Callendar Square Shopping Centre
High Street
Falkirk
Stirlingshire
FK1 1UJ

Heritable Shopping Centre Investment

  • Approximately 125,710 sq ft retail, office and leisure accommodation over three floors
  • Substantial asset management opportunities and future development potential (subject to consent)
  • Prominent town centre location benefitting from frontages onto High Street and Callendar Riggs
  • Over 75% income secured from Falkirk Council, Iceland Frozen Foods Plc and Wright Leisure Ltd t/a Xercise4less
  • Lot
    23
  • Auction
    19/Oct/2017
  • Rent
    £622,248 per Annum
  • Status
    Sold
  • Price*
    £1,005,000
  • Sector
    Shopping Centre
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of a Major Investment Manager
  • Callendar Square Shopping Centre<br>High Street<br>Falkirk<br>Stirlingshire<br>FK1 1UJ
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  • Map

Property Information

Location
Miles
11 miles south of Stirling, 22 miles east of Glasgow, 25 miles west of Edinburgh
Roads
A803, A904, M9 (Junction 6), M876 (Junction 1)
Rail
Falkirk High Station and Falkirk Grahamston Rail (39 mins direct to Edinburgh)
Air
Edinburgh International Airport
Situation

The property is located in the town centre on the northern side of the pedestrianised High Street, at its junction with Callendar Riggs. The property is a short walk from Falkirk Grahamston Station which provides direct services to Edinburgh in 39 minutes. Falkirk is home to a number of national retailers, including Debenhams, Marks & Spencer, New Look, Boots and Wilko. Other nearby occupiers include McDonald’s, Poundstretcher, Nationwide Building Society, Caffè Nero and Gala Bingo.

Tenure

Heritable. Held on two titles with separate sub Long Leasehold interest

Description

The property is a prominent 125,710 sq ft shopping centre providing approximately 26 retail units over three floors, with units currently used as offices on the lower ground and a gym on the upper floor. A hotel also makes up part of the property and has been let on a long lease. The shopping centre benefits from a 480 space multi storey car park to the east, accessed via a footbridge from the shopping centre.

VAT

VAT is applicable to this lot.

Completion Period

Six 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.xReview/
(Reversion)
C2LowerRetail
149.30 sq m
(1,607 sq ft)
FALKIRK COUNCILApprox 12 years 9
months from
08/04/2005 (1)
£31,600(18/01/2018)
MSU1LowerRetail
842.72 sq m
(9,071 sq ft)
FALKIRK COUNCIL22 years from
19/01/1996 (1)
£91,250(18/01/2018)
Car Park 3
(70 spaces)
 Car Park
FALKIRK COUNCILApprox 11 years from
01/01/2007 (1) (2)
£25,365(18/01/2018)
C5/C6LowerRetail
872.08 sq m
(9,387 sq ft)
ICELAND FROZEN
FOODS PLC
Approx 24 years 2
months from
12/09/1994 (3)
£80,000(27/11/2018)
Gym and
Car Park 2
(149 spaces)
UpperLeisure
2,848.13 sq m
(30,657 sq ft)
WRIGHT LEISURE
LTD t/a Xercise4Less
15 years from
30/06/2014 (4)
£135,00030/06/2019 and
30/06/2024
(30/07/2029)
Car Park Car Park
Pass (5)
GALA LEISURE LTD7 years from
28/02/2011
£30,000(27/02/2018)
Car Park 1
(242 spaces) &
Mgnt Office
 Public
Car Park/
Office
COIN OPERATED
PUBLIC PAY CAR
PARK (6)
 £147,773 
C7LowerRetail
97.55 sq m
(1,050 sq ft)
DIANA TEXTILES LTD
t/a Halle Interiors
5 years from
01/01/2014
£5,000(31/12/2018)
C8LowerRetail
97.55 sq m
(1,050 sq ft)
MARIE BROWN LTD5 years from
28/08/2014
£6,000(27/08/2019)
C9LowerRetail
38.93 sq m
(419 sq ft)
ANY WAY YOU LIKE
IT LTD t/a Tallulah’s
3 years from
30/05/2015 (4)
£6,504(29/05/2018)
Stance GMidRetail
10.78 sq m
(116 sq ft)
ZOHRA PVT LTD
t/a Perfect Brows &
Beauty
1 year from
21/07/2017 (4)
£4,200(21/07/2018)
H7/H8,
Kiosk 3, H22
MidRetail
226.31 sq m
(2,436 sq ft)
VARIOUS
INDIVIDUAL
TENANTS
3 separate leases let
for terms expiring
between October
2017 and July 2018
(7)
£30,300 
H9MidRetail
39.30 sq m
(423 sq ft)
FONES UNLOCKER
LTD with personal
guarantee
6 years from
01/04/2013 (4)
£7,200(31/03/2019)
H13MidRetail
340.21 sq m
(3,662 sq ft)
WEE HEROES LTD1 year from
03/07/2017 (4)
£9,600(02/07/2018)
H17/18MidRetail
171.13 sq m
(1,842 sq ft)
BAGS ETC LTD11 years from
01/04/2007 (1) (3) (8)
£7,454(31/03/2018)
MSU4 (Former
BHS Unit)
 Retail
2,589.30 sq m
(27,871 sq ft)
VACANT
POSSESSION (9)
   
C1, C3, C4,
C10, C11,
MSU2
LowerRetail
1,564.77 sq m
(16,843 sq ft)
VACANT
POSSESSION
   
H5/H6, H13,
H16, H19/20,
H21, Juice
Bar, Kiosk 1, 2,
4 & 5, Stance,
Retail 1, MSU3
MidRetail
1,635.37 sq m
(17,603 sq ft)
VACANT
POSSESSION (9)
   
F1/2, Kiosk
A&B, Mall
Space 3
UpperRetail
155.43 sq m
(1,673 sq ft)
VACANT
POSSESSION (9)
   
Hotel Hotel
JOHNSTON HOTELS
LTD
Approx 151 years
7 months from
01/05/1992
£1(25/11/2143)
Car Park 4 (4 Spaces),
Car Park Office, Mall
Space 1 & Mall Space
2 &4
Car Park
VARIOUS TENANTS4 separate leases let
for terms expiring
between December
2017 and October
2021 (10)
£5,001 
Totals 
11,678.86 sq m
(125,710 sq ft)
  £622,248 

(1) Under Scottish law, the lease will continue year on year on the same terms and conditions until the next anniversary. If either the tenant or the landlord wish to terminate the lease, they must serve notice to quit within the specified time period prior to the anniversary.
(2) The lease provides a tenant option to determine on six months’ notice
(3) The lease provides a service charge cap. Please refer to the legal pack for further information.
(4) The stated rent is inclusive of service charge and insurance.
(5) Gala’s lease provides them with access to the car park in the evening (they do not have their own exclusive car park). Please refer to lease
for further information.
(6) For the year ending 15/09/2017, the income from the public coin operated car park was £147,773, however this amount is subject to change. Please refer to the legal pack for further information.
(7) As to the rents stated for Unit H7, H22 and Kiosk 3, these are inclusive of service charge and insurance. As to Kiosk 3 and Unit H22 note (1)
above applies.
(8) A turnover rent is payable by the tenant. For the twelve months from September 2016 to August 2017, this turnover rent equated to £7,454,
however this is subject to change. Please refer to the legal pack for further information.
(9) As to Kiosk 4 (Mid), Kiosk A (Upper), H16 (Mid), Juice Bar (Mid) F1/F2 (Upper) and MSU4, there are leases in place which have not been surrendered, however the tenants are no longer occupying the units or paying rent. Please refer to the legal pack for further information.
(10) As to Car Park 4 and Mall Space 4, note (1) above applies. The lease for Mall Space 1 provides annual mutual break options.

Property Documents

  • Site Plan
    Updated Date
    26.09.17
    File Size
    2 MB
    View PDF
  • Catalogue Page
    Updated Date
    26.09.17
    File Size
    1 MB
    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
Gwen ThomasGwen Thomas +44 (0)20 7034 4857 +44 (0)7809 363549gwen.thomas@acuitus.co.uk
Associate Auctioneers
Knight Frank
Mark Smith +44 20 7861 1533mark.smith@knightfrank.com
Seller's Solicitors
DWF LLP No. 2 Lochrin Square, 96 Fountainbridge
Edinburgh
EH3 9QA
David Ratter 0333 320 2220 David.Ratter@dwf.law

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