The subjects comprise a ground floor shop accessed off South Bridge Street and first floor office with exclusive access off East High Street. The shop is let to Boots UK Limited by way of an original 15 year lease which now continues by Tacit Relocation. The business trades as a dispensing chemist and has traded continuously throughout 2020 and 2021 without interruption. The offices have recently been let to Anum Qaiser-Javid MP with effect from 20 September 2021. The lease is for a period of 3 years. The offices benefit from a modern lift allowing disabled access. The present layout comprises 4 offices and a disabled toilet. Access is available to a large loft space
Location
The subjects are located at the junction of South Bridge Street and East High Street in Airdrie town centre. The property is situated adjacent the town's commercial and retail centre. On street parking is available on South Bridge Street and there are several free public car parks nearby. Nearby businesses include Aldi, Coral Bookmakers, and Bankhouse Dental Surgery. Airdrie is a principal town in North Lanarkshire with an approximate population of 37,000. It lies 12 miles east of Glasgow and benefits from good road and rail links to Glasgow, Edinburgh, and the South
Accommodation
Ground Floor 75.27 sq m (810 sq ft )
First Floor 67.44 sq m(726 sq ft )
TOTAL 142.71 sq m(1,536sq ft )
Terms
TENANT INFORMATION Boots UK Ltd (00928555) has a net tangible worth of £875 million and a Dun and Bradstreet rating of 5A2 indicating a lower-than-average risk of business failure. Anum Qaiser-Javid is the recently-elected SNP MP for Airdrie and Shotts.
RATEABLE VALUES 1 South Bridge Street - £7,700 2 East High Street - £5,800
LEASES The ground floor shop is let to Boots UK Limited, on a Tacit Relocation basis following the conclusion of a 15-year lease on 24 April 2020. The lease is on full repairing and insuring terms at an annual rental of £12,250 per annum. There is no schedule of condition. The upper floor offices are let from 20 September 2021 until 2 July 2024. The tenant has a break option on a rolling 2-month notice period which is only permitted in the event of a General Election being called prior to the end of the lease. The annual rental is £7,250 per annum. There is no schedule of condition.
PRICE Offers over £155,000 are invited for the heritable interest. A purchase price at this level would reflect a net initial yield of 12.35%.
Specification
- 19TH OCTOBER 2021 AT 2:30PM
- PROMINENT CORNER RETAIL / OFFICE INVESTMENT IN AIRDRIE TOWN CENTRE
- IMMEDIATE ASSET MANAGEMENT OPPORTUNITY
- GUIDE PRICE: £155,000
- RENT: £19,500 PA
- NIY – 12.35%