The property comprises an attractive retail unit within a traditional stone and slate building. The tenant trades from the ground floor, with staff facilities, office and storage provided on the first floor.
Location
Falkirk has a resident population of approximately 35,400, and is ideally situated in the Central Belt just 25 miles from Glasgow and 26 miles from Edinburgh.
The town is popular for commuters and is easily accessible from both Glasgow and Edinburgh via the M9 and M80 motorways.
The property has an excellent position opposite the main entrance to the Howgate Shopping Centre. Other retailers in the vicinity include Burton, Costa and Marks & Spencer.
Accommodation
The property provides the following areas, with an ITZA of 698 sq ft.
Ground Floor - 789 sq ft (73.30 sq m)
First Floor - 520 sq ft (48.31 sq m)
TOTAL - 1,309 sq ft (121.61 sq m)
Terms
Tenancy - The property is let in its entirety to Telefonica UK Limited on a Full Repairing and Insuring lease until 16 February 2022, subject to a tenant break option 17 February 2020. An extension to the original lease was agreed in February 2017 showing the tenant’s continued commitment to the location.
The current passing rent is £XXX per annum, reflecting a Zone A of £XXX per sq ft.
Tenant Covenant - Telefonica UK Limited is a telecommunications provider, trading under the O2 brand in the United Kingdom.
Telefonica UK Limited has a D&B rating of 5A1, 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 £XXX (Two Hundred 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 9.75% after standard purchaser’s costs based on Land and Buildings Transaction Tax (LBTT).
Specification
- Located on the prime pitch of the pedestrianised high street
- Let to excellent covenant of Telefonica UK Limited until 16 February 2022, subject to a tenant break option 17 February 2020.
- Rebased rent
- Offers in excess of £XXX are invited for the Heritable interest.
- Attractive net initial yield of 9.75% after purchasers costs based on LBTT.