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Prominent Long Term Burger King , Riverway Retail Park, 10 Riverway, Irvine, KA12 8AY

not specified / Leisure / Restaurants / Cafes

For Sale - £1,600,000.00

Under Offer - Last updated: 14 December 2020

Fronting onto Merryvale roundabout, the property comprises a single story stand-alone drive-thru unit with dedicated car parking. The property is accessed via a shared access road with the Tesco petrol filling station next door, over which the purchaser will have a dedicated right of access in perpetuity. Exit from the site is directly onto the Riverway spine road.

The property extends to 3,449 sq.ft. (320.42 sq.m) on a site of approx.1.025 acres.
( Agency Pilot Software Ref: 49705 )

Location

Irvine is located on the west coast of Scotland in North Ayrshire. The New Town lies approximately 32 miles south west of Glasgow and 9 miles west of Kilmarnock. The town has a population of 33,690 with a wider catchment in the North Ayrshire area in excess of 135,000 people.

The area is well served by the local road network with the A78 and A71 providing quick road links to the north and east and connecting to the M77 via Kilmarnock. Irvine train station is situated close by the subject property, which is on the mainland between Stranraer and Glasgow. In terms of local inward investment, the Irvine Bay Regeneration Company was established in 2006 which has coordinated major redevelopment projects such as Irvine Harbour, Riverside Business Park and the Bridgegate Renovation Project.

The Riverway retail area of Irvine has created a strong critical mass of retailing between the Rivergate Shopping Centre, the main Riverway Retail Park along with Sainsbury’s and Tesco Extra, next to the subject property. Other major retailers located in the area include Primark, Boots, Asda, M&S Food Hall, Home Bargains, Sports Direct and Homebase. In addition to the Burger King drive-thru both KFC and McDonalds are represented nearby as well as Scotland's first Taco Bell who took occupation in 2018. Currently, there are no Coffee drive-thru's located in close proximity.

Accommodation

The property extends to 3,449 sq ft on a site of approx.1.025 acres.

Terms

Tenant Covenant Strength

The property has been tenanted by Burgerking Limited since 28th May 1999, who originally took a 25 year lease. Due to the success of the location, the tenant has recently extended their occupation by a further 10 years, until 27th May 2034. This extension was following the May 2019 Rent Review, when the rent was increased to £105,195 (£30.50/sq.ft.) which in turn follows a successful uplift in Rent at the 2014 and 2009 Reviews. The property is subleased in its entirety to Caspian Food Retailers Limited.

Burger King was established in Florida in 1953. The global business is owned by Canadian based Restaurant Brands International who also own the rapidly expanding Tim Hortons brand. Burger King has almost 19,000 outlets in 100 countries. In Q4 2017, the UK Master Franchise was acquired by Bridgepoint Capital. The business has over 500 outlets and is actively seeking expansion opportunities both in and out of town. Further information can be made available to interested parties.

We are instructed to seek offers of £1.6 million subject to contract and exclusive of VAT, for our client’s freehold interest. A purchase at this level would reflect 6.2% NIY allowing for purchaser’s costs at 6.08%

 

Specification

  • Adjacent to the Tesco Petrol Station and Sainsburys Supermarket
  • Let to Burgerking Limited until 27th May 2034
  • Tenant has been in occupation since 28th May 1999
  • 13.5 years unexpired
  • 2019 Reviewed Rent uplifted to £105,195 per annum (£30.50/sq.ft.)
  • Next rent review in May 2024
  • Heritable interest, Scottish equivalent of English Freehold
  • Offers in excess of £1.6 million (6.2% NIY)

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
  For Sale Freehold £1,600,000.00 NA

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Mark Gillies

Graham + Sibbald

0141 432 1220



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