The property comprises a large two storey retail unit with rear public car park and a small garage premises contained on a regular shaped site extending between Dalrymple Street and Wilson Street. On street car parking is available on both streets.
Although the garage forms part of the title, a lifetime lease was granted in 1974. Further details can be given on request.
Location
Girvan is a borough in Carrick, South Ayrshire with a population of circa 6,700. It lies 21 miles south of Ayr and 29 miles north of Stranraer, the main ferry port for Scotland to Northern Ireland. This is a popular tourist town with a beach and harbour and overlooks Ailsa Craig, one of Scotland’s famous landmarks.
The property is situated on the west side of Dalrymple Street towards the southern end of the principal retail thorough within the town centre.
Accommodation
We have calculated the gross internal floor area of the building in accordance with the RICS Code of Measuring Practice (6th Edition) as follows:
Ground Floor: 910.10 sq m (9,796 sq ft)
First Floor: 836.97 sq m (9,009 sq ft)
Total: 1,747.07 sq m (18,805 sq ft)
Terms
PLANNING
The property has Class 1 (Retail) Consent as defined within the Schedule to the Town & Country Planning (Use Classes)(Scotland) Order 1997.
Planning policy for Girvan is contained within the South Ayrshire Local Development Plan, first adopted 23 September 2014. The plan indicates that the building sits within the town centre, although the car park and garage to the rear lie within the residential settlement boundary. Accordingly, we believe there could be residential development potential on conclusion of the lease agreement should the tenant not renew.
ENERGY PERFOMANCE
Energy Performance Indicator - F
LEASE TERMS
The property is leased on a recently extended agreement to The Factory Shop Ltd on full repairing and insuring terms at a current passing rent of £XXX p.a. expiring 6 January 2029. There is a 5 yearly rent review mechanism allowing the rent to be revised by 2.5% compounded annually, the next review date being 7th January 2019. There are no break options.
COVENANT
A credit reference on the tenant obtained from Dun & Bradstreet indicates a rating of 5A2. They had a turnover of £XXX to 30th March 2014 rising from £XXX in 2012. For the same period net current assets have risen from £XXX to £XXX
PRICE
Our client is inviting offers in excess of £XXX for their heritable interest. This price reflects a net initial yield of 9.08% allowing for purchaser’s costs and LBTT. VAT is applicable.
OFFERS
In the normal Scottish form addressed to this office.
Please note our client is under no obligation to accept the highest or indeed any offer.
LEGAL COSTS
Each party to bear their own legal costs.
DATE OF ENTRY
Upon successful completion of missives.
Specification
- 14.25 YEARS REMAINING
- LEASE RECENTLY EXTENDED
- 5A2 COVENANT
- FIXED RENTAL UPLIFTS
- FUTURE DEVELOPMENT POTENTIAL
- POPULAR SEASIDE TOWN