Heritable Retail Investment
Heritable Retail Investment
The property is located in the densely populated Glasgow suburb of Cardonald, 5 miles south-west of the city centre. The property occupies a prominent corner position on Paisley Road West (A761), the main arterial route between Glasgow city centre and Paisley. Nearby occupiers include Aldi, Greggs, Poundstretcher and RBS.
Heritable. (Scottish equivalent of English Freehold).
The property is located in the densely populated Glasgow suburb of Cardonald, 5 miles south-west of the city centre. The property occupies a prominent corner position on Paisley Road West (A761), the main arterial route between Glasgow city centre and Paisley. Nearby occupiers include Aldi, Greggs, Poundstretcher and RBS.
Heritable. (Scottish equivalent of English Freehold).
The property comprises a ground floor, double fronted retail unit.
VAT is applicable to this lot.
Band G. Available in legal pack at acuitus.co.uk.
The property comprises a ground floor, double fronted retail unit.
VAT is applicable to this lot.
Band G. Available in legal pack at acuitus.co.uk.
| Floor | Use | Floor Areas (Approx) | Tenant | Term | Rent p.a.x | |
|---|---|---|---|---|---|---|
| Ground | Retail/Ancillary | 182.65 sq m |
(1,966 sq ft) |
BOOTS UK LIMITED (1) |
20 years and 4 months from 22/03/2005 until 21/07/2025 on a full repairing and insuring lease (2) |
£40,632 |
| Total | 182.65 sq m |
(1,966 sq ft) |
£40,632 | |||
(1) For the year ending 31st August 2018, Boots UK Limited reported a turnover of £6,790,000,000, pre-tax profits of £398,000,000 and a total net worth of £875,000,000 (Source: Experian Group 19/09/2019). Boots is the largest pharmacy health and beauty chain in the UK and as at 31st August 2018 had 2,485 stores across the UK (Source: www.boots-uk.com/about-boots-uk/about-boots/boots-in-numbers/ 20/09/2019).
(2) The current lease is for a term of 15 years and four months expiring 21/07/2020, however a 5 year reversionary lease has been signed from expiry of the current term until 21/07/2025 at a rebased rent of £33,250 p.a.x.
(3) For the purpose of clarification, the current passing rent is £40,031 p.a.x. The current lease provides a fixed rental increase to £40,632 p.a.x from 1st April 2020. The seller has agreed to adjust the completion monies so that the property will effectively produce £40,632 p.a.x from the completion of sale. At the commencement of the reversionary lease on 21/07/2020, the rent will rebase to £33,250 p.a.x and the tenant will benefit from a six month rent free period. The seller has agreed to adjust the completion monies so the sale will effectively produce £33,250 p.a.x. from the commencement of the reversionary lease.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
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