The subjects comprise a ground floor retail unit within a four storey building under a pitched and slated roof. Internally the property has been extensively fitted out in the corporate style of the tenant.
Location
Location - Hawick is the largest of the border towns, situated 50 miles south of Edinburgh and 18 miles south of Galashiels.
The town is located on the banks of the River Teviot and is accessed via the A7 trunk road which provides access north to Edinburgh and south to the M6.
Hawick is the main retail area for the southern Scottish borders and has a population of approximately 14,300.
Situation - The property is situated on the west side of Oliver Place which is located at the north end of the town’s main retail high street.
The High Street comprises a wide range of local and national occupiers including Boots, Greggs, Dorothy Perkins, Burtons, Superdrug and Santander.
Accommodation
The subjects have been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and the following Net Internal Area has been calculated:
Retail - 98.02 sq m (1,055 sq ft)
Other - 24.22 sq m (261 sq ft)
Total - 22.24 sq m (1,316 sq ft)
ITZA - 79.50 sq m (856 sq ft)
Terms
VAT - This property is not elected for VAT.
Legal Costs - Each party will be responsible for their own legal costs incurred in any transaction with the purchaser being responsible for the payment of Land and Buildings Transaction Tax, Registration Dues and VAT incurred thereon.
Tenure - The property is held on a Scottish freehold basis.
Tenancy - The subjects are let to Ladbrokes Betting & Gaming Ltd on a full repairing and insuring lease until 27 November 2031 subject to a tenant only break option on 27 November 2026. The current passing rent is £15,000 per annum and there are two further rent reviews in November 2021 and November 2026.
Covenant Information - Ladbrokes is one of the UK’s largest bookmakers and is listed on the London Stock Exchange (FTSE 250). In 2015, Ladbrokes Betting and Gaming Limited reported a turnover of £830 million and a pre-tax profit of £49 million. Further covenant information is available on request.
Proposal - We are instructed to seek offers in excess of £180,000 for our client’s heritable interest in the property with the benefit of the existing lease. A purchase at this level would reflect a net initial yield of 8.15% after allowing for standard purchasers cost of 2.30%.
Energy Performance Certificate - 3 Oliver Place has an energy performance rating of G. A copy of the EPC is available on request.
Specification
- Let to Ladbrokes Betting and Gaming Limited until 27 November 2031
- Tenant break option 27 November 2026
- Passing rent £15,000 per annum
- Not elected for VAT
- Offers over £180,000 reflecting a net initial yield of 8.15%, assuming standard purchasers costs of 2.30%