Property Auctions 18/Oct/2018 | 177-189 High Street, Dumfries, Dumfries and Galloway, DG1 2QT

Modern Heritable Department Store Investment

Modern and dominant store in Dumfries
Let to Debenhams Properties Limited until 3rdJanuary 2037
Prominent location on pedestrianised High Street
Neighbouring occupiers include H Samuel,WH Smith, Superdrug and the main banks
Reserve not to exceed £1,000,000

Lot 44
Auction 18th October 2018
Rent £350,000 per Annum Exclusive
Status Sold
Price £1,100,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 34 miles west of Carlisle; 77 miles south of Glasgow
Roads: A75, A709, M74 (Junctions 17 and 18)
Rail: Dumfries Railway Station
Air: Glasgow Airport

Situation

Dumfries is the main commercial centre for the south-west
of Scotland and the Dumfries and Galloway area. The
historic market town is situated on the Rive Nith, close to the Solway Firth. Dumfries has a primary catchment area of approximately 121,000. The property is situated on the western side of High Street, close to its junction with Church Place and Friars Vennel, in the heart of the town centre. Nearby occupiers include Iceland, Boots the Chemist and JD Wetherspoon, with WH Smith, Superdrug and Starbucks also represented.

Tenure

Heritable. (Scottish equivalent of English Freehold).

Location

Miles: 34 miles west of Carlisle; 77 miles south of Glasgow
Roads: A75, A709, M74 (Junctions 17 and 18)
Rail: Dumfries Railway Station
Air: Glasgow Airport

Situation

Dumfries is the main commercial centre for the south-west
of Scotland and the Dumfries and Galloway area. The
historic market town is situated on the Rive Nith, close to the Solway Firth. Dumfries has a primary catchment area of approximately 121,000. The property is situated on the western side of High Street, close to its junction with Church Place and Friars Vennel, in the heart of the town centre. Nearby occupiers include Iceland, Boots the Chemist and JD Wetherspoon, with WH Smith, Superdrug and Starbucks also represented.

Tenure

Heritable. (Scottish equivalent of English Freehold).

Description

The property comprises a purpose built modern department store built in the early 1980s. The department store is arranged over ground, basement, first and second floors with the ground and first floors accommodating the retail sales and the basement and second floors providing staff and storage accommodation. The retail accommodation has been fitted out in Debenhams corporate style, with a customer escalator to the front of the store providing access to the first floor. The property benefits from a prominent frontage onto High Street and rear servicing from Irish Street.

VAT

VAT is applicable to this lot.

Viewings

Please contact Mhairi Jarvis on +44 (0)131 552 5191.

EPC

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

Description

The property comprises a purpose built modern department store built in the early 1980s. The department store is arranged over ground, basement, first and second floors with the ground and first floors accommodating the retail sales and the basement and second floors providing staff and storage accommodation. The retail accommodation has been fitted out in Debenhams corporate style, with a customer escalator to the front of the store providing access to the first floor. The property benefits from a prominent frontage onto High Street and rear servicing from Irish Street.

VAT

VAT is applicable to this lot.

Viewings

Please contact Mhairi Jarvis on +44 (0)131 552 5191.

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)
Ground First Basement Second	Retail Retail Staff/Ancillary Staff/Ancillary	1,346.4 sq m 1,346.4 sq m 734.9 sq m 822.1 sq m	(14,493 sq ft) (14,493 sq ft) (7,910 sq ft) (8,849 sq ft)	DEBENHAMS PROPERTIES LIMITED (1)	25 years to 03/01/2037 on a full repairing and insuring lease	£350,000	28/11/2021 and five yearly
Total		4,249.8 sq m	(45,745 sq ft)			£350,000

(1) Debenhams is the second largest department store group in the United Kingdom. Founded in the eighteenth century as a single store in London, Debenhams now operates from over 240 stores (www.debenhams.com). For the year ending 2nd September 2017, Debenhams Properties Ltd reported a turnover of £147,663,000, pre-tax profits of -£9,695,000 and a total net worth of £47,747,000 (Source: Experian Group 14/06/2018).
(2) Floor areas have been measured to GIA.