61 - 69 High Street Fort William Highland PH33 6DN

61 - 69 High Street
Fort William
Highland
PH33 6DN

Heritable Retail Parade Investment

Four shops let to tenants including The Edinburgh Woollen Mill Limited
Re-geared and renewed Edinburgh Woollen Mill lease at re-based rent.
All shops let on new leases from 2015
Prominent location on the pedestrianised High Street
Nearby occupiers include Costa Coffee, Bank of Scotland, Lloyds Pharmacy, Superdrug and William Hill
Popular tourist town close to Ben Nevis
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
57
Auction
13th October 2016
Rent
£65,500 per Annum Exclusive
Status
Sold
Price
£580,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

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Heritable Retail Parade Investment

Four shops let to tenants including The Edinburgh Woollen Mill Limited
Re-geared and renewed Edinburgh Woollen Mill lease at re-based rent.
All shops let on new leases from 2015
Prominent location on the pedestrianised High Street
Nearby occupiers include Costa Coffee, Bank of Scotland, Lloyds Pharmacy, Superdrug and William Hill
Popular tourist town close to Ben Nevis
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 57
Auction 13th October 2016
Rent £65,500 per Annum Exclusive
Status Sold
Price £580,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

Property Information

Location

Miles: 64 miles south west of Inverness, 105 miles north of Glasgow
Roads: A82, A830
Rail: Fort William (3 hours 45 mins to Glasgow Queen Street )
Air: Inverness Airport (75 miles north)

Situation

Fort William is the largest town in the west Highlands, with a resident population of approximately 10,000 and is the commercial centre of Lochaber. The town is a popular tourist destination throughout the winter and summer with its proximity to Ben Nevis and Glencoe. The town has now hosted the Mountain Bike World Cup 11 times, attracting over 40,000 people a year. The subject property is located on the western side of the pedestrianised High Street with the Mairi McIntyre shop benefiting from a return frontage onto Monzie Square. Nearby occupiers include Fat Face, Costa, Superdrug and Bank of Scotland.

Tenure

Heritable. Scottish Equivalent of Freehold

Location

Miles: 64 miles south west of Inverness, 105 miles north of Glasgow
Roads: A82, A830
Rail: Fort William (3 hours 45 mins to Glasgow Queen Street )
Air: Inverness Airport (75 miles north)

Situation

Tenure

Heritable. Scottish Equivalent of Freehold

Description

The subjects comprise an unbroken parade of four retail units arranged on the ground floor and basement, forming part of a larger building. The shops all benefit from a frontage onto High Street, with the Mairi McIntyre (Edinburgh Woollen Mill) shop benefiting from return frontage towards Station Square.

VAT

VAT is not 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

VAT

VAT is not 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)
61 High Street	Ground	Retail	64.29 sq m	(692 sq ft)	I. KENNEY (t/a Delicraft)	10 years from 02/04/2015 (1)	£12,500	02/04/2020 (01/04/2025)
63 High Street (also known as 61a High Street)	Ground	Retail	43.66 sq m	(470 sq ft)	PHONECLINIC4U LIMITED (2)	5 years from 01/12/20 1 5	£8,000 (3)	(30/1 1/2020)
65 High Street	Ground	Retail	38.55 sq m	(415 sq ft)	B.E. BELTON (t/a Highlands Entertainment)	5 years from 18/02/2015 (4)	£10,000 (3)	(17/02/2020)
67 High Street	Ground Basement	Retail Ancillary	184.09 sq m 105.66 sq m	(1,982 sq ft) (1,137 sq ft)	THE EDINBURGH WOOLLEN MILL LIMITED t/a Mairi McIntyre (5)	10 years from 01/09/201 5 (5)	£35,00 0	01/09/2020 (31/08/2025)
TOTAL			436.25 sq m	(4,696 sq ft)			£65,500

(1) The lease is suject to a tenant break option on 02/04/2020, subject to 6 months’ notice.
(2) A rental deposit of £3,000 is held. The property has been sublet.
(3) The current contracted rent for Phoneclinic4U Limited is £4,670 per annum rising to £8,000 per annum on 01/12/2016. The current contracted rent for B.E Belton is £8,000 per annum rising to £10,000 per annum on 18/02/2017. The vendor has agreed to adjust the completion monies so that the property will effectively produce a total of £65,500 p.a.x. from completion of the sale.
(4) The lease is subject to a tenant break option on 28/02/2017 on 3 months notice. If the break option is not served, the landlord will pay the tenant £1,000.
(5) For the year ending 28th February 2015 The Edinburgh Woollen Mill Limited reported a turnover of £166,230,000, a pre-tax profit of £24,938,000 and a net worth of £125,599,000 (Source: Risk disk 12/09/2016). Edinburgh Woollen Mill have 265 mainstream high street stores, 88 speciality tourist shops and 27 destination sites in the UK (Source: www.ewm.co.uk 15/09/2016). The lease is subject to a tenant break option on 31/08/2020, on 6 months notice. If the break option is exercised, a penalty of £5,000 will be paid by the tenant.