The property comprises an impressive former banking hall within an attractive Grade B Listed building. The tenant trades from the ground floor, with staff and storage space at basement and first floor levels. There are two car parking spaces to the rear of the property.
The property provides the following areas, giving an ITZA of 1,886 sq ft assuming a 20% end allowance for frontage and layout.
Location
Dundee has a population of approximately 148,000. The city centre retail offering is anchored by the Overgate centre and the Wellgate centre.
The pedestrianised High Street / Murraygate is the traditional high street pitch which acts as a link between these two centres.
The property has a prominent position on the east side of Murraygate in a strong pitch anchored by Marks & Spencer, with other nearby retailers including Zara, Dorothy Perkins, Tesco Metro, and Costa Coffee.
Accommodation
Ground Floor - 4,307 sq ft (400.13 sq m)
First Floor - 600 sq ft (55.74 sq m)
Basement - 322 sq ft (29.91 sq m)
TOTAL - 5,229 sq ft (485.79 sq m)
Terms
Tenancy - The property is currently let on a Full Repairing and Insuring lease to Ladbrokes Betting & Gaming Limited, with consent in principle issued for an assignation to Done Brothers (Cash Betting) Limited. A five year lease extension was recently agreed to 27 August 2026 at the passing rent, showing commitment to the unit. The current rent is £85,000 per annum, reflecting a Zone A of £45.00 per sq. ft.
Tenant Covenant - Betfred is a UK-based bookmaker which following the purchase of 322 Ladbrokes/ Coral units will have over 1,600 licenced premises in the UK. Done Brothers (Cash Betting) Limited has a Dun & Bradstreet rating of 4A1 reflecting a minimum risk of business failure.
Tenure - Heritable Interest (Scottish equivalent of English freehold).
EPC - EPCs available on request.
VAT - The property is elected for VAT however, it is anticipated that the transaction will qualify as a Transfer of a Going Concern (TOGC).
Proposal - We are instructed to seek offers in excess of £850,000 (Eight Hundred and Fifty Thousand Pounds Sterling) subject to contract and exclusive of VAT for the Heritable Interest in the subject property. A purchase at this level would reflect a Net Initial Yield of 9.50% after standard purchaser’s costs based on Land and Buildings Transaction Tax (LBTT).
Specification
- Excellent position on prime retailing street in Scotland's fourth largest city
- Unexpired lease term of 9.25 years to excellent quality covenant.
- Low rental rate of £16.25 per sq ft (£45.00 per sq ft Zone A)
- Offers in excess of £850,000 are invited for the Heritable interest
- Attractive net initial yield of 9.50%