The premises comprise an extensive triple fronted ground floor lock up shop unit. The adjacent shop unit and upper floor flats are in separate ownership.
The property has been fitted out in Lloyds Pharmacy corporate style.
Location
Grahams Road is one of the principal arterial routes through Falkirk. Hammerson's 400,000 sq ft Central Retail Park sits less than 300m to the south of the premises.
This is a secondary retail parade but immediately to the rear of the subjects is the Graeme Medical Centre, a 5 Doctor facility that serves a catchment that, as well as Falkirk town centre, encompasses the densely populated neigbourhoods of Camelon, Carronshore and Lauriston.
Accommodation
Measured in accordance with the 6th Edition of the RICS Code of Measuring Practice, we estimate the property to extend to the following floor areas:
Net Internal Area: 180.72 sq m (1,945 sq ft)
Using traditional 30ft zoning, we estimate the property to have an ITZA of 1,634 sq ft.
Terms
Our clients are offering the heritable (Scottish equivalent of freehold) interest for sale subject to, and with the benefit of, the occupational lease to Lloyds Pharmacy Ltd and seek offers in excess of £325,000. A purchase at this level would show a Net Initial Yield of 7.88% net of purchasers costs.
Tenancy
Lloyds Pharmacy Ltd have been in occupation since 2003 and have recently signed a new 10 year Minute of Variation extending the term to 30 July 2028 without breaks.
The lease is drawn on FRI terms and the current passing rent is £26,500 per annum. There is an upwards only rent review at 31 July 2023.
Rating
From saa.gov.uk, the premises are entered in the current Valuation Roll as NAV/RV: £20,250.
Energy Performance Certificate - G
Legal Expenses
Each party will be responsible for their own legal and professional costs incurred as part of any transaction. The purchaser will also be responsible for any Registration Dues and Land & Buildings Transaction Tax that may be payable.
VAT
We understand the property has not been elected for VAT purposes and the purchase price will therefore not attract VAT.