The subjects comprise retail/commercial premises contained within a semi-detached 4 storey and basement building which is of brick/block construction having a largely rendered finish, with the main frontage incorporating aggregate panel sections. The property is contained under a flat, felt clad roof.
Location
The property forms an integral part of Falkirk’s main pedestrianised commercial centre, with nearby occupiers including Callendar Pharmacy, Ryman Stationers and Greggs. As well as occupying a busy town centre position the subjects are located directly Callendar Square shopping centre which is being acquired by the local authority for the relocation of the town hall/civic buildings.
In conjunction with the new town hall the local authority and Threesixty Architecture are presently producing a master plan for the town centre with the aim of creating a blueprint for regeneration and growth.
Accommodation
The premises have been developed by the vendors into the following configuration: -
Ground floor – self-contained retail unit occupied by CEX Ltd. The property has a substantial retail frontage to the High Street and is configured internally to provide a main retail area together with appropriate support sections.
Basement – this section of the building has been sub divided into 7 self-contained arcade style retail units, which are situated around a central common area.
First floor – the first floor comprises a former office suite which is presently under redevelopment by the tenant in order to accommodate a range of additional arcade style retail/business units.
Second floor – this section of the property comprises a gym facility which has the benefit of appropriate storage and ancillary areas.
Third floor – the third floor has been sub divided into a series of two dance studio units.
Terms
PRICE/PROPOSAL: Offers of £500,000 are invited for this fully let investment, offering a prospective purchase a gross initial yield (exclusive of running costs/outgoings) of approximately 12.84%.
Approximately 44% of the rent roll is secured to CEX Ltd who Creditsafe score at 82 out of 100 (International score A), with the rest from a vibrant range of diverse independents.
While the building has become well established within Falkirk town centre, the subjects position is only likely to improve with the passage of time and the up coming development of the new town hall/municipal buildings on the site of the Callendar Square shopping centre.
VAT: We are advised that the property has been elected for VAT and it is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC).
ENERGY PERFORMANCE: A copy of the Energy Performance Certificates (EPCs) for the subjects is available upon request.
You are advised to notify your interest to these offices in order to enable us to advise you in the event of a closing date being set.
DATE OF ENTRY: By agreement.
TENANCIES: Please see attached brochure for more information.
Specification
- Prominent town centre retail investment
- Situated opposite the site of Falkirk’s new town hall, central library and civic centre.
- Fully let with rent roll of £64,800 per annum exclusive
- Recent lease extension to CEX Ltd
- Approximately 44% of the net rent roll secured to CEX Ltd
- Offers of £500,000 sought