Heritable Shopping Centre Investment with Development Opportunity (STC)
Town centre shopping centre totalling
73,973 sq ft with c.400 car parking spaces
Total site area of 3.94 acres (1.59 hectares)
Development/asset management potential (subject to consents and title)
Occupiers in the centre include Bank of Scotland and Nisa Local
Lot 31
Auction 26th March 2020
Rent £182,200 per Annum Exclusive
Status Sold
Price
Sector Shopping Centre
Auction Venue The Montcalm Hotel 2 Wallenberg Place Marble Arch London W1H 7TN
On behalf of a Major Fund Manager
Property Information
Location
Miles
10 miles east of Glasgow
Roads
M8, M73, M74, M80
Rail
Coatbridge Central Railway Station
Air
Glasgow International Airport
Situation
Coatbridge is a commuter town located 10 miles east of Glasgow, well located close to the M8 and M73 motorways. The Quadrant Shopping Centre is located in the heart of Coatbridge town centre, on the northern side of the pedestrianised Main Street, at its junction with Dunbeth Road (B804). Nearby occupiers include Asda, Boots, Semichem and Coatbridge Library. To the north and east of the property there are a number of residential schemes.
Tenure
Heritable. (Scottish equivalent of English Freehold).
Location
Miles
10 miles east of Glasgow
Roads
M8, M73, M74, M80
Rail
Coatbridge Central Railway Station
Air
Glasgow International Airport
Situation
Coatbridge is a commuter town located 10 miles east of Glasgow, well located close to the M8 and M73 motorways. The Quadrant Shopping Centre is located in the heart of Coatbridge town centre, on the northern side of the pedestrianised Main Street, at its junction with Dunbeth Road (B804). Nearby occupiers include Asda, Boots, Semichem and Coatbridge Library. To the north and east of the property there are a number of residential schemes.
Tenure
Heritable. (Scottish equivalent of English Freehold).
Description
The shopping centre currently extends to 73,973 sq ft across 25 retail units arranged over ground and first floors with both street fronting units and internal units and extensive car parking at the rear. The property benefits from an approximate site area of 3.94 acres (1.59 hectares).
VAT
VAT is applicable to this lot.
Planning
A planning application is currently pending approval by North Lanarkshire Council. The application proposes the demolition of the rear units of the shopping centre and the car park and redevelopment of most of the site to provide 213 residential units across four blocks. Planning reference 19/00011/PPP www.northlanarkshire.gov.uk
Viewings
Please contact Mhairi Archibald on
44 (0)7718 899341.
EPC
Available at acuitus.co.uk
Description
The shopping centre currently extends to 73,973 sq ft across 25 retail units arranged over ground and first floors with both street fronting units and internal units and extensive car parking at the rear. The property benefits from an approximate site area of 3.94 acres (1.59 hectares).
VAT
VAT is applicable to this lot.
Planning
A planning application is currently pending approval by North Lanarkshire Council. The application proposes the demolition of the rear units of the shopping centre and the car park and redevelopment of most of the site to provide 213 residential units across four blocks. Planning reference 19/00011/PPP www.northlanarkshire.gov.uk
Viewings
Please contact Mhairi Archibald on
44 (0)7718 899341.
EPC
Available at acuitus.co.uk
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Reviews/ (Reversion)
Unit 1/2
Ground/ First
Retail/ Ancillary
534.65 sq m
(5,755 sq ft)
BANK OF SCOTLAND PLC
25 years from 28/04/1997
£85,000
(27/04/2022 )
Unit 3
Ground/ First
Retail/ Ancillary
207.26 sq m
(2,231 sq ft)
M A TRADING SCOT LIMITED t/a Super Vapes
6 months from 10/10/2019
£7,200
(09/04/2020 )
Unit 4
Ground/ First
Retail/ Ancillary
113.34 sq m
(1,220 sq ft)
THE CANDY STORE QUADRANT LIMITED
5 years from 03/06/2016
£15,000
(02/06/2021)
Unit 19/20
Ground
Retail
150.96 sq m
(1,625 sq ft)
INDIVIDUAL t/a The Big Coffee Cup
10 years from 02/11/2018 until 01/11/2028 (1)
£25,000 (1)
02/11/2023
Unit 22/23
Ground
Retail
407.19 sq m
(4,838 sq ft)
INDIVIDUAL t/a Nisa Local
15 years from 19/02/2013 until 19/02/2028 (2)
£15,000
19/02/2023
Unit 24
Ground
Retail
114.92 sq m
(1,237 sq ft)
HEART & SOUL MINISTRY
6 months from 01/12/2019
£0
( 31/05/2020)
Unit 25
Ground
Nightclub
536.79 sq m
(5,778 sq ft)
RC&HM SVS LIMITED t/a Platinum Nightclub
20 years from 30/03/2018 until 29/03/2038 (3)
£35,000 (4)
30/03/2023 30/03/2028 30/02/2033
Units 5-10, 11/14, 15, 16, 17, 18, 21 and Mall Cafe
Ground
Retail
3,056 sq m
(32,902 sq ft)
VACANT POSSESSION
Units 16, 27, F1 AA, BB, CC, DD Kiosk G, H & I
First Floor
Retail
1,243 sq m
(18,385 sq ft)
VACANT POSSESSION
Market Hall
First Floor
Retail
-
-
VACANT POSSESSION
Car Park
c.400 spaces
c.400 spaces
VACANT POSSESSION
Total
6,872 sq m
(73,973 sq ft)
£182,200
NB. A full tenancy schedule is available to download from the legal pack. The areas have been provided by the vendor. (1) The current passing rent is £18,000 p.a.x. The lease provides a fixed rental increase rising to £25,000 in year 6 (these are personal rent concessions from the headline rent of £25,000). The vendor has agreed to adjust the completion monies so the property will effectively produce £25,000 from the completion of sale. (2) The lease provides a tenant option to determine on 19/02/2023. (3) The lease provides a mutual option to determine on 30/03/2023. (4) The current passing rent is £30,000 p.a.x (personal to the tenant). The lease provides a fixed rental increase to £35,000 on 30/03/2021.The vendor has agreed to adjust the completion monies so the property will effectively produce £35,000 from the completion of sale.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
