Entirely Let to Clydesdale Bank PLC t/a Virgin Money
Recently Extended lease for 10 years (subject to options)
Tenant in occupation for over 25 years
Recently rebased rent
Prominent corner position on pedestrianised High Street
Nearby occupiers include Santander, Yorkshire Building Society, Clarks, Poundstretcher, Trespass, Savers and WHSmith.
VAT Free Investment
Lot 18
Auction 12th December 2024
Rent £62,500 per Annum Exclusive
Status Available
Guide* £500,000
Sector Bank
Auction Venue Live Streamed Auction
Property Information
Location
Miles
18 miles north-west of Edinburgh, 22 miles east of Stirling
Roads
M90, A92, A985
Rail
Dunfermline Town, Queen Margaret (40 minutes to Edinburgh Waverley)
Air
Edinburgh International Airport (11 miles south)
Situation
The property is situated in a prominent corner position on the northern side of the pedestrianised High Street, the town’s main retailing thoroughfare. Nearby occupiers include Santander, Yorkshire Building Society, Clarks, Poundstretcher, Trespass, Savers and WHSmith.
Tenure
Heritable.
Location
Miles
18 miles north-west of Edinburgh, 22 miles east of Stirling
Roads
M90, A92, A985
Rail
Dunfermline Town, Queen Margaret (40 minutes to Edinburgh Waverley)
Air
Edinburgh International Airport (11 miles south)
Situation
The property is situated in a prominent corner position on the northern side of the pedestrianised High Street, the town’s main retailing thoroughfare. Nearby occupiers include Santander, Yorkshire Building Society, Clarks, Poundstretcher, Trespass, Savers and WHSmith.
Tenure
Heritable.
Description
The property comprises a substantial bank building providing a ground floor banking hall with office accommodation on the upper three floors.
The tenant is currently undertaking substantial works at the property.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial bank building providing a ground floor banking hall with office accommodation on the upper three floors.
The tenant is currently undertaking substantial works at the property.
VAT
VAT is not 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 sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
Ground First Second Third
Banking Hall Office Office Office
177.59 182.89 193.63 92.31
(1,911) (1,968) (2,084) (993)
CLYDESDALE BANK PLC t/a Virgin Money (1)
10 year lease extension from 01/10/2024 (2)
£62,500
01/10/2029
Total
646.42
(6,956) (3)
£62,500
(1) For the year ending 30/09/2023 Clydesdale Bank PLC reported a Turnover of £3,973,000,000, a Pre-Tax Profit of £344,000,000 and a Net Worth of £5,516,000,000 (NorthRow 14/11/2024). Clydesdale Bank PLC is owned by Nationwide Building Society. (2) The original lease was for a term of 25 years from 30/09/1999 which has recently been extended at a rebased rent for a further 10 years. The extended lease provides for a tenant option to determine on 30/09/2027 and 30/09/2030. (3) The floor areas stated above are those published by the Scottish Assessors Association (www.saa.gov.uk).
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.
