The Braes The Braes Retail Park Saltcoats North Ayrshire KA21 5EP

The Braes
The Braes Retail Park
Saltcoats
North Ayrshire
KA21 5EP

Modern Retail Investment

Entirely let to Iceland Foods Limited on a 25 year lease until 2030
Minimum rental increases at 5 yearly reviews, rising to a minimum of £103,397 pa in 2025.
Established retail location within The Braes Retail Park next to Aldi
Shared on-site car park for approximately 125 cars

Lot
35
Auction
27th March 2014
Rent
£80,773 per Annum Exclusive
Status
Withdrawn Post
Price
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

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Modern Retail Investment

Entirely let to Iceland Foods Limited on a 25 year lease until 2030
Minimum rental increases at 5 yearly reviews, rising to a minimum of £103,397 pa in 2025.
Established retail location within The Braes Retail Park next to Aldi
Shared on-site car park for approximately 125 cars

Lot 35
Auction 27th March 2014
Rent £80,773 per Annum Exclusive
Status Withdrawn Post
Price
Sector
Supermarket/Convenience
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 31 miles south of Glasgow; 21 miles north of Ayr; 15 miles west of Kilmarnock
Roads: A78
Rail: Saltcoats Station (Scotrail)
Air: Glasgow Prestwick International Airport

Situation

The property is situated in a prominent roadside location on the western side of Braes Road on the coastal edge of Saltcoats.
The neighbouring retail occupier is Aldi supermarket with residential and light industrial uses opposite and further south on Braes Road.

Tenure

Virtual Freehold. For a term of 999 years from 29th March 1996 at a fixed ground rent of £1 pa.

Location

Miles: 31 miles south of Glasgow; 21 miles north of Ayr; 15 miles west of Kilmarnock
Roads: A78
Rail: Saltcoats Station (Scotrail)
Air: Glasgow Prestwick International Airport

Situation

Tenure

Virtual Freehold. For a term of 999 years from 29th March 1996 at a fixed ground rent of £1 pa.

Description

The property comprises a modern, detached single storey retail unit with ancillary and staff areas.
The property benefits from a large car park for approximately 125 cars to the front of the property, shared with the Aldi supermarket.

VAT

VAT is applicable to this lot.

Viewings

There will be block viewings for this property. Interested parties must register their details with the Auctioneers and provide identification on site.

EPC

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

Description

VAT

VAT is applicable to this lot.

Viewings

There will be block viewings for this property. Interested parties must register their details with the Auctioneers and provide identification on site.

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	Reviews
Ground	Retail	650 sq m	(7,000 sq ft)	ICELAND FOODS LIMITED (1)	25 years from 28/02/2005 until 27/02/2030 on a full repairing and insuring lease	£80,773 (2)	28/02/2015 and 5 yearly thereafter (3)
Totals		650 sq m	(7,000 sq ft)			£80,773 (2)

(1) For the year ending 29th March 2013, Iceland Foods Limited reported a turnover of £2,604,669,000, pre-tax profits of £188,146,000 and a total net worth of £516,857,000. (Source: www.riskdisk.com 18/02/2014)
(2)The seller will pay the buyer the difference between the current rent passing £71,392 p.a. and £80,773 p.a. from completion of the sale until the next review on 28th February 2015.
(3)The rent review clause provides for the review to be agreed upon either the greater of the basic rent with compound annual increases at 2.5% or to an Open Market Rental Value. Therefore the minimum rental increases will be as follows: 2015 £80,773 p.a.x., 2020 £91,388 p.a.x., 2025 £103,397 p.a.x.