Polmont Shopping Centre Airlie Drive, Polmont, FK6 0PZ - AWS
FOR SALE Polmont Shopping Centre Airlie Drive, Polmont, FK6 0PZ 7 Exchange Crescent, Edinburgh, EH3 8AN Tel: 0131 225 6612
Multi Let Town Centre Retail Investment
• Multi-let retail parade in town centre adjacent to new Aldi Supermarket
Polmont Shopping Centre (units 1 - 4)
• Units extending over ground floor with benefit of shared car parking with Aldi and rear service yard • Fully let and income producing with asset management opportunities and prospects for rental growth • Total rent passing of £76,000 per annum • ERV: c. £88,000 per annum • Offers over: £760,000 • Net initial yield of 9.52% (allowing for purchasers costs and LBTT)
Edinburgh 0131 225 6612
Glasgow 0141 204 3838
Aberdeen 01224 588866
Leeds 0113 243 6777
Dundee 01382 227900
LIN
G
A905
M9 JCT 5
M9
A803
POLMONT
TO EDIN
BURGH
Main Stre
/M8 >
et
M9
A803
BRIGHTONS
SERVICE YARD
TREE T
FL rwc
CUSTOMER CAR PARKING UNIT UNIT UNIT
UNIT
1
2
3
4
UNIT
UNIT
5
6
UNIT 1 - 6 POLMONT SHOPPING CENTRE
ENTRANCE
CLAREMONT INN
CUSTOMER CAR PARKING
PUB RESTAURANT
Post Sign
AIRLI
E DRI
Units 3 - 6
A803
Unit 1
VE
MAIN S
The units are of 1970’s brick built construction under a pitched and slated roof.
STIR
FL
DESCRIPTION The subjects comprise a terrace of 6 rectangular open plan retail units with rear fire exits providing access to the service yard. The shopping centre benefits from ample car parking shared with Aldi, with pedestrian access from Main Street.
A9
A905
c
In
M9
< TO
d
oa
aR
r hy
FL
Polmont Shopping Centre is the principle retailing attraction in the town and the focal point for local custom. The subjects are positioned in the heart of the town centre, conveniently situated off Main Street (A803) the main road into Falkirk and adjacent to a new Aldi, which opened in April 2016.
A904
Bo’Ness Road
LOCATION The town of Polmont occupies a strategic location in the heart of the Central Belt of Scotland, approximately 1 mile south of Grangemouth and 2 miles east of Falkirk. Polmont has a population of over 5,000 residents and principally serves as a commuter town for the major cities of Edinburgh (23 miles), Stirling (15 miles) and Glasgow (26 miles). The cities are easily accessible via junction 4 of the M9 motorway which is within 1 mile of the property. Polmont railway station, which is on the main Edinburgh to Glasgow railway line, is within 0.5 miles.
ACCOMMODATION AND TENANCY INFORMATION UNIT
AREA (SQ.FT.)
Unit 1
852
EPC TENANT B
LEASE START
Wm Holleran & Sons, (Butchers)
11/11/2014
LEASE EXPIRY
RENT PA (PER SQ.FT.)
11/11/2019 (6 months prior written notice required)
10/11/2024
£11,500 (£13.50)
£14,500
RENT REVIEW
BREAK OPTION
See stepped increases
ERV
COMMENTS Stepped: 11/11/2016 11/11/2017 11/11/2018 11/11/2019
£12,000 £12,500 £13,000 £14,000 until lease expiry on 10/11/2024.
Unit 2
873
B
Jacqueline Gardiner, (t/a J.S. Barbers)
06/06/1988
N/A
N/A
15/05/2016
£8,000 (£9.16)
£14,500
A concessionary rent in place. Tenant holding over on tacit relocation.
Unit 3
860
E
Barnardos
14/09/2016
14/09/2022
14/09/2022 (6 months prior written notice required)
13/09/2027
£14,500 (£16.86)
£14,500
Schedule of condition attached to the lease. 12 months rent free expiring 13/09/2017.
Unit 4
873
F
Morrisons Bookmakers Ltd
25/08/1997
N/A
N/A
27/08/2017
£14,000 (£16.04)
£14,500
Tenant not in occupation. Tenant interest is being marketed by Lewis Sutton Property Consultants.
Unit 5
865
F
Polmont Pub Company No 2 Ltd (t/a The Wee Calf Coffee House)
08/07/2016
08/07/2019 (3 yearly thereafter)
08/07/2026 (12 months prior written notice required)
07/07/2031
£14,500 (£16.76)
£14,500
New Letting, with Personal Guarantees. 3 yearly rent reviews to the greater of OMRV or the increase in RPI subject to a cap and collar of c.5% to c.15%.
Unit 6
860
G
Four in One Fast Food Ltd
17/11/1986
11/11/2016
11/11/2021 (6 months prior written notice required)
11/11/2026
£13,500 (£15.70)
£16,000
Hot Food unit.
Total
5,183
£76,000
£88,500
Adjoining Aldi Supermarket
EPC RATINGS Are displayed in the accommodation and tenancy schedule. Individual certificates can be provided to interested parties. TENURE Outright ownership interest (Scottish equivalent to English Freehold). DATA SITE Additional lease and title information can be made available to interested parties on request via our data site. SERVICE CHARGE There is currently no service charge regime in place. However, this may change with Aldi keen to implement a new regime for the common parts. Further information can be provided in this respect. PROPOSAL We are instructed to seek offers in excess of £760,000 exclusive of VAT for the benefit of our clients outright ownership interest. A purchase at this level would reflect a Net Initial Yield of 9.52% allowing for purchasers costs based on LBTT of 5.02%.
Unit 5
VIEWING & FURTHER INFORMATION Please contact the sole selling agent Ryden LLP, 7 Exchange Crescent, Conference Square, Edinburgh EH3 8AN. Fraser Ramage [email protected] 0131 473 3235 Nick Armstrong [email protected] 0131 473 3223 Ryden is a limited liability partnership registered in Scotland. Messrs Ryden for themselves and for vendors or lessors of this property whose agents they are give notice that: (i) 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. October 2016.
www.designwork.co.uk (t: 0131 555 6146) 17395
VAT We understand the subjects are elected for VAT and accordingly VAT will be charged on the purchase price. It is anticipated the sale can be treated by way of a Transfer of a Going Concern (TOGC).
Multi Let Town Centre Retail Investment
• Multi-let retail parade in town centre adjacent to new Aldi Supermarket
Polmont Shopping Centre (units 1 - 4)
• Units extending over ground floor with benefit of shared car parking with Aldi and rear service yard • Fully let and income producing with asset management opportunities and prospects for rental growth • Total rent passing of £76,000 per annum • ERV: c. £88,000 per annum • Offers over: £760,000 • Net initial yield of 9.52% (allowing for purchasers costs and LBTT)
Edinburgh 0131 225 6612
Glasgow 0141 204 3838
Aberdeen 01224 588866
Leeds 0113 243 6777
Dundee 01382 227900
LIN
G
A905
M9 JCT 5
M9
A803
POLMONT
TO EDIN
BURGH
Main Stre
/M8 >
et
M9
A803
BRIGHTONS
SERVICE YARD
TREE T
FL rwc
CUSTOMER CAR PARKING UNIT UNIT UNIT
UNIT
1
2
3
4
UNIT
UNIT
5
6
UNIT 1 - 6 POLMONT SHOPPING CENTRE
ENTRANCE
CLAREMONT INN
CUSTOMER CAR PARKING
PUB RESTAURANT
Post Sign
AIRLI
E DRI
Units 3 - 6
A803
Unit 1
VE
MAIN S
The units are of 1970’s brick built construction under a pitched and slated roof.
STIR
FL
DESCRIPTION The subjects comprise a terrace of 6 rectangular open plan retail units with rear fire exits providing access to the service yard. The shopping centre benefits from ample car parking shared with Aldi, with pedestrian access from Main Street.
A9
A905
c
In
M9
< TO
d
oa
aR
r hy
FL
Polmont Shopping Centre is the principle retailing attraction in the town and the focal point for local custom. The subjects are positioned in the heart of the town centre, conveniently situated off Main Street (A803) the main road into Falkirk and adjacent to a new Aldi, which opened in April 2016.
A904
Bo’Ness Road
LOCATION The town of Polmont occupies a strategic location in the heart of the Central Belt of Scotland, approximately 1 mile south of Grangemouth and 2 miles east of Falkirk. Polmont has a population of over 5,000 residents and principally serves as a commuter town for the major cities of Edinburgh (23 miles), Stirling (15 miles) and Glasgow (26 miles). The cities are easily accessible via junction 4 of the M9 motorway which is within 1 mile of the property. Polmont railway station, which is on the main Edinburgh to Glasgow railway line, is within 0.5 miles.
ACCOMMODATION AND TENANCY INFORMATION UNIT
AREA (SQ.FT.)
Unit 1
852
EPC TENANT B
LEASE START
Wm Holleran & Sons, (Butchers)
11/11/2014
LEASE EXPIRY
RENT PA (PER SQ.FT.)
11/11/2019 (6 months prior written notice required)
10/11/2024
£11,500 (£13.50)
£14,500
RENT REVIEW
BREAK OPTION
See stepped increases
ERV
COMMENTS Stepped: 11/11/2016 11/11/2017 11/11/2018 11/11/2019
£12,000 £12,500 £13,000 £14,000 until lease expiry on 10/11/2024.
Unit 2
873
B
Jacqueline Gardiner, (t/a J.S. Barbers)
06/06/1988
N/A
N/A
15/05/2016
£8,000 (£9.16)
£14,500
A concessionary rent in place. Tenant holding over on tacit relocation.
Unit 3
860
E
Barnardos
14/09/2016
14/09/2022
14/09/2022 (6 months prior written notice required)
13/09/2027
£14,500 (£16.86)
£14,500
Schedule of condition attached to the lease. 12 months rent free expiring 13/09/2017.
Unit 4
873
F
Morrisons Bookmakers Ltd
25/08/1997
N/A
N/A
27/08/2017
£14,000 (£16.04)
£14,500
Tenant not in occupation. Tenant interest is being marketed by Lewis Sutton Property Consultants.
Unit 5
865
F
Polmont Pub Company No 2 Ltd (t/a The Wee Calf Coffee House)
08/07/2016
08/07/2019 (3 yearly thereafter)
08/07/2026 (12 months prior written notice required)
07/07/2031
£14,500 (£16.76)
£14,500
New Letting, with Personal Guarantees. 3 yearly rent reviews to the greater of OMRV or the increase in RPI subject to a cap and collar of c.5% to c.15%.
Unit 6
860
G
Four in One Fast Food Ltd
17/11/1986
11/11/2016
11/11/2021 (6 months prior written notice required)
11/11/2026
£13,500 (£15.70)
£16,000
Hot Food unit.
Total
5,183
£76,000
£88,500
Adjoining Aldi Supermarket
EPC RATINGS Are displayed in the accommodation and tenancy schedule. Individual certificates can be provided to interested parties. TENURE Outright ownership interest (Scottish equivalent to English Freehold). DATA SITE Additional lease and title information can be made available to interested parties on request via our data site. SERVICE CHARGE There is currently no service charge regime in place. However, this may change with Aldi keen to implement a new regime for the common parts. Further information can be provided in this respect. PROPOSAL We are instructed to seek offers in excess of £760,000 exclusive of VAT for the benefit of our clients outright ownership interest. A purchase at this level would reflect a Net Initial Yield of 9.52% allowing for purchasers costs based on LBTT of 5.02%.
Unit 5
VIEWING & FURTHER INFORMATION Please contact the sole selling agent Ryden LLP, 7 Exchange Crescent, Conference Square, Edinburgh EH3 8AN. Fraser Ramage [email protected] 0131 473 3235 Nick Armstrong [email protected] 0131 473 3223 Ryden is a limited liability partnership registered in Scotland. Messrs Ryden for themselves and for vendors or lessors of this property whose agents they are give notice that: (i) 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. October 2016.
www.designwork.co.uk (t: 0131 555 6146) 17395
VAT We understand the subjects are elected for VAT and accordingly VAT will be charged on the purchase price. It is anticipated the sale can be treated by way of a Transfer of a Going Concern (TOGC).
