRLING M90 north of St Andrews passenger footfall in excess of A92 FIRTH OF FORTH 1.8million people each year DUMFERMLINE Resident population of circa M9 FALKIRK 148,000 people Dundee Airport is 2 miles outside M80 of the city centre with flights to M8 Catchment in excess of 640,000 London Stansted taking 1 hour GLASGOW EDINBURGH people within 60 minutes’ drive and 50 minutes BERWICK-UPON- time TWEED Edinburgh International Airport is The city benefits from excellent 1 hour drive time away road, rail and air connections M74 A1 Travel Times Location Rail Drive Bus Edinburgh 1 hr 5 mins 1 hr 23 mins 1 hr 30 mins Glasgow 1 hr 20 mins 1 hr 36 mins 1 hr 50 mins NEWCASTLE Aberdeen 1 hr 10 mins 1 hr 21 mins 1 hr 15 mins UPON TYNE CARLISLE Stirling 49 mins 1 hr 7 mins 1 hr 31 mins Perth 21 mins 32 mins 30 mins St Andrews 15 mins 27 mins 30 mins M6 TO MANCHESTER, BIRMINGHAM TO & LONDON LONDON M1 SHOPPING CENTRE GALLAGHER RETAIL PARK CITY MURRAYGATE SEAGATE BUS QUAY DUNDEE 2-6 DD1 2AZ STATION THE McMANUS GALLERY SHOPPING CENTRE SLESSOR GARDENS DUNDEE TAY ROAD BRIDGE DUNDEE RAILWAY STATION RIVER TAY RRS DISCOVERY Scotland boasts one of the hottest Dundee is a dynamic city with cities in the world right now an exciting future driven by the development of Dundee Waterfront and a wave of investment that is transforming A new cultural capital the economy spearheaded by for a new Scotland the V&A Dundee. The V&A Dundee provides the centre piece for the £1 billion transformation of the There’s never been a better time Waterfront area and is the to visit the Scottish city International Centre of Design for Scotland and the first ever design museum to be built in the UK outside of London. Since Dundee – A little pot of gold opening in September it has at the end of the A92 attracted 6,000 visitors per day. The region is also famous for: Recognised excellence in academia and The coolest little city in the UK research - Two world class University’s in the city and University of St Andrews within a 45 minute drive. One of the highest student population ratios in the UK - 1:5, with 50 thousand studying within 30 minutes of the city. Best in Europe – 2018 Top Ten Hotlist A globally recognised reputation for teaching and research - in areas as diverse as biotechnology and computer gaming. UK’s first Unesco City of Design - joining their creative cities network of global Hailed the ‘cultural comeback kid’ cities including: Seoul, Kobe, Montréal, and named as one of the seven most Singapore, Shenzhen, Berlin, Buenos Aires, Helsinki, Bilbao and others. ‘design-savvy cities in the world City population 148,270 people - with approximately 306,300 people living in a 30 minute drive time of the city. Situation Service Charge The subjects are located on Murraygate the prime retail thoroughfare in Managing agents are appointed in relation to the property and costs incurred Dundee the city linking the two shopping centres of Overgate and Wellgate. More in the management, upkeep and provision of certain common services are specifically the subjects occupy a prominent corner position on the north side recovered via the service charge. of the pedestrianised street with the return frontage onto Commercial Street. Further information can be provided. Murraygate forms Dundee’s traditional High Steet pitch and has continued to improve in recent years with a strong tenant profile anchored by M&S. Other surrounding occupiers include Zara, Size?, Costa, HSBC, and Mountain Warehouse. Description The property comprises a distinctive Category A listed William Mackison designed corner building of traditional sand stone construction with a pitched and slated roof. Accommodation is arranged over four storeys with three modern retail units at ground floor level, ancillary storage/staff accommodation and vacant space (finished to shell specification) above. The upper floors are severely under-utilised and present a real opportunity to enhance value by exploring alternative uses (subject to planning). Floor plans and additional photos can be provided. Accommodation UNIT A (SQ FT) UNIT B (SQ FT) UNIT C (SQ FT) TOTAL (SQ FT) G 520 1,681 1,439 3,640 1 - 2,051 1,253 3,304 2 - 2,424 1,309 3,733 3 - 2,397 - 2,397 Total 520 8,553 4,001 13,074 Unit A ITZA: 439 sq ft Unit B ITZA: 1,777 sq ft Unit C ITZA: 1,308 sq ft Tenure Outright ownership interest (Scottish equivalent of English Freehold). Experian Goad Plan Created: 28/03/2019 50 metres Created By: Ryden LLP Copyright and confidentiality Experian, 2019. © Crown copyright and For more information on our products and services: database rights 2019. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 Tenancy & Covenant UNIT EPC RATING TENANT COVENANT AREA (Sq ft) LEASE START RENT REVIEW LEASE EXPIRY RENT PA COMMENTS (TBO) A F AG1 Trading Ltd Local Total NIA: 520 01/08/2018 N /A 31/07/2023 Stepped Rent t/a Refill Station 57/100 Creditsafe rating ITZA: 439 Year 1 - £16,000 (newly incorporated) Year 2 - £20,000 www.refillstation.online Year 3 - £27,500 Year 4 - £28,500 Year 5 - £30,000 (£60 psf ZA) B F Yours Clothing Ltd National Total NIA: 8,553 06/11/2017 06/11/2022 05/11/2027 £85,000 Schedule of Condition 72/100 Creditsafe rating. ITZA: 1,777 (06/11/2022) (£46.00 psf ZA) www.yoursclothing.co.uk T/O £88.26M RP £6.56M NW £9.53M (as of Jan 2018) C TBC Monsoon Holdings Ltd National Total NIA: 6,344 14/10/1997 N /A 13/10/2022 £110,000 t/a Accessorize 62/100 Creditsafe rating. ITZA: 1,308 (£84.00 psf ZA) NW £25.24M uk.accessorize.com (as of Aug 2018) TOTAL Total NIA: 13,074 £211,000 Unit C - Accessorize Unit B - Yours Clothing Price Unit C - Refill Station We are instructed to invite offers over £2.4m (exclusive of VAT) representing a net initial yield of 8.27% assuming purchaser’s costs including LBTT of 6.32%. VAT We understand the property is VAT elected and therefore VAT will be payable on the purchase price. It is anticipated the transaction can be treated as a transfer of a going concern (TOGC). Viewing and further information Nick Armstrong Iain Taylor E: [email protected] E: [email protected] T: 0131 473 3223 T: 0131 473 3264 Ryden is a limited liability partnership registered in Scotland. Messrs Ryden for themselves and for 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 intended purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions 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; (iii) no person in the employment of Messrs Ryden has any authority to make or give any representation or warranty whatever in relation to this property. April 2019..
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