Retail Investment for sale within Carluke town centre. Martin Retail Group/McColls. 881 sq ft of retail space leased to RS McColl since 1982. Current lease expires 31st July 2022 at a passing rent of £XXX per annum. Offers Over £XXX for the landlord's interest in the property with the benefit of the existing lease.
Location
Part of a purpose built retail development on Hamilton Street at the eastern end of High Street within Carluke town centre.
The immediate surroundings have benefitted from a redevelopment of the town centre in recent years and provide public open space in hard and soft landscaping. Free parking is available in a number of public car parks throughout the town centre.
With a residential population in the region of 13,000 and continuing to grow with the number of modern residential developments throughout the town, Carluke is approximately 22 miles from Glasgow and within 5 miles from Wishaw to the north west and a similar distance from Lanark to the south east.
Other occupiers in the development include Scotfresh convenience store, Chest, Heart & Stroke Scotland, Greggs, Capital Inn Chinese Takeaway, LAMH.
Accommodation
Mid terraced unit within a purpose built retail development.
Full height, anodised display frontage and door (protected by roller shutters) to open plan retail area with store to rear and stairs to upper floor offering 3 rooms for offices and storage plus a staff toilet. Loading facilities are provided to the rear.
AREAS:
By our calculations, 539 sq ft/50.06 sq m or thereby net internal area to the ground floor and 342 sq ft/31.77 sq m or thereby to the first floor.
ENERGY RATING: F
RATEABLE VALUE: £XXX
For qualifying occupiers, 100% rates relief may be available under the Scottish Government’s Small Business Bonus Scheme. Prospective purchasers should confirm the position for themselves.
Terms
RS McColl has been a tenant of the shop since 1982 and the current lease is from 1st August 2007 until 31st July 2022 with no further break options or rent reviews at a RENTAL OF £XXX per annum (no VAT).
Martin Retail Group are a leading neighbourhood retailer with around 1550 convenience stores and newsagents located throughout the UK. The 2018 accounts reported £XXXbn revenue and EBITDA of £XXXm with a resultant net profit of £XXXm before tax.
PRICE:
OFFERS OVER £XXX are invited for the landlord’s interest in the property subject to and with the benefit of the existing lease.
By our calculations, this reflects a net initial yield of 9.823% after allowing for purchaser’s costs of 1.8%.
In the first instance, all offers should be submitted to Mr Cameron of this office.
VIEWING:
STRICTLY by appointment with Whyte & Barrie as agents.