35/35A High Street
Nairn
IV12 4AG

Town Centre Heritable Retail Investment

Prominent location in Nairn town centre
Let to Boots UK Limited
New 10 year lease to September 2029 (no breaks) at a new rent of 22,565 p.a.x
Neighbouring occupiers include Cooperative Food, SemiChem and RS McColl
Prescriptions dispensed 8,300 (for the month of March 2020) ( source: NHS Prescribing)

Lot
4
Auction
09/Jul/2020
Rent
£22,565 per Annum Exclusive
Status
Sold Prior
Price*
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Important Auction & Property Update

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Photos
Map

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

Property Information

Location

Miles: 17 miles east of Inverness
Roads: A96, A939
Rail: Nairn Railway Station
Air: Inverness Airport

Situation

Nairn is located 17 miles to the east of Inverness in Highland Scotland. The town has a population of approximately 10,000 people and lies on the A96 trunk road which links Aberdeen with Inverness. The premises are located on the south side of the High Street close to the junction with Leopold Street. Nearby occupiers include Co-operative Food, RS McColl, SemiChem and a wide variety of independent retailers.

Tenure

Heritable.

Description

The property comprises a traditional sandstone building with a retail sales area at ground floor and ancillary accommodation at first floor. There is a second floor (currently unused). Boots operate a pharmacy from the property. For the month of March 2020 the pharmacy dispensed 8,300 items which is typical as a monthly level of items dispensed from this location.

VAT

VAT is applicable to this lot.

Viewings

Please contact Mhairi Archibald (07718 899 341)

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Accommodation	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
Ground Floor	Retail Ancillary	167.04 sq m 10.40 sq m	(1,798 sq ft) (112 sq ft)	Boots UK Limited (1)	10 years from 06/09/2019 until 05/09/2029 on a full repairing and insuring lease (2) (3)	£22,565	06/09/2024
First Floor	Ancillary	130.90 sq m	(1,409 sq ft)
Second Floor	Unused
Total		308.34 sq m	(3,319 sq ft)			£22,565

(1) For the year ending 31st August 2019, Boots UK Limited reported a turnover of 6,667,000,000, pre-tax profits of 217,000,000 and total shareholder funds of 2,110,000,000 (Source: Experian Group 16/06/2020). Boots is the largest pharmacy health and beauty chain in the UK and as at 31st August 2019 had 2,500 stores across the UK
(Source: www.boots-uk.com/about-boots-uk/about-boots/boots-in-numbers/ 16/06/2020).
(2) A new lease of 10 years was granted on 06/09/2019 at an increased rent of 22,565 p.a.x.
(3) On signing of their new lease in September 2019, Boots were granted a twelve month rent free period expiring in September 2020. The seller has agreed to adjust completion monies so the sale will effectively produce 22,565 p.a.x from the date of sale.

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.