17 / 23 Bank Street & 1 - 3 Anderson Street
Airdrie
West Lothian
ML6 0AA

Well Located Retail Investment

  • Unbroken Parade of Six Retail Units
  • Approximately 12,084 sq ft of commercial area
  • Prominent town centre location
  • Nearby occupiers include Boots the Chemist, Burton and Betfred
  • Lot
    63
  • Auction
    13/Jul/2017
  • Rent
    £89,000 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price*
     
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of a Major Fund Manager
Important Property Update
  • 17 / 23 Bank Street & 1 - 3 Anderson Street<br>Airdrie<br>West Lothian<br>ML6 0AA
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Property Information

Location
Miles
10 miles east of Glasgow, 30 miles west of Edinburgh
Roads
A8, A73, A89, M8
Rail
Airdrie Rail (23 minutes to Glasgow Queen Street)
Air
Glasgow Airport
Situation

Airdrie is located approximately 10 miles east of Glasgow and 30 miles west of Edinburgh, with access provided by the M8 Motorway. The property is situated in a prominent corner position at the junction of the busy Bank Street and Anderson Street, in the heart of Airdrie town centre. Nearby occupiers include Boots the Chemist, Burton and Betfred

Tenure

Long Leasehold. Held from North Lanarkshire Council for a term of 125 years expiring 9th October 2113 at a current rent of £13,890 per annum, with upward only reviews every five years to 10% of the gross income

Description

The property comprises an unbroken parade of six retail units with some benefiting from basement and first floor ancillary accommodation.

VAT

VAT is applicable to this lot.

Completion Period

Eight Week Completion

Buyer's Legal Report

For the ease and convenience of prospective buyers,to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is advisable. For more information, please click here.

Tenancy & Accomodation

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.x
(gross)
Review/
(Reversion)
1aGroundRetail/Ancillary
47.73 sq m
(514 sq ft)
VACANT   
1bGround
Basement
First
Retail/Ancillary
Ancillary
Ancillary
112.16 sq m
51.70 sq m
189.31 sq m
(1,212 sq ft)
(557 sq ft)
(2,038 sq ft)
SCOTTISH
MIDLAND
CO-OPERATIVE
SOCIETY
LIMITED (1)
Approx 25
years from
01/10/1990
£9,600Rolling
monthly
2Ground
Basement
Retail/Ancillary
Ancillary
69.79 sq m
9.72 sq m
(751 sq ft)
(105 sq ft)
BRIAN MICHIE
OPTICIANS
LIMITED
30 years
from
27/07/1993
(2
£20,00030/11/2018
(30/11/2023)
3Ground

Basement
First

Banking
Hall/Ancillary
Ancillary
Ancillary
131.72 sq m

14.94 sq m
316.13 sq m
(1,418 sq ft)

(161 sq ft)
(3,402 sq ft)
CLYDESDALE
BANK PLC (3)
10 years
from
22/12/2016
£33,90022/12/2021
(21/12/2026)
1 Anderson
Street
GroundRetail/Ancillary
66.16 sq m
(712 sq ft)
ADCENTIV
MEDIA RETAIL
LIMITED
5 years
from
02/02/2015
£10,500(01/02/2020)
3 Anderson
Street
GroundRetail/Ancillary
112.83 sq m
(1,214 sq ft)
CHUNKY
MONKEY’S
COFFEE LTD
3 years
from
31/03/2017
£15,000 (4)(30/03/2020)
Total 
1,122.19 sq m
(12,084 sq ft)
  £89,000 

(1) For the year ending 30th January 2016, Scottish Midland Co-operative Society Limited reported a turnover of £370,620,000, pre-tax profits of £5,446,000 and a total net worth of £67,220,000 (Source: Experian Group 05/06/2017).
(2) The lease of 2 Bank Street provides an option to determine on 30/11/2018.
(3) Established in 1838, Clydesdale is one of Scotland's largest banks, with over 120 retail branches (Source: www.cybg.com/ 14/06/2017). The lease provides an option to determine on 22/12/2021
(4) The tenant is currently benefitting from a rent free period due to expire on 31st September 2017. The Seller has agreed to adjust the completion monies so that the unit effectively produces £15,000 p.a. from completion of the sale.

Property Documents

  • Site Plan
    Updated Date
    21.06.17
    File Size
    578 KB
    View PDF
  • Catalogue Page
    Updated Date
    21.06.17
    File Size
    521 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Mhairi JarvisMhairi Jarvis +44 (0)131 552 5191 +44 (0)7718 899 341mhairi.jarvis@acuitus.co.uk
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863georgina.roberts@acuitus.co.uk
Seller's Solicitors
DWF LLP No. 2 Lochrin Square, 96 Fountainbridge
Edinburgh
EH3 9QA
Iain Mclean 0131 474 2320iain.mclean@dwf.law

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