The property comprises two adjoining ground floor and basement retail premises, let under a single lease to TSB Bank plc. The larger of the two units, no.160, is occupied by TSB Bank. No 166 is an an independent retail unit that has historically been let to RS McColl and is currently vacant and is being marketed for sub-let by TSB.
At no.160, the Bank premises have been fitted out in TSB Bank corporate style with counters, administrative areas and meeting rooms at ground floor and the basement given over to vaults and staff accommodation.
No.166 is formed over ground floor only as an open plan retail unit with a single wc compartment and kitchen area towards the rear.
Location
Rutherglen is a densely populated suburb just lying outwith the Glasgow city boundary, approximately 3 miles southeast of the city centre.
Main Street is the prime retailing pitch with a broad range of national retailers represented along its length. Approximately 100m to the east is the covered Rutherglen Exchange shopping centre.
Accommodation
Measured in accordance with the RICS Code of Measuring Practice (6th Edition), we estimate the Net Internal Areas to be as follows:
160 Main Street:
Ground Floor Bank / Admin Area: 154.02 sq m (1,658 sq ft)
Basement Areas: 52.02 sq m ( 560 sq ft)
166 Main Street:
Ground Floor Retail: 62.15 sq m ( 669 sq ft)
Net Internal Area: 268.19 sq m (2,887 sq ft)
We estimate the ITZA for the combined property to be 1,567 sq ft.
Terms
Lease Terms
The property is let in its entirety to Lloyds TSB Scotland plc (now TSB Bank plc) on a full repairing and insuring lease from 24 June 2011 until expiry, without breaks, at 24 December 2021.
There is a stepped rent arrangement in the lease, with the rent from the date of entry to 23 June 2015 being fixed at £XXXpa. From 24 June 2015 the rent increases to £XXXpa until 25 December 2016, at which point there is an upwards only rent review.
Tenant Information
TSB Bank plc (Lloyds TSB Scotland plc) were created by Lloyds Banking Group in September 2013. They are Britain's newest bank with a nationwide
network of 631 branches.
For the year ended 31st December 2013, TSB Bank plc reported a turnover of £XXXm, a pre-tax profit of £XXXm and shareholders' funds and a net worth of £XXXm.
VAT
We are advised that the premises are not elected for VAT purposes and the sale price will therefore not be subject to VAT.
Terms
Subject to, and with the benefit of, the lease to TSB Bank plc, our clients are offering their heritable feuhold (Scottish equivalent of freehold) interest for sale and seek offers in excess of £XXX
Our clients intention is to make up the shortfall in rent between the date of settlement and the fixed increase in rent to £XXXpa at 24 June 2015. A purchase at the asking price, assuming purchasers costs at 5.8%, would show a Net Initial Yield of 8% .
Specification
- Well secured Retail Property Investment
- Two adjoining properties let in their entirety to TSB Bank plc
- FRI Lease expiring 24 December 2021
- VAT Free Investment
- Rent from June 2015: £XXX per annum
- Offers in excess of £XXX invited, showing a Net Initial Yield (from June 2015) of 8.00% after allowing for purchasers costs of 5.8%