Property Auctions 22/Oct/2015 | 22 / 38 Port Street and 4 / 12 Dumbarton Road, Stirling, FK8 2LF

Prime Heritable Retail Investment

Let to New Look Retailers Limited
Substantial well configured store providing a total gross internal area of 5,535.20 sq m (59,582 sq ft)
Prime pedestrianised retailing position opposite Marks & Spencer and The Thistles Shopping Centre
Nearby occupiers include Debenhams, Zara, H&M, Next, Laura Ashley, Monsoon, WH Smith, Boots and Caffé Nero
Historic city and important tourist base for the Scottish Highlands
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 31
Auction 22nd October 2015
Rent £567,000 per Annum Exclusive
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Trustees of a Major Pension Fund

Property Information

Location

Miles: 25 miles north-east of Glasgow, 35 miles north-west of Edinburgh
Roads: A9, A84, A811, M9, M80
Rail: Stirling Railway Station
Air: Edinburgh Airport

Situation

Stirling is a historic city situated in the heart of central Scotland and has been referred to as the ‘Gateway to the Highlands’, being located close to Loch Lomond and The Trossachs National Park. The property occupies a prime retailing location, situated in a prominent position on the western side of the pedestrianised Port Street, opposite Marks & Spencer and The Thistles Shopping Centre. Other nearby occupiers include Laura Ashley, Monsoon and Caffé Nero, with The Thistles Shopping Centre housing retailers including Debenhams, Zara, H&M, Next, WH Smith and Boots.

Tenure

Heritable. Heritable (Scottish Equivalent of English Freehold).

Location

Miles: 25 miles north-east of Glasgow, 35 miles north-west of Edinburgh
Roads: A9, A84, A811, M9, M80
Rail: Stirling Railway Station
Air: Edinburgh Airport

Situation

Stirling is a historic city situated in the heart of central Scotland and has been referred to as the ‘Gateway to the Highlands’, being located close to Loch Lomond and The Trossachs National Park. The property occupies a prime retailing location, situated in a prominent position on the western side of the pedestrianised Port Street, opposite Marks & Spencer and The Thistles Shopping Centre. Other nearby occupiers include Laura Ashley, Monsoon and Caffé Nero, with The Thistles Shopping Centre housing retailers including Debenhams, Zara, H&M, Next, WH Smith and Boots.

Tenure

Heritable. Heritable (Scottish Equivalent of English Freehold).

Description

The property comprises a substantial purpose built store arranged over four floors and of steel framed construction, with stone external walls under a flat roof. The ground and first floors provide well configured retail accommodation, with the second and third floors used as offices and storage. The ground and first floors are linked by two double sets of stairs and escalators, with a customer passenger lift serving the retail floors. The property further benefits from a substantial frontage to Port Street, two goods lifts, suspended ceilings, strip spot lights, air conditioning and a large partially covered loading bay to the rear.

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 available here.

VAT

VAT is applicable to this lot.

EPC

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

Description

The property comprises a substantial purpose built store arranged over four floors and of steel framed construction, with stone external walls under a flat roof. The ground and first floors provide well configured retail accommodation, with the second and third floors used as offices and storage. The ground and first floors are linked by two double sets of stairs and escalators, with a customer passenger lift serving the retail floors. The property further benefits from a substantial frontage to Port Street, two goods lifts, suspended ceilings, strip spot lights, air conditioning and a large partially covered loading bay to the rear.

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 available here.

VAT

VAT is applicable to this lot.

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	Reversion
Ground First Second Third Fourth	Retail Retail Ancillary Ancillary Plant	1,499.80 sq m 1,454.90 sq m 1,454.90 sq m 1,072.00 sq m 103.60 sq m	(15,606 sq ft) (15,661 sq ft) (15,661 sq ft) (11,539 sq ft) (1,115 sq ft)	NEW LOOK RETAILERS LIMITED (1)	20 years from 03/03/2000 on a full repairing and insuring lease	£567,000	24/03/2020
Totals		5,535.20 sq m	(59,582 sq ft)			£567,000

(1) New Look is one of the UK’s best known fashion retailers and has an increasing global presence; starting in 1969, the retailer is now represented in 20 countries worldwide. The company currently trades from over 1,160 stores globally, runs a very successful e-commerce site which ships to 120 countries, and employs approximately 30,000 people, 17,000 of whom are employed in the 576 UK stores. For the year ending 29th March 2014 New Look Retailers Limited reported a turnover of £1,273,813,000, pre-tax profits of £116,956,000 and a total net worth of £255,991,000. (Source: www.experian.co.uk 19/08/2015). New Look has recently been acquired by South African Investment Group BRAIT SE, which is backed by South African businessman Christo Wiese. The transaction places an Enterprise Value on New Look of circa £1.9 billion. (Source:www.newlookgroup.com).