17-21 castle street forfar dd8 3ad for sale - Ryden
FOR SALE HIGH QUALITY RETAIL INVESTMENT OPPORTUNITY
Strong market town and administrative centre of Angus Located in the prime retail area on Castle Street Well secured to the strong covenant of Poundstretcher Limited (D&B rating 4A2) Around 9.75 years unexpired Current income of £60,000 pa (£24.45 psf Zone A) Low overall rental rate of £5.04 psf Offers over £600,000 exc VAT, NIY 9.55%
17-21 CASTLE STREET FORFAR DD8 3AD
DRAFT
LOCATION
SITUATION
DESCRIPTION
Forfar is a prosperous market town which serves as the administrative centre of Angus and is located approximately 14 north of Dundee and 50 miles south of Aberdeen. The town sits immediately to the east of the A90 trunk road. The town has a resident population of approximately 14,000, is a popular commuter base and benefits from a busy town centre.
The property is located on the west side of Castle Street and forms part of the main retail pitch in the town centre, which has the benefit of both Tesco and Asda supermarkets. There is a good mix of both national and local occupiers including Boots, Greggs, Costa, Iceland, Coral, M&Co and Specsavers.
The subjects are Grade C Listed and are arranged over basement, ground, first and second floors within a substantial period stone building under a pitched slate roof. There are additional double storey and single storey extensions to the rear. Poundstretcher trade from the ground floor and use the basement and first floors as ancillary storage and staff accommodation. The second floor is currently unused by the tenant. Servicing is provided to the rear of the property via a shared yard.
Aberdeen A93
A90
Montrose
Forfar A92
A94 A9 A85
M90
A92
Cupar
A91 A914
Edinburgh A1 A720
A68
St Andrews
Experian Goad
M8
Dundee
A90
Perth
A9
M9
Arbroath
A93
50 metres
A90
Copyright and confidentiality Experian, 2017. © Crown copyright and For more information on database rights 2017. OS 100019885 www.experian.co.uk/goad | [email protected]
A93
ACCOMMODATION
TENANT COVENANT
AREA
Sq. Ft
Sq. M
G/F Sales
8,390
779.46
F/F – Office & Staff
780
72.46
F/F Storage
2,740
254.55
Total
11,910
1,106.47
The passing rent of £60,000 per annum reflects a low overall rental rate of £5.04 psf.
DRAFT
Poundstretcher was established in 1981 and is one of the UK’s leading discount retailers. The company have a network of over 400 stores and employ around 5,000 people. For the year ending 31 March 2016, the company posted a Sales Turnover of £429.5m, a Pre-Tax Profit of £2.4m and a Tangible Net Worth of £17.84m. Over the last 3 years, the company reported the following financial performance: Year Turnover
TENANCY The property is let to Poundstretcher Limited on FRI terms from 14 May 2010 and expiring on 13 May 2027. The passing rent is £60,000 per annum (£24.45 psf Zone A). The next rent review is 14 May 2020.
TENURE Heritable Interest.
Pre-Tax Profit Tangible Net Worth
Y/e 31 Mar 2016
Y/e 31 Mar 2015
Y/e 31 Mar 2014
£429.5m
£438.3m
£395.4m
£2.4m
£2.8m
£1.4m
£17.8m
£16.8m
(£3.4m)
The company have a Dun and Bradstreet rating of 4A2. A copy of the D&B report can be provided to interested parties.
EPC The property has an EPC rating of E. A copy of the EPC can be supplied to interested parties.
VAT The property is elected for VAT. VAT will be payable on the purchase price, however it is anticipated that a sale will be enacted by way of a Transfer of a Going Concern (TOGC).
INVESTMENT PROPOSAL We are instructed to seek offers in excess of £600,000 exclusive of VAT for the Heritable Interest which reflects a net initial yield of 9.55% after purchaser’s costs based on LBTT.
FURTHER INFORMATION / VIEWING For further information or viewing, please contact the sole selling agent:
Derek Archer DDI - 0141 270 3160 E-mail - [email protected]
Ian Dougherty
DDI - 0141 270 3163 E-mail - [email protected]
(i) Messrs Ryden LLP for themselves and for vendors or lessors of this property whose joint agents they are give notice that: the particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs Ryden has any authority to make or give any representation or warranty whatever in relation to this property (iv) Ordnance Survey extracts and all plans based upon Ordnance Survey maps are reproduced with the permission of The Controller of Her Majesty’s Stationery Office, Crown Copyright Licence No 100004369. September 2017.
DRAFT
Strong market town and administrative centre of Angus Located in the prime retail area on Castle Street Well secured to the strong covenant of Poundstretcher Limited (D&B rating 4A2) Around 9.75 years unexpired Current income of £60,000 pa (£24.45 psf Zone A) Low overall rental rate of £5.04 psf Offers over £600,000 exc VAT, NIY 9.55%
17-21 CASTLE STREET FORFAR DD8 3AD
DRAFT
LOCATION
SITUATION
DESCRIPTION
Forfar is a prosperous market town which serves as the administrative centre of Angus and is located approximately 14 north of Dundee and 50 miles south of Aberdeen. The town sits immediately to the east of the A90 trunk road. The town has a resident population of approximately 14,000, is a popular commuter base and benefits from a busy town centre.
The property is located on the west side of Castle Street and forms part of the main retail pitch in the town centre, which has the benefit of both Tesco and Asda supermarkets. There is a good mix of both national and local occupiers including Boots, Greggs, Costa, Iceland, Coral, M&Co and Specsavers.
The subjects are Grade C Listed and are arranged over basement, ground, first and second floors within a substantial period stone building under a pitched slate roof. There are additional double storey and single storey extensions to the rear. Poundstretcher trade from the ground floor and use the basement and first floors as ancillary storage and staff accommodation. The second floor is currently unused by the tenant. Servicing is provided to the rear of the property via a shared yard.
Aberdeen A93
A90
Montrose
Forfar A92
A94 A9 A85
M90
A92
Cupar
A91 A914
Edinburgh A1 A720
A68
St Andrews
Experian Goad
M8
Dundee
A90
Perth
A9
M9
Arbroath
A93
50 metres
A90
Copyright and confidentiality Experian, 2017. © Crown copyright and For more information on database rights 2017. OS 100019885 www.experian.co.uk/goad | [email protected]
A93
ACCOMMODATION
TENANT COVENANT
AREA
Sq. Ft
Sq. M
G/F Sales
8,390
779.46
F/F – Office & Staff
780
72.46
F/F Storage
2,740
254.55
Total
11,910
1,106.47
The passing rent of £60,000 per annum reflects a low overall rental rate of £5.04 psf.
DRAFT
Poundstretcher was established in 1981 and is one of the UK’s leading discount retailers. The company have a network of over 400 stores and employ around 5,000 people. For the year ending 31 March 2016, the company posted a Sales Turnover of £429.5m, a Pre-Tax Profit of £2.4m and a Tangible Net Worth of £17.84m. Over the last 3 years, the company reported the following financial performance: Year Turnover
TENANCY The property is let to Poundstretcher Limited on FRI terms from 14 May 2010 and expiring on 13 May 2027. The passing rent is £60,000 per annum (£24.45 psf Zone A). The next rent review is 14 May 2020.
TENURE Heritable Interest.
Pre-Tax Profit Tangible Net Worth
Y/e 31 Mar 2016
Y/e 31 Mar 2015
Y/e 31 Mar 2014
£429.5m
£438.3m
£395.4m
£2.4m
£2.8m
£1.4m
£17.8m
£16.8m
(£3.4m)
The company have a Dun and Bradstreet rating of 4A2. A copy of the D&B report can be provided to interested parties.
EPC The property has an EPC rating of E. A copy of the EPC can be supplied to interested parties.
VAT The property is elected for VAT. VAT will be payable on the purchase price, however it is anticipated that a sale will be enacted by way of a Transfer of a Going Concern (TOGC).
INVESTMENT PROPOSAL We are instructed to seek offers in excess of £600,000 exclusive of VAT for the Heritable Interest which reflects a net initial yield of 9.55% after purchaser’s costs based on LBTT.
FURTHER INFORMATION / VIEWING For further information or viewing, please contact the sole selling agent:
Derek Archer DDI - 0141 270 3160 E-mail - [email protected]
Ian Dougherty
DDI - 0141 270 3163 E-mail - [email protected]
(i) Messrs Ryden LLP for themselves and for vendors or lessors of this property whose joint agents they are give notice that: the particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs Ryden has any authority to make or give any representation or warranty whatever in relation to this property (iv) Ordnance Survey extracts and all plans based upon Ordnance Survey maps are reproduced with the permission of The Controller of Her Majesty’s Stationery Office, Crown Copyright Licence No 100004369. September 2017.
DRAFT
