Prime location on Union Street opposite the Marischal Square office development
New 20 year lease to Tesco Stores Limited (subject to an option)
Neighbouring occupiers include Greggs, Semichem, Poundland, Miller and Carter and Brewdog
The rent is reviewed to open market with a cap of 2.5% p.a. compounded annually to a maximum of 13.14% over five years
Currently producing £79,000 p.a.x.
Lot 16
Auction 11th February 2021
Rent £79,000 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
67 miles north-east of Dundee
Roads
A90, A96
Rail
Aberdeen Railway Station
(Mainline and Scotrail)
Air
Aberdeen Airport
Situation
Aberdeen is the third largest city in Scotland, known globally as an oil and gas centre and energy research hub. The property is situated on the south side of the Union Street at its eastern end, between the St Nicholas Centre and Broad Street linking to the Marischal Square office development. Union Street is the principal retail thoroughfare in Aberdeen city centre. Neighbouring occupiers include Greggs, Ladbrokes, Poundland, Miller & Carter and Semichem.
Tenure
Heritable.
Location
Miles
67 miles north-east of Dundee
Roads
A90, A96
Rail
Aberdeen Railway Station
(Mainline and Scotrail)
Air
Aberdeen Airport
Situation
Aberdeen is the third largest city in Scotland, known globally as an oil and gas centre and energy research hub. The property is situated on the south side of the Union Street at its eastern end, between the St Nicholas Centre and Broad Street linking to the Marischal Square office development. Union Street is the principal retail thoroughfare in Aberdeen city centre. Neighbouring occupiers include Greggs, Ladbrokes, Poundland, Miller & Carter and Semichem.
Tenure
Heritable.
Description
The property will comprise a newly fitted out Tesco Express supermarket arranged over ground and basement floors within a C listed granite tenement building (the upper floors are in separate ownership). Retail sales accommodation will be provided at ground floor level together with storage and plant at basement level. The property is currently being fitted out by the tenant.
VAT
VAT is applicable to this lot.
Viewings
Please contact Mhairi Archibald (07718899341)
EPC
Band E. Please see the legal pack for further information.
Description
The property will comprise a newly fitted out Tesco Express supermarket arranged over ground and basement floors within a C listed granite tenement building (the upper floors are in separate ownership). Retail sales accommodation will be provided at ground floor level together with storage and plant at basement level. The property is currently being fitted out by the tenant.
VAT
VAT is applicable to this lot.
Viewings
Please contact Mhairi Archibald (07718899341)
EPC
Band E. Please see the legal pack for further information.
Tenancy & Accommodation
Floor
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground Basement
294.90 sq m 309.90 sq m
(3,174 sq ft) (3,336 sq ft)
TESCO STORES PLC (1)
20 years from 07/09/2020 to 06/09/2040 (2)
£79,000
07/09/2025 and five yearly thereafter (3)
Total
604.80 sq m
(6,510 sq ft)
£79,000
(1) Tesco Stores PLC have a turnover of £42,951,000,000, a pre-tax profit of £1,151,000,000 and total assets of £24,329,000,000. Tesco trade from over 3,700 stores in the UK and Ireland (Source tesco.com) (2) There is a tenant break option at year 10 (07/09 2030) on giving 6 months notic3 (3) The rent is reviewed to open market with a cap of 2.5% p.a. compound (maximum 13.14% over 5 years)
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.
