The property comprises a single storey former car showroom premises that has been sub-divided to provide two separate retail units with facing brick external finish, large display windows and mono-pitched roofs. An indication of the current layout can be found on page 4 of this brochure. Unit 1 is currently operated as a convenience store whilst Unit 2 provides open plan retail space. The site is accessed by two junctions directly off Glasgow Street, leading to private parking at the front of the units. Unit 1 has a dedicated loading bay along its northern elevation. In addition, there is a good-sized secure yard at the rear of Unit 2 that can be accessed from Glasgow Street at the front of the site as well as College Street at the rear.
Location
Dumfries, with a population of around 37,500 is the largest town in Dumfries & Galloway as is therefore South West Scotland’s main shopping and administrative centre. The town lies approximately 75 miles south of Glasgow and 34 miles north west of Carlisle, occupying a strategic location at the intersection of the A75, A76 and A701 trunk roads. The subjects occupy a prominent roadside location on the eastern side of Glasgow Street (A76) which is a dual carriage road linking Dumfries town centre to Cuckoo Bridge Retail Park, the A75 & A76, together with the large residential suburbs of Lincluden and Lochside. The units therefore benefit from a high level of passing traffic, whilst remaining within easy walking distance of the town centre. Free long-stay public car parking is available a short distance to the south, opposite Farmfoods supermarket
Accommodation
Unit 1 209.96 sq m (2,260sq ft )
Unit 2 559.93sq m ( 6,027 sq ft )
TOTAL 769.89 sq m (8,287sq ft )
Terms
LEASE TERMS & PASSING RENT Both units are let on a Full Repairing & Insuring basis. Unit 1 is let from 1/11/18 to 31/10/33. The passing rent is £17,500 p.a. stepping up to £20,000 p.a. on 1/11/21 and £22,500 p.a. on 1/11/22. There is also a rent review in 2023. The tenant has the option to extend the lease for 10 years after expiry date, subject to providing 6 months notice. Unit 2 is let from 15/4/19 to 14/4/29 with a tenant break option on 15/4/24. Passing rent is £40,000 p.a. stepping up to £51,500 p.a. on 15/4/22.
THE TENANTS Unit 1 is let to Dynamic Retail Limited (SC181161) and operated as a convenience store under the Scotfresh brand. Website – www.scotfresh.com Unit 2 is let to The Independent Family Funeral Directors Limited (SC391536). However, the tenants have not taken possession and are currently seeking to assign or sub-let their leasehold interest. Website – www.fostersfuneraldirectors.com
RATING ASSESSMENT Unit 1: £17,600 Unit 1 (ATM): £4,875 Unit 2: £35,500 The current UBR (2021/2022) for properties with an RV below £51,000 is £0.49. S
ERVICES We assume each unit benefits from separate mains utility connections, including the public sewer
Specification
- EDGE OF TOWN CENTRE
- PROMINENT ROADSIDE PROPERTY
- CONVENIENCE STORE & RETAIL UNIT
- PRIVATE PARKING & SECURE YARD
- FULLY LET
- PASSING RENT: £57,500 PER ANNUM WITH UPLIFTS TO £74,000 PER ANNUM >
- AUCTION DATE: 19TH OCTOBER 2021 @ 2.30 PM
- GUIDE PRICE: £475,000