INVESTMENT Principally Let to: FOR SALE A Prominent Convenience Store Investment in a Highly Desirable Location UNIT 1 LET TO: Co-operative Food Group Limited UNIT 2: VACANT Campbell Place, Lochwinnoch Road, Kilmacolm PA13 4LE Investment Summary • Two new build retail units totalling 5,201 sq ft prominently situated on Lochwinnoch Road in the affluent village of Kilmacolm, 15 miles west of the city of Glasgow • The units form part of a vibrant retail parade located in the heart of the village. The ground floor units benefit from a prime trading position with extensive frontage facing on to the main thoroughfare in Kilmacolm • Unit 1: Convenience Store totalling 4,070 sq ft (3,000 sq ft ground floor and 1,070 sq ft basement) let to Co-operative Group Food Limited on a 15-year lease with a lease commencement date of 6 December 2018 (no break options). There is a remaining term of just under 14 years. A passing rent of £63,000 per annum with RPI rent reviews (collar of 1% and cap of 4%), compounded annually and payable 5 yearly • Unit 2: Totalling 1,131 sq ft is vacant and will be sold with a rental guarantee of £20,000 per annum (£17.68 per sq ft) • Seeking offers in excess of £1,250,000 reflecting a NIY of 6.27% assuming purchaser’s costs of 5.88% Campbell Place, Lochwinnoch Road, Kilmacolm PA13 4LE Location & Situation BARR’S BRAE Kilmacolm is a highly desirable village in the historic county of Renfrewshire, INVESTMENT in the lowlands of Scotland. The village is located 15 miles west of the city of OPPORTUNITY GILBURN ROAD Glasgow and is only a 15-minute drive from Glasgow Airport. The picturesque village has been named as one of the best places to live in Scotland (“The Times Best Places to Live”). It is a popular commuter village BRIDGE OF WEIR ROAD with excellent amenities and transport links. The Co-op in Kilmacolm benefits from an affluent LOCHWINNOCH RD MOSS ROAD local catchment, supplemented by the abundance of tourism trade. Kilmacolm is home to various independent shops, bars and eateries as Imagery ©2020 Getmapping plc, Maxar Technologies, The GeoInformation Group, Map Data ©2020 well as national retail operators. There are excellent leisure facilities within A9 the village, including: Birkmyre Park, cycle routes, Kilmacolm Golf Course, DUNDEE PERTH tennis courts and cricket pitches. There is a primary school in the heart of the village along with a high achieving independent secondary school. INVESTMENT OPPORTUNITY M90 M9 The subject property is situated in a prominent position along the main M80 EDINBURGH thoroughfare, the B786 Lochwinnoch Road, which is adjacent to the M8 GLASGOW M8 A1 A761 Bridge of Weir Road. The Co-op is the primary convenience store in KILMACOLM A68 M77 Kilmacolm and the units are centrally located on the attractive high street. M74 The retail parade benefits from free dedicated on-street car parking. AYR A68 A1 DUMFRIES NEWCASTLE A69 UPON TYNE CARLISLE A75 Campbell Place, Lochwinnoch Road, DURHAM Kilmacolm PA13 4LE PENRITH LAKE DISTRICT M6 Description A new build development with two high quality retail units at ground and basement level and UNIT 1 twelve luxury residential apartments over the first and second floors, with parking at lower GROUND FLOOR 3,000 SQ FT ground. The building is three storey red brick with BASEMENT 1,070 SQ FT double glazed windows under a pitched slate roof. The retail units trade at the ground floor UNIT 2 1,131 SQ FT only (the first and second floors are not being sold with the retail units). TOTAL 5,201 SQ FT The retail units provide for the following areas: UNIT 1 - GROUND FLOOR PLAN UNIT 1 - BASEMENT PLAN UNIT 2 - GROUND FLOOR PLAN Campbell Place, Lochwinnoch Road, Kilmacolm PA13 4LE Tenure Covenant Information Heritable Title (Freehold). A management Co-operative Group Food Ltd (Company Number: 26715R) is a wholly owned subsidiary of The Co- regime is in place for the entire building. operative Group Ltd which was established in 1844 and now operates 4,500 outlets with almost 90,000 employees and has an annual turnover of £10.50 billion. Tenancy Co-operative Group Food is the UK’s 5th largest food retailer with 2,582 local, convenience and medium sized stores employing over 69,000 people. Unit 1: Let to Co-operative Group Food Limited on a 15-year lease with a lease commencement The company opened over a 102 new convenience stores in 2018 at date of 6 December 2018. There are no break options within the lease. There is a remaining a cost of £75m. This is 417 stores over the course of the past 4 years. term of just under 14 years. A summary of Co-operative Group Food Limited’s latest accounts is set out below. Passing rent of £63,000 per annum with RPI rent reviews (collar of 1% and cap of 4%), Co-operative Group 5th Jan 2019 6th Jan 2018 31st Dec 2016 compounded annually and payable 5 yearly. Food Limited The lease is drawn on a fully repairing and Turnover £7,185,200,000 £6,940,200,000 £6,933,400,000 insuring basis. Pre Tax Profits £207,900,000 £232,500,000 £154,200,000 Unit 2: The unit is currently vacant and is being offered in a shell specification. The unit will be Turnover £1,970,500,000 £1,875,100,000 £1,805,400,000 sold with a rental guarantee of £20,000 per annum (£17.68 per sq ft) for 12 months. The Co-operative Group Food Ltd has a Dun and Bradstreet Rating of 5A1. This is the top rating and indicates ‘minimum risk’. The Experian, Delphi rating is 100 out of 100 reflecting very low risk. Campbell Place, Lochwinnoch Road, Kilmacolm PA13 4LE Terms VAT The property is elected for VAT although it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). EPC Available upon request. ANTI MONEY LAUNDERING REGULATIONS In accordance with Anti-Money Laundering Regulations, evidence of identity and source of funding will be required from the successful purchaser prior to instructing solicitors. PROPOSAL We are instructed to seek offers in excess of Contact £1,250,000 ex VAT, subject to contract. Based on purchaser’s costs of 5.88%, this reflects a net Darren Moorhouse MRICS Matthew Cox MRICS initial yield of 6.27%. [email protected] [email protected] Subject to Contract – March 2020 0161 850 1699 0161 850 0498 07778 159922 07788 999911 IMPORTANT NOTICE. MISREPRESENTATION ACT 1967. KING STREET COMMERCIAL, FOR ITSELF AND FOR THE VENDORS OF THIS PROPERTY, HEREBY GIVE NOTICE THAT: These particulars do not constitute, nor constitute any part of, an offer or contract. King Street Commercial Ltd and its members accept no legal responsibility for any statement or representation whether written, oral or implied or whether contained in any advertisement particulars or other matters issued or any correspondence entered into by them and whether made in any antecedent present Beth Galvin LLB or subsequent enquiries or negotiations. Neither King Street Commercial nor their principals, members, agents, servants or representatives have any authority whatsoever to make or give any representation or warranty whatsoever whether written or implied in relation to this property. [email protected] Any intending purchaser must satisfy himself by inspection or otherwise as to the correctness of any antecedent present or subsequent statements or representations, and should not rely upon the same unless he has satisfied himself accordingly. Unless otherwise stated all prices and rents 0161 850 9771 are quoted exclusive of Value Added Tax (VAT), any intending purchasers or lessees must satisfy themselves independently as to the incidence of vat in respect of any transaction. www.kingstreetcommercial.com 07775 875600 Campbell Place, Lochwinnoch Road, Kilmacolm PA13 4LE.