173 Commercial Street Lerwick ZE1 0HX

173 Commercial Street
Lerwick
ZE1 0HX

Heritable Retail Investment

  • Let to Boots UK Limited on an extended lease to 2026 (no breaks)
  • Located in the main retailing street in Lerwick
  • Neighbouring occupiers include Intersport and Save the Children
  • Whole building
  • Lot
    32
  • Auction
    26th March 2020
  • Rent
    £25,004 per Annum Exclusive
  • Status
    Sold
  • Price
     
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    Marble Arch
    London W1H 7TN
  • On behalf of Trustees
  • Expand
  • Photos
  • Map

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

Heritable Retail Investment

  • Let to Boots UK Limited on an extended lease to 2026 (no breaks)
  • Located in the main retailing street in Lerwick
  • Neighbouring occupiers include Intersport and Save the Children
  • Whole building
  • Lot 32
  • Auction 26th March 2020
  • Rent
  • Status Sold
  • Price  
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    Marble Arch
    London W1H 7TN
  • On behalf of Trustees

Property Information

Location
Miles
173 miles north of Wick
275 miles north of Inverness
Roads
A970
Rail
Wick (Scotrail)
Air
Sumburgh Airport (24 miles south)
Situation

The property is located on the west side of Commercial Street at its northern end. Occupiers on the street include Intersport, M&Co, British Red Cross, Bank of Scotland and Clydesdale Bank.

Tenure

Heritable.

Location
Miles
173 miles north of Wick
275 miles north of Inverness
Roads
A970
Rail
Wick (Scotrail)
Air
Sumburgh Airport (24 miles south)
Situation

The property is located on the west side of Commercial Street at its northern end. Occupiers on the street include Intersport, M&Co, British Red Cross, Bank of Scotland and Clydesdale Bank.

Tenure

Heritable.

Description

The property comprises a ground floor retail unit with retail sales also on part first floor. Part first floor and second floor is used for ancillary purposes.

VAT

VAT is applicable to this lot.

Viewings

Please contact Mhairi Archibald 07718 899341

EPC

Available at acuitus.co.uk

Description

The property comprises a ground floor retail unit with retail sales also on part first floor. Part first floor and second floor is used for ancillary purposes.

VAT

VAT is applicable to this lot.

Viewings

Please contact Mhairi Archibald 07718 899341

EPC

Available at acuitus.co.uk

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x. Reversion
Ground
First Floor

Second Floor
Retail
Retail (part)
Ancillary
Ancillary
113.71 sq m
80.64 sq m
46.72 sq m
115.94 sq m
(1,224 sq ft)
(868 sq ft)
(503 sq ft)
(1,248 sq ft)
BOOTS UK
LIMITED (1)
21 years and 4 months
from 22/03/2005 on
a full repairing and
insuring lease (2)
£25,004 21/07/2026
Total
357.01 sq m
(3,843 sq ft)
    £25,004 (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 20 years expiring 21/07/2020, however a 6 year reversionary lease has been signed from expiry of the current term until 21/07/2026 at a rebased rent of £21,500 p.a.x.
(3) At the commencement of the reversionary lease on 21/07/2020, the rent will rebase to £21,500 p.a.x and the tenant will benefit from a seven month rent free period. The seller has agreed to adjust the completion monies so the sale will effectively produce £21,500 p.a.x. from the commencement of the reversionary lease.

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.

Property Documents

  • Catalogue Page
    Updated Date
    04.03.20
    File Size
    621 KB
    View PDF
  • Site Plan
    Updated Date
    04.03.20
    File Size
    51 MB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 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

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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