93 Argyll Street
Dunoon
Argyll and Bute
PA23 7NE

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 Dunoon
  • Nearby occupiers include Bank of Scotland, Semichem, TSB Bank and M&Co
  • Lot
    32
  • Auction
    12/Feb/2020
  • Rent
    £13,126 per Annum Exclusive
  • Status
    Available
  • Price*
    Contact Us
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    Marble Arch
    London W1H 7TN
  • On behalf of Trustees
Important Auction & Property Update
  • 93 Argyll Street<br>Dunoon<br>Argyll and Bute<br>PA23 7NE
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  • Photos
  • Map

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

Property Information

Location
Miles
8 miles west of Greenock
11 miles west of Port Glasgow
32 miles north-west of Glasgow
Roads
A815, A885M, A770 (Gourock)
Rail
Gourock Railway Station
(then connect by ferry to Dunoon)
Air
Glasgow International Airport
Situation

Dunoon is located in the south of Argyll and Bute and is the main town on the Cowal Peninsula. It is connected by road but also by ferry from Gourock c. 25 miles west of Glasgow. The town has a population of 13,200 with significant employment in the area in administration, hospitality and tourism. The property is situated on the east side of Argyll Street, midway between Moir Street and the sea front. Neighbouring occupiers include RS McColl, Bank of Scotland, TSB Bank and Semichem.

Tenure

Heritable. (Scottish Equivalent of Engilsh Freehold)

Description

The property comprises a traditional two storey building with ground floor sales with a pharmacy, together with first floor ancillary accommodation. The property also includes the first floor of the adjoining property, 90 Argyll Street.

VAT

VAT is applicable to this lot.

Viewings

Please contact Mhairi Archibald

EPC

Available at acuitus.co.uk

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReversion
Ground
First
Retail
Ancillary
126.72 sq m
130.62 sq m
(1,364 sq ft)
(1,406 sq ft)
BOOTS UK
LIMITED (1)
20 years and 4 months
from 22/03/2005 on a
full repairing and
insuring lease (2)
£13,12621/07/2025
Total
257.34 sq m
(2,770 sq ft)
  £13,126 (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 rebased rent of £10,501 p.a.x.
(3) For the purpose of clarification, the current passing rent is £12,932 p.a.x. The current lease provides a fixed rental increase to £13,126 p.a.x from 1st April 2020. The seller has agreed to adjust the completion monies so that the property will effectively produce £13,126 p.a.x from the completion of sale. At the commencement of the reversionary lease on 21/07/2020, the rent will rebase to £10,501 p.a.x and the tenant will benefit from a three month rent free period. The seller has agreed to adjust the completion monies so the sale will effectively produce £10,501 p.a.x. from the commencement of the reversionary lease.

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    03.02.20
    File Size
    15 MB
    Login to View
  • Catalogue Page
    Updated Date
    22.01.20
    File Size
    725 KB
    View PDF
  • Site Plan
    Updated Date
    22.01.20
    File Size
    724 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    20.05.20
    File Size
    694 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
Mhairi ArchibaldMhairi Archibald +44 (0)7718 899 341 Mhairi.archibald@acuitus.co.uk
Seller's Solicitors
Burness Paull 120 Bothwell Street
Glasgow
G2 7JL
Donald Findlay 0131 473 6901Donald.Findlay@burnesspaull.com

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