65-69 Murraygate, Dundee DD1 2EA INVESTMENT SUMMARY
Total Page:16
File Type:pdf, Size:1020Kb
PRIME RETAIL INVESTMENT OPPORTUNITY 65-69 Murraygate, Dundee DD1 2EA INVESTMENT SUMMARY The city is a regional shopping destination Dundee is Scotland’s fourth with a catchment population of over 350,000 largest city with a young, Out of the top retail retailing centres in the UK, educated population and Dundee is ranked as having the 25th highest growing tourism industry. total retail spend available A retail investment located within Dundee’s prime pedestrianised high street pitch Let to Bank of Scotland and Phone Clinic 4 U Limited (t/a U fone) on reversionary leases with a Offers over WAULT of 8.37 years to expiry £1.447M 76% of the income is secured to Bank of Scotland until 2028, which has a net worth of £13,083,000,000 8.5% Rental income of £130,000 per annum NIY Offers over £1,447,000 reflecting an attractive net initial yield of 8.50% after allowing for purchasers costs of 5.63% 65-69 MURRAYGATE, DUNDEE 02 “ Prime retail investment substantially let to Bank of Scotland 03 LOCATION A major UK retail destination Dundee Dundee is the fourth largest city in Scotland with a population of 148,260. The city is located nearly halfway between Edinburgh and Aberdeen, with both cities within an hour and a half drive. Population of 148,260 Dundee is known for its growing technology and life science sectors, as well as having many financial and business service occupiers. Two leading universities, the University of Dundee and the University of Catchment population Abertay are located in the city and there is a total student population of 353,000 people of 15,390. The Dundee economy is further boosted by tourism. This sector is now worth £143 million to the city and visitor numbers are forecast to reach 3 million people between 2012 and 2025. The Dundee economy is The ongoing £1billion redevelopment of Dundee’s Waterfront will further boosted by tourism. continue to improve Dundee’s success as a visitor destination. The new This sector is now worth Victoria & Albert museum will open in September 2018. It is the first £143 million ever dedicated design museum in Scotland and the only V&A museum outside of London. The 15-29 age bracket accounts for 24.5% of the population, which is proportionately higher than Scotland as a whole 65-69 MURRAYGATE, DUNDEE 04 RETAILING IN DUNDEE Over 90% of the Scottish population live within a 90 minute drive time of Dundee, and there is a catchment population of 353,000. Dundee benefits from low spend leakage and a loyal shopping 2 population of approximately 251,000. Out of the top retail retailing centres in the UK, Dundee is ranked as having the 25th highest total retail spend available. As a result of its student population, Dundee is home to many young adults. The 15-29 age bracket 1 accounts for 24.5% of the population, which is proportionately higher than Scotland as a whole. Dundee’s retail offering within the city is anchored by two shopping centres, the Overgate and the Wellgate. The Overgate centre provides the prime shopping pitch in the city and is anchored by Debenhams and Primark. The Wellgate centre meanwhile is recognised as Dundee’s value centre and tenants include B&M, Home Bargains and Iceland. The pedestrianised High Street/Murraygate acts 1 as a link between these two shopping centres, and 2 is Dundee’s traditional high street pitch. Due to its historic strength and key location, the street has seen a resurgence in recent years with renewed letting activity and tenant demand. The pitch is anchored by Marks & Spencer with key retailers including Zara, Dorothy Perkins, H&M, Monsoon/ Accessorize, Deichmann, Schuh and Disney Store. 65-69 MURRAYGATE, DUNDEE 05 SITUATION Prominent location in City Centre The property is situated at the north end of the pedestrianised section of Murraygate and is within close walking distance of both the Wellgate and Overgate shopping centres. 65-69 MURRAYGATE, DUNDEE 06 DESCRIPTION The property comprises two retail units within a two storey building. 65 Murraygate is occupied by Bank of Scotland. The ground floor is sued as a sales area, whilst the first floor is used as offices, with male and female WCs and a staff area. 69 Murraygate is occupied by Phone Clinic 4 U Ltd (t/a U Fone) and comprises a ground floor unit only. ACCOMODATION Bank of Scotland Phone Clinic 4 U Limited (t/a U Fone) The units have been measured in accordance ZONE SQ M (NIA) SQ FT (NIA) ITZA with the RICS Code of Measuring Practice ZONE SQ M (NIA) SQ FT (NIA) ITZA (Sixth Edition) and the approximate areas A 88.75 955 955 A 31.45 339 339 are as follows: B 84.29 907 454 B 29.07 313 157 C 90.07 970 243 C 9.93 107 27 D 51.44 554 69 Total 70.45 759 523 1st Floor 395.11 4,253 425 Total 709.66 7,639 2,146 65-69 MURRAYGATE, DUNDEE 07 TENANCY At the end of 2017, Bank of Scotland re-geared their lease at 65 Murraygate for a further 10 years, whilst Phone Clinic 4 U Limited (t/a U Fone) recently took a new 10 year lease at 69 Murraygate. RENT ZONE A RENT ADDRESS TENANT RENT REVIEW BREAK DATE EXPIRY DATE (PER ANNUM) (PER SQ FT) 65 Murraygate Bank of Scotland PLC £100,000 £46.59 10/10/2022 N/A 09/10/2027 69 Murraygate Phone Clinic 4 U Limited (t/a U Fone) £30,000 £57.36 19/03/2023 19/03/2023 18/03/2028 COVENANT Bank of Scotland Plc is a Bank of Scotland Phone Clinic 4 U Limited is a retail banking chain based in the growing phone accessories and United Kingdom and a division of DATE PRE-TAX PROFIT NET WORTH repair business. Other stores are Bank of Scotland, itself a wholly located in Shrewsbury, Liverpool owned subsidiary of Lloyds 31/12/2017 £2,804,000,000 £13,083,000,000 and Inverness. The landlord holds Banking Group. It is the UK’s a rental deposit of £7,500. 31/12/2016 £3,395,000,000 £13,338,000,000 largest provider of residential mortgages and savings accounts 31/12/2015 £2,653,000,000 £14,692,000,000 with around 800 branches throughout the UK. 65-69 MURRAYGATE, DUNDEE 08 FOR VIEWINGS & ENQUIRIES Proposal Offers over £1,447,000 subject to contract and exclusive of VAT are sought for the Absolute Ownership (Scottish equivalent of English freehold) of the property. This represents a net initial yield of 8.50% after allowing for purchasers costs of 5.63% based on Scotland’s Land and Buildings Transactions Tax (LBTT). For further information or to arrange a viewing please contact: Lucy Bell [email protected] +44 (0) 0131 222 4588 Stephen Bibby [email protected] +44 (0) 0131 222 4523 MISREPRESENTATION ACT Cushman and Wakefield, their clients and any joint agents give notice that: (i) These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. (ii) No person in the employment of the agent(s) has any authority to make or give representation or warranty whatever in relation to this property. (iii) Floor areas, measurements or distances given are approximate. Unless otherwise stated, any rents, or outgoings quoted are exclusive of VAT. (iv) Any descriptions given of the property cannot be taken to imply, it is in good repair, has all necessary consents and is free of contamination, or that services and facilities are in working order. Interested parties are advised to carry out their own investigations as required. May 2018. .