Tel. 0141 337 7575 @Allied_Scotland www.alliedsurveyorsscotland.com
FOR SALE OPTICAL EXPRESS RETAIL PORTFOLIO
• A portfolio of three self-contained retail investments • Prominent town centre locations in Scotland's Central Belt • All leased to Optical Express Limited • Total Rent: £32,250 per annum • Offers Over £320,000
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Tel. 0141 337 7575 @Allied_Scotland
www.alliedsurveyorsscotland.com
INVESTMENT SUMMARY
Opportunity to acquire a portfolio of 3 well-located single let retail units.
Established retail locations across Scotland's Central Belt - (1) Glasgow (2) Cowdenbeath (3) Leven Let to Optical Express Limited.
WAULT of 3.69 years to expiry and 3.03 years to breaks.
Total income £32,250 per annum.
Seeking offers in excess of £320,000 (exclusive of VAT) for the benefit of our client's heritable interests. A purchase at this level would provide a net initial yield of 9.77%, after purchaser costs of 3.21%.
Offers may be considered for individual units.
Allied Surveyors Scotland plc registered office address is Herbert House, 24 Herbert Street, Glasgow, G20 6NB. Registration No: SC180267 – Registered in Scotland. A list of Directors can be obtained at this address. Allied Surveyors Scotland plc for themselves and for their client whose agent they are give notice that: (1) These particulars are set out as a general outline only for the guidance of intended purchasers or tenants and do not constitute any part of an offer or contract. (2) All descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchaser or tenant should not rely on them as statements or presentations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (3) No person in the employment of Allied Surveyors Scotland plc has any authority to make or give representation or warranty whatever in relation to this property. (4) Unless otherwise stated all prices and rents are quoted exclusive of VAT. Prospective purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction. (5) All plans based upon Ordnance Survey maps are reproduced with the sanction of the controller of H.M. Stationery. Publication Date: June 2019
www.alliedsurveyorsscotland.com
406/408 VICTORIA ROAD, GLASGOW G42 8YS
LOCATION
The property is located in the city of Glasgow, which is situated on the west side of the central belt of Scotland. The city is situated approximately 40 miles to the west of Edinburgh and has an indigenous population in the region of 650,000. The M8 motorway, which travels through the city, provides access to Edinburgh to the east with the M74, which flanks the southeast of the city centre, providing links to the south. The city has excellent local and national rail/bus links with Glasgow International Airport approximately 9 miles to the west of the city centre providing links to destinations throughout Europe and the rest of the world. The property is situated on the west most side of Victoria Road, immediately to the south of its junction with Allison Street in the Govanhill area of the city’s south side, approximately 2 miles from the city centre. It forms part of a parade containing a mix of occupiers that include Tesco, Cancer Research and Boots.
DESCRIPTION
The subjects comprise a ground floor double retail unit contained within a traditional four storey mid terraced tenement building with residential dwellings on the uppers levels. The unit benefits from a large modern frontage with large display windows
ACCOMMODATION
FLOOR USE AREA (SQ M) AREA (SQ FT) ITZA (SQ FT) Ground Retail 64.66 696 Total: 64.66 696 644
Allied Surveyors Scotland plc registered office address is Herbert House, 24 Herbert Street, Glasgow, G20 6NB. Registration No: SC180267 – Registered in Scotland. A list of Directors can be obtained at this address. Allied Surveyors Scotland plc for themselves and for their client whose agent they are give notice that: (1) These particulars are set out as a general outline only for the guidance of intended purchasers or tenants and do not constitute any part of an offer orAllied contract. Surveyors (2) All Scotland descriptions, plc registered dimensions, office reference address to is conditionHerbert House, and necessary 24 Herbert permissions Street, Glasgow, for use andG20 occupation 6NB. Registration and other No: details SC180267 are given– Registered without inrespon Scotland.sibility A andlist ofany Directors intending can purchaser be obtained or tenant at this should address. not Alliedrely on Surveyors them as statementsScotland plc orfor presentations themselves and of forfact their but clientmust satisfywhose themagentselves they areby giveinspection notice orthat: otherwise (1) These as particulars to the correctness are set out of as each a general of them. outline (3) No only person for the in guidance the employment of intended of Alliedpurchasers Surveyors or tenants Scotland and plcdo nothas constituteany authority any topart make of an or offer give representationor contract. (2) orAll warranty descriptions, whatever dimensions, in relation reference to this property.to condit (4)ion Unlessand necessary otherwise permissions stated all prices for use and and rents occupation are quoted and exclusive other details of VAT. are Prospective given without purchasers responsibility or lessees and mustany intending satisfy themselves purchaser or tenant should not rely on them as statements or presentations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (3) No person in the employment of Allied Surveyors Scotland plc has any authority to make or give independentlyrepresentation as or to warrantythe incidence whatever of VAT inin respect relation of anyto thistransaction. property. (5) All(4) plans Unless based otherwise upon Ordnance stated Surveyall prices maps and are rep rentsroduced are with quoted the sanction exclusive of the of controller VAT. ofProspective H.M. Stationery. purchasers Publication or Date:lessees March must 2019 satisfy themselves independently as to the incidence of VAT in respect of any transaction. (5) All plans based upon Ordnance Survey maps are reproduced with the sanction of the controller of H.M. Stationery. Publication Date: June 2019
www.alliedsurveyorsscotland.com
TENANCY
ADDRESS: LEASE TENANT WAULT WAULT AREA AREA RENT RENT/ COMMENT EXPIRY BREAK (EXP) (BRK) (NIA) (ITZA) (P.A.) SQ FT OPTION SQ FT SQ FT
406-408 Victoria Road 13 September Not 4.25 4.25 696 644 £13,250 £20.57 FRI TERMS: Half Glasgow 2023 applicable rent incentive until G42 8YS 13 September 2019, will be topped up by vendor. Schedule of Dilapidations commuted into extended lease term.
ENERGY PERFORMANCE CERTIFICATE
Energy Performance Indication – E
RATING ASSESSMENT
The property is entered in the Valuation Roll from 1 April 2017 at £14,800. The property is therefore eligible for 100% rates relief under the Small Business Bonus Scheme.
Allied Surveyors Scotland plc registered office address is Herbert House, 24 Herbert Street, Glasgow, G20 6NB. Registration No: SC180267 – Registered in Scotland. A list of Directors can be obtained at this address. Allied Surveyors Scotland plc for themselves and for their client whose agent they are give notice that: (1) These particulars are set out as a general outline only for the guidance of intended purchasers or tenants and do not constitute any part of an offer or contract. (2) All descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchaser or tenant should not rely on them as statements or presentations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (3) No person in the employment of Allied Surveyors Scotland plc has any authority to make or give representation or warranty whatever in relation to this property. (4) Unless otherwise stated all prices and rents are quoted exclusive of VAT. Prospective purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction. (5) All plans based upon Ordnance Survey maps are reproduced with the sanction of the controller of H.M. Stationery. Publication Date: June 2019 themselves independently as to the incidence of VAT in respect of any transaction. (5) All plans based upon Ordnance Survey maps are reproduced with the sanction of the controller of H.M. Stationery. Publication Date: March 2019
Tel. 0141 337 7575 @Allied_Scotland www.alliedsurveyorsscotland.com
319 HIGH STREET, COWDENBEATH KY4 9QJ
LOCATION
The subject property is located within West Central Fife in the town of Cowdenbeath which is positioned 5 miles east of Dunfermline, 4 miles west of Kirkcaldy and 18 miles north of Edinburgh. The town has a resident population in the region of 12,000 and is well-served by local amenities including three primary schools, a secondary school and a leisure centre. The town benefits from good transport links being in close proximity to the A92 road which connects the town to the M90 and the national motorway network thereafter. Cowdenbeath train station is positioned centrally within the town and is within walking distance from the subject property. The subjects are situated on the eastern side of High Street, the main thoroughfare within the town centre and therefore benefits from good levels of passing vehicle traffic. The property forms a central part of a parade containing a mix of occupiers that include Iceland, Greggs, Dominoes, Marie Curie and Semi Chem.
DESCRIPTION
The subjects comprise a ground floor retail unit contained within a traditional single storey mid terraced building. The unit benefits from a traditional double fronted facade with recessed entrance and large display windows.
ACCOMMODATION
FLOOR USE AREA (SQ M) AREA (SQ FT) ITZA (SQ FT) Ground Retail 60.01 646 Total: 60.01 646 527
Allied Surveyors Scotland plc registered office address is Herbert House, 24 Herbert Street, Glasgow, G20 6NB. Registration No: SC180267 – Registered in Scotland. A list of Directors can be obtained at this address. Allied Surveyors Allied Surveyors Scotland plc registered office address is Herbert House, 24 Herbert Street, Glasgow, G20 6NB. Registration No: SC180267 – Registered in Scotland. A list of Directors can be obtained at this address. Allied Surveyors Scotland plc for themselves and for their client whose agent they are give notice that: (1) These particulars are set out as a general outline only for the guidance of intended purchasers or tenants and do not constitute any part of an offer Scotland plc for themselves and for their client whose agent they are give notice that: (1) These particulars are set out as a general outline only for the guidance of intended purchasers or tenants and do not constitute any part of an offer or contract. (2) All descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchaser or tenant should not rely on them as or contract. (2) All descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchaser or tenant should not rely on them as statements or presentations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (3) No person in the employment of Allied Surveyors Scotland plc has any authority to make or give statements or presentations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (3) No person in the employment of Allied Surveyors Scotland plc has any authority to make or give representation or warranty whatever in relation to this property. (4) Unless otherwise stated all prices and rents are quoted exclusive of VAT. Prospective purchasers or lessees must satisfy themselves representation or warranty whatever in relation to this property. (4) Unless otherwise stated all prices and rents are quoted exclusive of VAT. Prospective purchasers or lessees must satisfy themselves independently as to the incidenceincidence ofof VATVAT in respectrespect of anyany transaction.transaction. (5)(5) AllAll plansplans basedbased uponupon OrdnanceOrdnance SurveySurvey mapsmaps areare reproduced reproduced with with the the sanction sanction of of the the controller controller of of H.M. H.M. Stationery. Stationery. Publication Publication Date: Date: June March 2019 2019
Tel. 0141 337 7575 @Allied_Scotland
www.alliedsurveyorsscotland.com
TENANCY
ADDRESS: LEASE TENANT WAULT WAULT AREA AREA RENT RENT/ COMMENT EXPIRY BREAK (EXP) (BRK) (NIA) (ITZA) (P.A.) SQ FT OPTION SQ FT SQ FT
319 High Street 14 June 2023 Not 4 4 646 527 £7,000 £13.28 FRI TERMS: Half rent Cowdenbeath Applicable incentive until 15 June KY4 9QJ 2019, will be topped up by vendor. Schedule of Dilapidations commuted into extended lease term.
ENERGY PERFORMANCE CERTIFICATE
Energy Performance Indication – G
RATING ASSESSMENT
The property is entered in the Valuation Roll from 1 April 2017 at £6,700. The property is therefore eligible for 100% rates relief under the Small Business Bonus Scheme.
Allied Surveyors Scotland plc registered office address is Herbert House, 24 Herbert Street, Glasgow, G20 6NB. Registration No: SC180267 – Registered in Scotland. A list of Directors can be obtained at this address. Allied Surveyors Scotland plc for themselves and for their client whose agent they are give notice that: (1) These particulars are set out as a general outline only for the guidance of intended purchasers or tenants and do not constitute any part of an offer or contract. (2) All descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchaser or tenant should not rely on them as statements or presentations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (3) No person in the employment of Allied Surveyors Scotland plc has any authority to make or give representation or warranty whatever in relation to this property. (4) Unless otherwise stated all prices and rents are quoted exclusive of VAT. Prospective purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction. (5) All plans based upon Ordnance Survey maps are reproduced with the sanction of the controller of H.M. Stationery. Publication Date: June 2019 themselves independently as to the incidence of VAT in respect of any transaction. (5) All plans based upon Ordnance Survey maps are reproduced with the sanction of the controller of H.M. Stationery. Publication Date: March 2019
Tel. 0141 337 7575 @Allied_Scotland www.alliedsurveyorsscotland.com
26 HIGH STREET, LEVEN KY8 4LZ
LOCATION
Leven is located within East Fife on the east coast of Scotland approximately 37 miles north of Edinburgh. The town has a resident population of circa 8,850 people (2008) and a wider catchment within the Levenmouth area including the towns of Methil and Buckhaven in excess of 38,000 people. Leven is well positioned for access to Scotland’s motorway network with the A915/A92 connecting Leven to the M90 motorway. The property is located on the west side of High Street within the pedestrianised section of the street. The property forms a central part of a parade containing a mix of national and local retailers including New Look, Iceland, Card Factory and William Hill bookmakers.
DESCRIPTION
The subjects comprise a retail unit over ground and first floor levels contained within a modern two storey mid terraced building. The façade benefits from a modern frontage with full height display windows.
ACCOMMODATION
FLOOR USE AREA (SQ M) AREA (SQ FT) ITZA (SQ FT) Ground Retail 57.04 614 First Office 31.40 338 Total: 88.44 952 571
Allied Surveyors Scotland plc registered office address is Herbert House, 24 Herbert Street, Glasgow, G20 6NB. Registration No: SC180267 – Registered in Scotland. A list of Directors can be obtained at this address. Allied Surveyors Scotland plc for themselves and for their client whose agent they are give notice that: (1) These particulars are set out as a general outline only for the guidance of intended purchasers or tenants and do not constitute any part of an offer or contract. (2) All descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchaser or tenant should not rely on them as statements or presentations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (3) No person in the employment of Allied Surveyors Scotland plc has any authority to make or give representation or warranty whatever in relation to this property. (4) Unless otherwise stated all prices and rents are quoted exclusive of VAT. Prospective purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction. (5) All plans based upon Ordnance Survey maps are reproduced with the sanction of the controller of H.M. Stationery. Publication Date: June 2019
Tel. 0141 337 7575 @Allied_Scotland
www.alliedsurveyorsscotland.com
TENANCY
ADDRESS: LEASE TENANT WAULT WAULT AREA AREA RENT RENT/ COMMENT EXPIRY BREAK (EXP) (BRK) (NIA) (ITZA) (P.A.) SQ FT OPTION SQ FT SQ FT
26 High Street 4 March 2022 5 March 2.83 0.83 952 571 £12,000 £21.02 FRI TERMS: Schedule Leven 2020 of Dilapidations KY8 4LZ (6 months completed at notice) renewal as part of negotiations.
ENERGY PERFOMRANCE CERTIFICATE
Energy Performance Indication – G
RATING ASSESSMENT
The property is entered in the Valuation Roll from 1 April 2017 at £11,400. The property is therefore eligible for 100% rates relief under the Small Business Bonus Scheme.
Allied Surveyors Scotland plc registered office address is Herbert House, 24 Herbert Street, Glasgow, G20 6NB. Registration No: SC180267 – Registered in Scotland. A list of Directors can be obtained at this address. Allied Surveyors Scotland plc for themselves and for their client whose agent they are give notice that: (1) These particulars are set out as a general outline only for the guidance of intended purchasers or tenants and do not constitute any part of an offer or contract. (2) All descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchaser or tenant should not rely on them as statements or presentations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (3) No person in the employment of Allied Surveyors Scotland plc has any authority to make or give representation or warranty whatever in relation to this property. (4) Unless otherwise stated all prices and rents are quoted exclusive of VAT. Prospective purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction. (5) All plans based upon Ordnance Survey maps are reproduced with the sanction of the controller of H.M. Stationery. Publication Date: June 2019
www.alliedsurveyorsscotland.com
PORTFOLIO SUMMARY
ADDRESS 406/408 Victoria Road 319 High Street 26 High Street Portfolio Glasgow Cowdenbeath Leven G42 8YS KY4 9QJ KY8 4LZ LEASE EXPIRY 13 September 2023 15 June 2023 5 March 2022 TENANT BREAK Not applicable. Not applicable. 5 March 2020 OPTION (6 months notice) WAULT (EXP) 4.25 4 2.83 3.69 WAULT (BRK) 4.25 4 0.83 3.03 AREA (NIA) SQ FT 696 646 Ground: 614 2,294 First: 338 Total: 952 AREA (ITZA) SQ FT 644 527 571 1,742 RENT (P.A.) £13,250 £7,000 £12,000 £32,250 RENT / SQ FT £20.57 £13.28 £21.03 COMMENTS: FRI TERMS: Half rent FRI TERMS: Half rent incentive FRI TERMS: Schedule of incentive until 13 until 15 June 2019, will be topped Dilapidations completed September 2019, will be up by the vendor. Schedule of at renewal as part of topped up by the vendor. Dilapidations commuted into negotiations. Schedule of Dilapidations extended lease term. commuted into extended lease term.
COVENANT VAT
Optical Express Limited was incorporated in 1995, the Not applicable. business having been set up in 1991, and has grown to be one of the UK’s leading eyecare providers which OFFERS trades from over 170 locations throughout the UK and Europe. Website Address: www.opticalexpress.co.uk In the normal Scottish form addressed to this office.
TENURE LEGAL COSTS
The Vendor is selling the Heritable Title (Scottish Each party to bear their own legal costs. equivalent of English freehold).
VIEWING AND FURTHER INFORMATION
By strict appointment through the sole selling agent Allied Surveyors Scotland plc.
Gregor Hinks | Grant Strang | Tel: 0141 337 7575
[email protected] | [email protected]
Allied Surveyors Scotland plc registered office address is Herbert House, 24 Herbert Street, Glasgow, G20 6NB. Registration No: SC180267 – Registered in Scotland. A list of Directors can be obtained at this address. Allied Surveyors Scotland plc for themselves and for their client whose agent they are give notice that: (1) These particulars are set out as a general outline only for the guidance of intended purchasers or tenants and do not constitute any part of an offer or contract. (2) All descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchaser or tenant should not rely on them as statements or presentations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (3) No person in the employment of Allied Surveyors Scotland plc has any authority to make or give representation or warranty whatever in relation to this property. (4) Unless otherwise stated all prices and rents are quoted exclusive of VAT. Prospective purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction. (5) All plans based upon Ordnance Survey maps are reproduced with the sanction of the controller of H.M. Stationery. Publication Date: June 2019