Lease recently extended until expiry September 2027 (No breaks)
Rebased rent of £113,500 p.a.x (previous rent £143,000 p.a.x)
Extensively refurbished at tenant's cost of over £300,000
Prominent position on pedestrianised Port Street
Nearby occupiers include Greggs, M&S, Cafe Nero and Santander
Lot 20
Auction 25th March 2021
Rent £113,500 per Annum Exclusive
Status Sold Post
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
25 miles north-east of Glasgow
35 miles north-west of Edinburgh
Roads
A9, A84, A811, M9, M80
Rail
Stirling Railway Station
Air
Edinburgh Airport
Situation
Stirling is a historic city situated in the heart of central Scotland well connected to the motorway system linking the main cities in Scotland
The property occupies a prominent position in the city centre on the east side of pedestrianised Port Street at the junction with King Street leading to Stirling Castle. The unit is close to the entrance to the Stirling Thistles Marches Shopping Centre housing retailers including Marks & Spencer, H&M and Zara. Nearby occupiers on Port Street include Cafe Nero, Greggs and Santander.
Tenure
Heritable.
Location
Miles
25 miles north-east of Glasgow
35 miles north-west of Edinburgh
Roads
A9, A84, A811, M9, M80
Rail
Stirling Railway Station
Air
Edinburgh Airport
Situation
Stirling is a historic city situated in the heart of central Scotland well connected to the motorway system linking the main cities in Scotland
The property occupies a prominent position in the city centre on the east side of pedestrianised Port Street at the junction with King Street leading to Stirling Castle. The unit is close to the entrance to the Stirling Thistles Marches Shopping Centre housing retailers including Marks & Spencer, H&M and Zara. Nearby occupiers on Port Street include Cafe Nero, Greggs and Santander.
Tenure
Heritable.
Description
The property comprises a ground floor retail space fitted out to Bank of Scotlands high street branch standard and with ancillary space in the basement. The property was extensively refurbished by the tenant at lease extension at a cost of over £300,000.
VAT
VAT is applicable to this lot.
EPC
See legal pack for details
Description
The property comprises a ground floor retail space fitted out to Bank of Scotlands high street branch standard and with ancillary space in the basement. The property was extensively refurbished by the tenant at lease extension at a cost of over £300,000.
VAT
VAT is applicable to this lot.
EPC
See legal pack for details
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Basement Ground Floor
Ancillary Banking
375 sq m 355 sq m
(4,036 sq ft) (3,821 sq ft)
Bank of Scotland PLC (1)
25 years to 29/09/2027(2)
£113,500
Total
730 sq m
(7,867 sq ft)
£113,500
(1) For the year ending 31st December 2020, Bank of Scotland Plc reported pre-tax profits of £1,226,000,000 (Source: www.lloydsbankinggroup.com 03/03/2021). Bank of Scotland is part of Lloyds Banking Group, the UKs leading financial services company that serves around 27 million customers. (2) The subjects were originally let to Bank of Scotland PLC on a Full Repairing and Insuring lease for 20 years beginning 1st October 2002. By way of a minute of variation, signed in February 2019, the lease has been extended to 29th September 2027 with no breaks. The rent has bee re-based to £113,500pa (Previous rent £143,000)
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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