Nearby occupiers include Boots the Chemist, Burton and Betfred
Lot 63
Auction 13th July 2017
Rent
Status Withdrawn Post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
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
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
EPC
The EPC will be available to view online in the solicitor’s legal pack.
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
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 (gross)
Review/ (Reversion)
1a
Ground
Retail/Ancillary
47.73 sq m
(514 sq ft)
VACANT
1b
Ground 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
£9,600
Rolling monthly
2
Ground 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
£20,000
30/11/2018 (30/11/2023)
3
Ground
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
£33,900
22/12/2021 (21/12/2026)
1 Anderson Street
Ground
Retail/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
Ground
Retail/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.