The property comprises a highly impressive traditional three storey corner building providing extensive frontage onto both King Edward Street and St John’s Place. The ground floor provides well configured retail/banking hall accommodation fitted out in Bank of Scotland’s recognisable corporate branding and style and includes open-plan reception and serving areas, internal ATM’s and private office/ meeting rooms. The upper levels provide customer service space and training facilities to the tenan
Location
The city has a resident population of circa 47,350 people increasing to approximately 180,000 within 20-minute drive time. Known as “The Gateway to the Highlands” for it’s strategic location in the heart of the country and stunning setting on the banks of the River Tay the city is extremely well connected with over 90% of Scotland’s population within a 90-minute drive of the city.
The subjects occupy a stunning corner position in the middle of Perth, at the junction of King Edward Street and St John’s Place, a few yards from the pedestrianised High Street. The area is known as Perth’s “Café quarter” and building is immediately opposite Perth Museum and the entrance to St John’s Shopping Centre
The museum is predicted to bring an extra 280,000 plus tourists and visitors to the area every year and contributes to the already significant cultural attractions the city has to offer including the iconic Perth Concert Hall.
Accommodation
Building extending to a total NIA of approximately 8,996 sq ft over three floors.
Terms
EPC Covenant
VAT The property has an EPC Rating of TBC. A copy of the certificate can be provided on request.
Tenancy The property is let to Bank of Scotland Plc on full repairing and insuring terms with no Schedule of Condition at a current passing rent of £130,000 per annum expiring on 3rd December 2029.
Tenure Heritable/Outright Ownership Interests (Scottish equivalent of English Freehold). Bank of Scotland PLC have a D&B rating of 5A1 indicating minimum risk of business failure. In their accounts to 21/12/2024 they recorded a tangible net worth of £15.77BN, a turnover of £15.2BN and retained profit of £811M.
Proposal We are instructed to invite offers in excess of £1,400,000 exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 8.76% assuming usual purchaser’s costs including LBTT of 5.98%. The subjects have been elected for VAT. However, it is anticipated the sale will be treated by way of a Transfer of a Going Concern (TOGC).
AML In accordance with Anti-Money Laundering AML Regulations the purchaser will be required to satisfy the vendor on the source of funds used to complete the transaction.
Specification
- Tenant has been in occupation for over 20 years.
- Regional HQ. Critical customer service hub and training facility for the NE Scotland region.
- Low current passing rent of £130,000 per annum.
- Inviting offers in excess of £1,400,000 (exclusive of VAT).
- Attractive net initial yield 8.76%.
- Capital rate of c. £155 per sq ft.