Property Auctions 25/May/2017 | Craigshill Shopping Mall, Livingston, West Lothian, EH54 5DZ

Heritable Neighbourhood Shopping Mall Investment

Comprises 20 retail units
Totalling approximately 13,379 sq ft
Includes car parking
Situated within densely populated residential area
For further information please visit www.craigshillshoppingmall.com
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 13
Auction 25th May 2017
Rent £173,850 per Annum
Status Sold Prior
Price
Sector
Shopping Centre
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 14 miles west of Edinburgh, 30 miles east of Glasgow
Roads: A71, M8 (Junction 3)
Rail: Livingston North & Livingston South; Railway Stations
Air: Edinburgh International Airport

Situation

Craigshill is a densely populated residential area to the east of Livingston town centre. The property is situated within a commercial hub surrounded by residential housing and is accessed from Almond E Road to the south and Adelaide Street to the north. Neighbouring occupiers include Co-operative Food, Craigshill Health Centre, Almondbank Library and Beatlie School Campus.

Tenure

Heritable. (Scottish Equivalent of English Freehold).

Location

Miles: 14 miles west of Edinburgh, 30 miles east of Glasgow
Roads: A71, M8 (Junction 3)
Rail: Livingston North & Livingston South; Railway Stations
Air: Edinburgh International Airport

Situation

Craigshill is a densely populated residential area to the east of Livingston town centre. The property is situated within a commercial hub surrounded by residential housing and is accessed from Almond E Road to the south and Adelaide Street to the north. Neighbouring occupiers include Co-operative Food, Craigshill Health Centre, Almondbank Library and Beatlie School Campus.

Tenure

Heritable. (Scottish Equivalent of English Freehold).

Description

The property comprises a neighbourhood shopping arcade built over two floors and is arranged as two terraces with a glass covered central mall. The centre extends to provide 20 retail units, two cash machines and car parking.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a neighbourhood shopping arcade built over two floors and is arranged as two terraces with a glass covered central mall. The centre extends to provide 20 retail units, two cash machines and car parking.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(Reversion)
1	Ground	Retail/Ancillary	49.98 sq m	(538 sq ft)	TRUSTEES OF ASSEMBLIES OF GOD (BANGOR) PENTECOSTAL CHURCH t/a Annie's Orphans	10 years from 28/02/2011	£8,800	(27/02/2021)
2A	Ground	Retail/Ancillary	52.49 sq m	(565 sq ft)	INDIVIDUAL t/a Taste of China	Approx 34 years from 08/06/1992	£10,500	(28/02/2026)
2B	Ground	Retail/Ancillary	96.62 sq m	(1,040 sq ft)	LADBROKES BETTING & GAMING t/a Ladbrokes (1)	15 years from 28/11/2013 (2)	£14,000	28/11/2018 (27/11/2028)
3	Ground	Retail/Ancillary	47.94 sq m	(516 sq ft)	MONEY STATION PROPERTIES LIMITED t/a Money Station	5 years from 07/04/2014	£7,500	(06/04/2019)
4A	Ground	Retail/Ancillary	45.61 sq m	(491 sq ft)	VACANT
4B	Ground	Retail/Ancillary	54.25 sq m	(584 sq ft)	INDIVIDUAL t/a Traditional Sweet Shop	5 years from 28/04/2017 (9)	£9,250 (9)	(27/04/2022)
5	Ground	Retail/Ancillary	38.46 sq m	(414 sq ft)	INDIVIDUAL t/a Harry Barber	10 years from 01/05/2011	£6,000	(30/04/2021)
6	Ground	Retail/Ancillary	62.52 sq m	(673 sq ft)	INDIVIDUAL t/a The Polish Tradition	10 years from 08/05/2011	£10,750	(07/05/2021)
8	Ground	Retail/Ancillary	66.61 sq m	(717 sq ft)	INDIVIDUAL t/a Chap a Chinio cafe	25 years from 26/08/1993	£5,200	(28/08/2018)
9	Ground	Retail/Ancillary	27.68 sq m	298 sq ft)	INDIVIDUAL t/a Baxters Hair	25 years from 27/07/1992	£4,400	(26/07/2017)
10A	Ground	Retail/Ancillary	53.14 sq m	(572 sq ft)	INDIVIDUAL t/a Adept Tattoos	5 years from 22/12/2015	£7,500	(21/12/2020)
10B	Ground	Retail/Ancillary	48.59 sq m	(523 sq ft)	INDIVIDUAL t/a Café	5 years from 20/06/2016	£7,600 (3)	(19/06/2021)
11	Ground	Retail/Ancillary	49.42 sq m	(532 sq ft)	INDIVIDUAL t/a Dempster Opticians	25 years from 28/11/1991	£6,850	Tact Relocation (Scottish equivalent of Holding Over)
12	Ground	Retail/Ancillary	103.38 sq m	(1,116 sq ft)	BOOTS UK LIMITED (4)	35 years from 28/11/1991 (5)	£13,500 (5)	(26/11/2026)
13/17	Ground	Retail/Ancillary	81.29 sq m	(875 sq ft)	CRAIGSHILL GOOD NEIGHBOURHOOD NETWORK	1 year from 20/06/2016	£4,000	(19/06/2017)
14	Ground	Retail/Ancillary	99.68 sq m	-)	MARTIN RETAIL GROUP LIMITED (6)	30 years 28/11/1991 (7)	£12,000	28/11/2021 & 28/11/2026 (27/11/2031)
	Cash Machines		-	(-)	LLOYDS TSB BANK PLC	8 years from 29/11/2006 (8)	£5,500
1A	First	Retail/Ancillary	63.27 sq m	(681 sq ft)	INDIVIDUAL t/a Armaan Indian Take Away	10 years from 01/03/2017	£10,500	01/03/2022 (28/02/2027)
3A	First	Retail/Ancillary	51.28 sq m	(552 sq ft)	INDIVIDUAL t/a Bodyfit	Approx 18.5 years from 02/02/2012	£13,000	(30/07/2030)
7A/11A	First	Retail/Ancillary	106.46 sq m	(1,146 sq ft)	INDIVIDUAL t/a Marmaris	25 years from 01/08/2005	£12,000	(31/07/2030)
17A	First	Retail/Ancillary	43.94 sq m	(473 sq ft)	INDIVIDUAL t/a Damian Polish Deli	5 years 13/06/2016	£5,000	(12/06/2021)
Totals			1,242.91 sq m	(13,379 sq ft)			£173,850

(1) For the year ending 31st December 2015, Ladbrokes Betting & Gaming Limited reported a turnover of £830,679,000, pre-tax profits of £49,866,000 and a total net worth of £1,191,903,000 (Source: Experian Group 25/04/2017).
(2) The lease is subject to tenant options to determine on 28th November 2020 and 28th November 2025.
(3) The tenant is currently benefitting from a half rent period due to expire on 20th December 2017. The seller has agreed to adjust the completion monies so that the unit will produce £7,600 p.a.x. from completion of the sale.
(4) For the year ending 31st August 2015, Boots UK Limited reported a turnover of £9,198,000,000, pre-tax profits of £542,000,000 and a total net worth of £367,000,000 (Source: Experian Group 25/04/2017).
(5) Terms have been agreed and due to complete imminently, for a new 10 year lease from 27th November 2016 at a rent of £13,500 p.a.x, subject to a tenant option to determine on 27th November 2021.
(6) For the year ending 29th November 2015, Martin Retail Group Limited reported a turnover of £301,340,000, pre-tax profits of £7,001,000 and a total net worth of £53,429,000 (Source: Experian Group 25/04/2017).
(7) The lease is subject to a tenant option to determine on 28th November 2021 and 28th November 2026.
(8) The lease is continuing on a rolling basis.
(9) The lease has been agreed and is due to complete imminently. The lease will be subject to a tenant option to determine on the 3rd anniversary of the term.