Let to tenants including Lloyds Pharmacy and Oxfam
Approximately 11,600 sq ft
Prominent pedestrianised town centre location, close to Lidl, B&M Bargains, Post Office and RBS Bank
Asset management opportunities
High Yielding on Guide Price
On behalf of Trustees
Lot 47
Auction 28th March 2018
Rent £89,200 per Annum Exclusive
Status Sold
Price £560,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
10 miles south of Edinburgh City Centre
50 miles east of Glasgow
Roads
A701, A702
Air
Edinburgh Airport
Situation
Penicuik is an established market town with a population of over 25,000 people. The property is located on the western side of the pedestrianised section of John Street, in the heart of Penicuik town centre. National operators represented within the town include Lidl, Greggs, Farmfoods, B&M Bargains and The Original Factory Shop.
Tenure
Heritable. (Scottish Equivalent of Freehold).
Location
Miles
10 miles south of Edinburgh City Centre
50 miles east of Glasgow
Roads
A701, A702
Air
Edinburgh Airport
Situation
Penicuik is an established market town with a population of over 25,000 people. The property is located on the western side of the pedestrianised section of John Street, in the heart of Penicuik town centre. National operators represented within the town include Lidl, Greggs, Farmfoods, B&M Bargains and The Original Factory Shop.
Tenure
Heritable. (Scottish Equivalent of Freehold).
Description
The property, an unbroken retail parade, comprises four shops, with each shop providing ground floor retail accommodation and first floor ancillary accommodation, apart from 38 John Street which is ground floor retail only.
VAT
VAT is 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
The property, an unbroken retail parade, comprises four shops, with each shop providing ground floor retail accommodation and first floor ancillary accommodation, apart from 38 John Street which is ground floor retail only.
VAT
VAT is 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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground First
Retail/Ancillary Ancillary
66.79 sq m 31.30 sq m
(719 sq ft) (337 sq ft)
LLOYDS PHARMACY LIMITED (1)
10 years from 11/11/2008
£12,000
-
Ground First
Retail/Ancillary Ancillary
73.06 sq m 32.06 sq m
(786 sq ft) (345 sq ft)
OXFAM (2)
24 years from 05/03/1993 (Holding Over)
£12,000
-
Ground
Retail/Ancillary
74.88 sq m
(806 sq ft)
NEIL MACLEAN HAIRDRESSING LIMITED
5 years from 06/06/2016
£10,000
28/05/2019
Ground First
Retail/Ancillary Ancillary
465.99 sq m 334.99 sq m
(5,016 sq ft) (3,606 sq ft)
ROCHPION PROPERTIES LLP (3)
25 years from 11/02/1994
£55,000
-
Total
1,079.07 sq m
(11,615 sq ft)
£89,200
(1) Lloyds Pharmacy Limited trade from over 1,500 pharmacies in the UK, employing over 17,000 staff (www.lloydspharmacy.com). (2) Oxfam is a registered charity operating in 90 countries worldwide, with around 650 charity shops across the UK. For the year ending 31st March 2017, Oxfam reported a total net worth of £76,600,000 (Sources: www.oxfam.org.uk and Experian Group 19/02/2018). (3) Rochpion Properties LLP’s ultimate holding company is Co-operative Group Limited. For the year ending 31st December 2016, Rochpion Properties LLP reported pre-tax profits of £6.86 million and a total net worth of £83.71 million (Experian Group 19/02/2018). Please note that the tenant is not currently in occupation and the property is currently occupied by a charity shop by way of a Licence.
