3 Shore Street
Ullapool
IV26 2UJ

Heritable Retail Investment

  • Let to Boots UK Limited until 2025 (no breaks) (2)
  • New reversionary lease signed in 2019
  • Located on the main retailing street in the town
  • Opposite the harbour and ferry terminal
  • Lot
    26
  • Auction
    24/Oct/2019
  • Rent
    £17,503 per Annum Exclusive
  • Status
    Sold
  • Price*
    £216,000
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
  • On behalf of Trustees
  • 3 Shore Street<br>Ullapool<br>IV26 2UJ
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

Property Information

Location
Miles
56 miles north-west of Inverness
Roads
A835
Air
Inverness Airport
Situation

Located on the north-west coast of Scotland, Ullapool is a popular tourist destination and attracts a large number of visitors year round due to its position on the increasingly popular North Coast 500 route and ferry connections to the Outer Hebrides. Shore Street is located off the A835 and fronts onto the harbour and ferry terminal. Nearby occupiers include Edinburgh Woollen Mill, Bank of Scotland and a number of independent cafés and retailers.

Tenure

Heritable.

Description

The property comprises a traditional three storey building with retail sales at ground floor, ancillary accommodation at part first floor and a residential flat at first and second floor. There is access to Argyle Street from the rear of the property.

VAT

VAT is applicable to this lot.

Viewings

Please contact Mhairi Jarvis

EPC

Band G.

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.x
Ground
First
First/Second

Retail/Ancillary
Office/Ancillary
Residential
85.47 sq m
31.90 sq m
(920 sq ft)
(344 sq ft)
BOOTS UK
LIMITED (1)
20 years and 4 months from 22/03/2005 until 20/07/2025 on a full repairing and insuring
lease (2)
£17,503 (3)
Three bed flat
Total Commercial Area
117.37 sq m
(1,264 sq ft)
  £17,503 (3)

(1) For the year ending 31st August 2018, Boots UK Limited reported a turnover of £6,790,000,000, pre-tax profits of £398,000,000 and a total net worth of £875,000,000 (Source: Experian Group 19/09/2019). Boots is the largest pharmacy health and beauty chain in the UK and as at 31st August 2018 had 2,485 stores across the UK (Source: www.boots-uk.com/about-boots-uk/about-boots/boots-in-numbers/ 20/09/2019).
(2) The current lease is for a term of 15 years and four months expiring 21/07/2020, however a 5 year reversionary lease has been signed from expiry of the current term until 21/07/2025 at a re-based rent of £14,002 p.a.x.
(3) For the purpose of clarification, the current passing rent is £17,225 p.a.x. The current lease provides a fixed rental increase to £17,503 p.a.x from 1st April 2020. The seller has agreed to adjust the completion monies so the sale will effectively produce £17,503 p.a.x. from the completion of sale. At the commencement of the reversionary lease on 21/07/2020, the rent will re-base to £14,002 p.a.x for the remainder of the term.

Property Documents

  • Site Plan
    Updated Date
    02.10.19
    File Size
    1 MB
    View PDF
  • Catalogue Page
    Updated Date
    02.10.19
    File Size
    631 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    19.09.19
    File Size
    36 KB
    View PDF

Contacts

Acuitus
Mhairi JarvisMhairi Jarvis +44 (0)7718 899 341mhairi.jarvis@acuitus.co.uk
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863 +44 (0)7899 877 224georgina.roberts@acuitus.co.uk
Seller's Solicitors
Burness Paull 50 Lothian Road
Edinburgh
EH3 9WJ
Andrew Wood 0131 473 6903andrew.wood@burnesspaull.com

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