88-104 High Street Ayr Ayrshire KA7 1PQ

88-104 High Street
Ayr
Ayrshire
KA7 1PQ

Heritable (Scottish Equivalent of Freehold) Long Term Retail Investment

Let to Bhs Limited until September 2082
Bhs is integrated as part of the Arcadia Group
Sub-underlease representing 23% of income to Poundland until 2021
Neighbouring occupiers include Marks and Spencer, Superdrug, Clarks and Ladbrokes

Lot
26
Auction
27th March 2014
Rent
£689,995 per Annum
Status
Sold Prior
Price
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

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Heritable (Scottish Equivalent of Freehold) Long Term Retail Investment

Let to Bhs Limited until September 2082
Bhs is integrated as part of the Arcadia Group
Sub-underlease representing 23% of income to Poundland until 2021
Neighbouring occupiers include Marks and Spencer, Superdrug, Clarks and Ladbrokes

Lot 26
Auction 27th March 2014
Rent £689,995 per Annum
Status Sold Prior
Price
Sector
High Street Retail
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 15 miles south-west of Kilmarnock; 37 miles south-west of Glasgow; 82 miles south-west of Edinburgh
Roads: A71, A77, M77
Rail: Ayr Railway Station
Air: Prestwick Airport

Situation

The property is located on the eastern side of the High Street, the principal retailing street in Ayr town centre. It also benefits from secondary frontage to the rear, with attractive views overlooking the River Ayr which Bhs have capitalised on with the inclusion of a café on the first floor. The adjacent occupier is Marks and Spencer with neighbouring occupiers including Superdrug, Clarks Shoes and Ladbrokes.
The property is situated at the northern end of the High Street which is the focus of redevelopment proposals by Ayr Renaissance - a Council and Scottish
Government funded body.

Tenure

Heritable.

Location

Miles: 15 miles south-west of Kilmarnock; 37 miles south-west of Glasgow; 82 miles south-west of Edinburgh
Roads: A71, A77, M77
Rail: Ayr Railway Station
Air: Prestwick Airport

Situation

Tenure

Heritable.

Description

The property comprises two retail units. Unit 1 (Bhs) is a large variety store, occupied over ground and first floors with the second and third floors accommodating plant and machinery. Unit 2 (Poundland) is also arranged over four floors with the ground and first floors as sales and storage respectively and the second and third floors not utilised.

VAT

VAT is applicable to this lot.

EPC

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

Description

VAT

VAT is applicable to this lot.

EPC

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

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Unit 1	Ground First Second Third Sub Total	Retail Retail Plant Plant	2,378 sq m 2,460 sq m 205 sq m 207 sq m 5,250 sq m	(25,595 sq ft) (26,475 sq ft) (2,206 sq ft) (2,224 sq ft) (56,500 sq ft)	BHS LIMITED (1), (2)	98 years from 21/11/1983 until 29/09/2082 on a full repairing and insuring lease. Option to extend lease for a further 26 years	£530,000	21/08/2014 5 yearly thereafter
Unit 2	Ground First Second Attic Sub Total	Retail Storage Not utilised Not utilised	329 sq m 276 sq m 107 sq m n/a 712 sq m	(3,541 sq ft) (2,974 sq ft) (1,147 sq ft) n/a (7,662 sq ft)	POUNDLAND LIMITED (3)	15 years from 10/04/2006 until 09/04/2021 on a full repairing and insuring lease	£160,000	10/04/2016
Totals			5,962 sq m	(64,162 sq ft)			£689,995 (1)

(1) There are three subleases in place over parts of the property. (a) Unit 2 is sub-let to the landlord on a co-terminus basis at a rent of £5.00 per annum with no review mechanism. This sub-lease will be assignable to the purchaser. Poundland Limited has in turn taken a sub-under-lease on FRI terms for the period from 10th April 2006 to 9th April 2021 at a rent of £160,000 per annum. The rent is reviewable on an upward only basis, with the next rent review being on 10th April 2016.
(b) The first floor toilets have been sub-let to South Ayrshire Council from 21st November 1983 until 29th September 2082 at a rental of £1 per annum. Either party has the option to extend for a further 26 years.
(c) A sub-station is sub-let to the South of Scotland Electricity Board on a co-terminus lease at a rent of 5p per annum.
(2) BHS Limited is part of the Arcadia Group, the UK’s largest fashion retailer, with over 500 stores in more than 35 markets. BHS Limited operate from 179 stores throughout the UK. (Source: www.arcadiagroup.co.uk 03/03/2014)
(3) For the year ending 31st March 2014, Poundland Ltd reported a turnover of £880.491,000, pre-tax profits of £34,313,000 and a total net worth of £119,042,000 (Source: www.riskdisk.com 27/02/2014)