The subjects comprise a substantially proportioned, former variety store shop unit, formed over 4 levels and understood to have been purpose built in 1962/3. The store was extended to provide a retail link into the adjoining Mercat Shopping Centre, albeit that section remains outwith the Landlord’s ownership.
Location
Kirkcaldy is one of Fife’s principal towns having a population of 49,460, making it the 11th-largest locality in Scotland. It has an estimated catchment of around 187,000 persons and is located 11.6 miles (19 km) north of Edinburgh and 27.6 miles (44 km) south-southwest of Dundee.
The shop, formerly occupied by BHS, is centrally located on the pedestrianised High Street, close to Marks & Spencer, Boots, Debenhams, New Look, River Island, Costa and Holland & Barrett.
Car parking is provided in The Mercat (198 spaces), The Postings (300 spaces), Thistle Street (204 spaces) and The Esplanade (451 spaces), whilst the train station (0.4 miles) and the Bus Station (150 yards) are within a short walk.
Accommodation
Gross Frontage - 21.475 m 70 ft 5 in
Internal Width - 21.44 m 70 ft 4 in
Built Depth - 79.535 m 261 ft
Ground Floor Sales/Stock - 1,728 sq m 18,600 sq ft
First Floor Stock/Staff - 1,411 sq m 15,185 sq ft
Basement - 379 sq m 4,175 sq ft
Second Floor - 65 sq m 700 sq ft
Total - 3,583 sq m 38,660 sq ft
Note: Areas provided are on a Gross Internal basis. In addition, and outwith the Landlord’s heritable title, BHS occupied a section of the property on a leasehold basis, from the adjoining owners of the Mercat Shopping Centre. That area, (extending to approx. 2,200 sq ft) is shown hatched blue on the plan overleaf and could be available by separate negotiation with the owners. Subdivision of the premises may be considered, to suit occupier requirements.
Terms
Lease - The shop unit is offered To Let on a new Full Repairing and Insuring Lease for a term to be agreed, subject to 5 yearly upward only rent reviews. Rental upon application.
Sale - Our clients may consider offers to purchase their heritable title.
Rateable Value - Should the property be let along the ownership split above, then the Rateable Value will require to be re-assessed, as it is currently listed under a single ‘unum quid’ assessment. As a single unit, including the section linking to The Mercat Shopping Centre, outwith our client’s ownership, it is currently assessed at www.saa.gov.uk as having a Rateable Value of £XXX
The poundage for 2016/17 is XXX, with a large property supplement of an additional XXX. Rates payable in 2016/17 are therefore £XXX exclusive of the BID levy, at 1% of Rateable Value, which adds a further £XXX
Interested parties are advised to verify these figures direct with Fife Council, Business Rates: tel: 03451 55 11 55 Note: Rateable Values are to be re-assessed by April 2017. It is anticipated there will be a substantial drop in the assessment. A right of appeal to new occupiers is available.
Legal Costs - Each party will be responsible for their own legal costs. However, the ingoing tenant will be responsible for any registration fees and Land and Buildings Transaction Tax applicable, together with any VAT payable.
EPC - Available upon request.
VAT - VAT is chargeable on the rent.
For the avoidance of doubt, all rents are quoted exclusive of VAT at the prevailing rate. Prospective tenants must satisfy themselves independently as to the incidence of VAT in respect of this transaction.