Prime High Street Location
Held on F.R.I Lease
Tenant: Poundstretcher Ltd
Expiry: 31st August 2032
Passing Rent: £XXXp.a.x
Fixed Increase To £XXXp.a.x
Sale: £XXX
Location
The property is situated on the west side of Albert Street, south of its junction with Laing Street within the town of Kirkwall in Orkney. Kirkwall is the largest town in Orkney, an archipelago to the north of mainland Scotland. Neighbouring occupiers include Santander, Gramble Glass, M & Co, Sinclairs Ice Cream and Boots.
Property
The property comprises a substantial ground floor retail space set within a larger 2 storey commercial development, with a 2 storey extension to the rear under a pitched roof within Kirkwall town centre.
Offering a prominent, aluminium framed and glazed frontage with access via triple, double door entrances leading to the open plan retailing space.
Internally, the property benefits from a refurbishment in keeping with Poundland’s standard corporate specification, with floors overlaid in commercial grade linoleum, lighting is provided by way of fluorescent strip banks recessed within the suspended acoustic tile ceiling.
Partitions have been erected to the rear to form store room, staff area, w.c. facilities and loading area with access gained via Junction Road.
Executive Summary
The property is held on a full repairing and insuring head lease on the following terms;
Tenant: Poundstretcher Limited
Expiry: 31st August 2032
Tenant Break: 1st September 2027
Passing Rent: £XXXp.a.x.
Review: 1st August 2027 with fixes increase to £XXXp.a.x
Further Info: Previously tenanted by Poundland
Area
The following floor area has been calculated on a gross internal area basis to extend to the following;
Ground: 968sqm (10,420sq ft)
Price
The property is available for a price of £XXX offering a reversionary yield of 10%
V.A.T.
Figures quoted are exclusive of V.A.T.
E.P.C.
A copy of the E.P.C. will be made available for any interested party
Title & Lease
Available on request
Legal
Each party shall bear their own legal costs incurred in the transaction
Anti-Money Laundering
In order to comply with anti-money laundering legislation, the successful purchaser / tenant will be required to provide certain identification documents. The required documents will be confirmed to and requested at the relevant time.