Heritable (Scottish Equivalent of English Freehold) Retail/Office Investment
Let to Thorntons Law LLP until 2022 (subject to option)
Prominent retail position in historic city centre
Approximately 907.17 sq m (9,765 sq ft)
Affluent retailing centre with nearby occupiers including Marks & Spencer, Debenhams, Top Shop and HSBC
Six Week Completion Available
Lot 34
Auction 22nd February 2011
Rent £135,500 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
43 miles north of Edinburgh
63 miles north-east of Glasgow
Roads
M90, A9, A85, A90
Rail
Perth (Glasgow in 1 hour and Edinburgh in 1 hour 20 minutes)
Air
Perth Airport
Situation
The property is prominently situated on the east side of George Street some 45 metres from its junction with High Street, Perth's prime pedestrianised retail thoroughfare. Nearby occupiers on George Street include Thomas Cook and Your Move Estate Agent, while High Street provides numerous national retailers including Marks & Spencer, Debenhams, Top Shop, HSBC and Argos.
Tenure
Heritable. Please note that the ground floor of Unit 15 (shaded blue) is not included in the sale For further information, please refer to the title documents in the legal pack.
Location
Miles
43 miles north of Edinburgh
63 miles north-east of Glasgow
Roads
M90, A9, A85, A90
Rail
Perth (Glasgow in 1 hour and Edinburgh in 1 hour 20 minutes)
Air
Perth Airport
Situation
The property is prominently situated on the east side of George Street some 45 metres from its junction with High Street, Perth's prime pedestrianised retail thoroughfare. Nearby occupiers on George Street include Thomas Cook and Your Move Estate Agent, while High Street provides numerous national retailers including Marks & Spencer, Debenhams, Top Shop, HSBC and Argos.
Tenure
Heritable. Please note that the ground floor of Unit 15 (shaded blue) is not included in the sale For further information, please refer to the title documents in the legal pack.
Description
The property, an attractive Listed building situated in a Conservation Area, has been subject to a comprehensive refurbishment programme by the tenant and comprises a GROUND FLOOR RETAIL UNIT currently used as an estate agents together with MODERN OFFICE ACCOMMODATION on the first floor (extending over Unit 15) and second floor which is accessed via an impressive entrance fronting George Street. The property also benefits from an extensive basement accessed via the office.
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, an attractive Listed building situated in a Conservation Area, has been subject to a comprehensive refurbishment programme by the tenant and comprises a GROUND FLOOR RETAIL UNIT currently used as an estate agents together with MODERN OFFICE ACCOMMODATION on the first floor (extending over Unit 15) and second floor which is accessed via an impressive entrance fronting George Street. The property also benefits from an extensive basement accessed via the office.
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/(Reversion)
Basement Ground Ground First First (Attic) Second Second (Attic)
Storage Retail Office Office Office Office Office
157.90 sq m 58.97 sq m 229.50 sq m 132.00 sq m 141.50 sq m 171.50 sq m 15.80 sq m
15 years from 19/10/2007 on a full repairing and insuring lease (2)(3)
£135,500
18/10/2012 (18/10/2022)
Totals
907.17 sq m
(9,765 sq ft) (4)
£135,500
(1) Founded in 1857, Thorntons now has 29 partners and more than 270 staff, and has grown to become one of Scotland’s leading and largest law firms. They have offices in Dundee, Perth, Arbroath, Forfar and Edinburgh. Their residential property division, Thorntons Property Services, is the largest estate agent in Tayside and Angus and is widely regarded as being the market leader. In the last year, they sold more than £140 million worth of property. (Source: www.thorntons-law.co.uk 26/01/2011) For the year ending 31st May 2009, Thorntons Law LLP reported a turnover of £13,797,000. (Source: www.riskdisk.com 26/01/2011) (2) Under the terms of the lease, the tenant has an option to determine on 18th October 2017 following nine months’ written notice. (3) Please note that the lease is subject to a schedule of condition. (4) Please note that there is an express agreement in the lease that the net internal area of the property at the date of entry is 9,900 sq ft. These areas are from the Scottish Assessors.
Contacts
Associate Auctioneers
Montagu Evans 302 St Vincent Street Glasgow G2 5RU
