Let to The Factory Shop Limited until October 2023 (No breaks)
Annually compounded RPI linked rental increase in 2018 subject to a minimum of 2% per annum and a maximum of 4% per annum
Nearby occupiers include Tesco Superstore, Home Bargains and Bank of Scotland
Approximately 770.74 sq m (8,298 sq ft)
Producing £63,436.36 p.a.x. Rising to a minimum of £71,772 p.a.x. in 2018 (2)
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 46
Auction 25th May 2017
Rent £63,436 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
12 miles east of Dumfries, 26 miles north of Carlisle
Roads
A74 (M)
Rail
Lockerbie Railway Station (Scotrail)
Situation
Lockerbie is a market town located immediately adjacent to the A74(M). The property is situated in a prominent corner location at the junction of High Street, Mains Street, Arthurs Place and Goods Station Road in the town centre. Nearby occupiers include Tesco Superstore, Home Bargains and Bank of Scotland.
Tenure
Heritable. Part Heritable (Scottish Equivalent of English Freehold) and Part Leasehold. Held under two separate 1,680 year leases until 3475 at a peppercorn rent.
Location
Miles
12 miles east of Dumfries, 26 miles north of Carlisle
Roads
A74 (M)
Rail
Lockerbie Railway Station (Scotrail)
Situation
Lockerbie is a market town located immediately adjacent to the A74(M). The property is situated in a prominent corner location at the junction of High Street, Mains Street, Arthurs Place and Goods Station Road in the town centre. Nearby occupiers include Tesco Superstore, Home Bargains and Bank of Scotland.
Tenure
Heritable. Part Heritable (Scottish Equivalent of English Freehold) and Part Leasehold. Held under two separate 1,680 year leases until 3475 at a peppercorn rent.
Description
The property, a single storey building, comprises ground floor retail accommodation and benefits from an extended frontage onto Mains Street and Arthurs Place. The property further benefits from a loading area off Arthurs Place and parking to the rear of the property for approximately 20 cars, accessed from both Mains Street and Arthurs Place.
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, a single storey building, comprises ground floor retail accommodation and benefits from an extended frontage onto Mains Street and Arthurs Place. The property further benefits from a loading area off Arthurs Place and parking to the rear of the property for approximately 20 cars, accessed from both Mains Street and Arthurs Place.
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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground
Retail/ Ancillary
770.74 sq m
(8,298 sq ft)
THE FACTORY SHOP LIMITED (1)
15 years from 04/10/2008 until 03/10/2023 on a full repairing and insuring lease
£63,436.36
04/10/2018 (2)
Total
770.74 sq m
(8,298 sq ft)
£63,436.36 rising to a minimum of £71,772 in 2018
(1) For the year ending 27th March 2016, The Factory Shop Limited reported a turnover of £184,496,000, pre-tax profits of £6,015,000 and a total net worth of £48,706,000 (Source: Experian Group 28/04/2017). (2) The lease provides for the rent to be increased in line with the Retail Price Index (RPI) annually compounded and subject to a minimum of 2% per annum and a maximum of 4% per annum. Therefore in October 2018, the rent will increase to a minimum of £71,772 per annum exclusive.