Entirely let to The Factory Shop Limited until October 2023 (no breaks)
Minimum rental uplift to £71,772 p.a.x in 2018
Nearby occupiers include Tesco and Home Bargains
Approximately 770.74 sqm (8,298 sqft)
Six Week Completion
Lot 34
Auction 13th February 2014
Rent £64,436 per Annum Exclusive
Status Sold Post
Price
Sector Retail Warehouse
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
12 miles east of Dumfries, 26 miles north of Carlisle
Roads
A74 (M)
Rail
Lockerbie Station (Scotrail)
Air
Edinburgh International Airport (73 miles north-east)
Situation
Lockerbie is a market town located immediately adjacent to the A74(M) and accessed from junction 17. The property is situated in a very prominent corner location at the junction of High Street, Mains Street, Arthur’s Place and Goods Station Road in the centre of the town. Arthur’s Place forms part of the A709 which connects the town to Dumfries.
Tenure
Heritable. Part Heritable (Scottish Equivalent of English Freehold) and Part Leasehold. Held under two separate 1,680 year leases until 3475 at a peppercorn rent.
Location
Miles
12 miles east of Dumfries, 26 miles north of Carlisle
Roads
A74 (M)
Rail
Lockerbie Station (Scotrail)
Air
Edinburgh International Airport (73 miles north-east)
Situation
Lockerbie is a market town located immediately adjacent to the A74(M) and accessed from junction 17. The property is situated in a very prominent corner location at the junction of High Street, Mains Street, Arthur’s Place and Goods Station Road in the centre of the town. Arthur’s Place forms part of the A709 which connects the town to Dumfries.
Tenure
Heritable. Part Heritable (Scottish Equivalent of English Freehold) and Part Leasehold. Held under two separate 1,680 year leases until 3475 at a peppercorn rent.
Description
The property comprises a single storey building with extended frontage onto Mains Street. The building has been extended along the Arthur’s Place elevation to incorporate a loading area. The property benefits from parking to the rear for approximately 20 cars, accessed from both Mains Street and Arthur’s Place.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a single storey building with extended frontage onto Mains Street. The building has been extended along the Arthur’s Place elevation to incorporate a loading area. The property benefits from parking to the rear for approximately 20 cars, accessed from both Mains Street and Arthur’s Place.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground
Retail/Storage
770.74 sq m
(8,298 sq ft)
THE FACTORY SHOP LIMITED (1)
15 years from 04/10/2008 until 03/10/2023 on a full repairing and insuring lease
£64,436.36
04/10/2018 (2)
Totals
770.74 sq m
(8,298 sq ft)
£64,436.36 rising to £71,772 in 2018
(1) For the year ending 31st March 2013, The Factory Shop Limited reported a turnover of £161,996,000, pre-tax profits of £8,380,000 and a total net worth of £36,661,000. (Source: www.riskdisk.com 04/11/2013) (2)Under the terms of the lease there are minimum rental uplifts linked to RPI with a cap and collar at 2.5% - 4.00%. This is compounded annually to establish the new rent at the review date. Therefore in October 2018 the rent will increase to a minimum of £71,772 pax.
