Page 21 - Shepherd Commercial Auctions - Catalogue 22/02/2024

Lot 17 26-30 Scott Street, Perth, Perth and Kinross PH1 5EH Retail Investment
Features
• Let to The Factory Shop Ltd until 23rd August 2033 at £30,000 p.a. • Prominent and established trading location
• Net Initial Yield 11.32%
Accommodation
The property forms part of the ground and first floor of a mid-terraced 4 storey traditional sandstone tenemental building with a pitched roof with single storey extension to the rear under a flat roof.
The property offers a large glazed display frontage with windows flanking the partially recessed double door entrance secured by an aluminium roller shutter.
At ground floor the accommodation comprises an open plan sales area and also provides customer access to the covered St Johns shopping centre to the rear. This access does not form part of the property and an area of 343 sq.ft is separately leased by the tenant from the shopping centre owners.
The first floor is accessed via an internal stairwell and comprises storage and staff areas with WC.
Location
The property is situated on the east side of Scott Street, between its junctions with High Street and South Street within the main commercial centre of Perth.
Perth is located in the heart of Scotland being 43 miles north of Edinburgh and 63 miles north east of Glasgow, and boasts excellent communication links via the A9, A85 and A90. Neighbouring occupiers include Blue Lagoon Fish & Chips, Markur Slots, St Johns Shopping Centre, Barnardos, Poundstretcher, Costa and Marie Curie.
Energy Performance Rating The property has an energy rating of A.
*Guide Price £259,000 plus VAT (plus fees if applicable)
* Please see Buyer’s Terms for definition of guide price and auction fees
Tenancy
The property is held on a full repairing and insuring head lease on the following terms:
Tenant – The Factory Shop Ltd
Expiry – 23rd August 2033
Passing Rent - £30,000 per annum
Rent Review & Break – 24th August 2028 (6 months notice required to exercise break)
The tenant company was incorporated in March 2001 and trades as The Original Factory Shop. They are understood to operate from around 187 locations. The most recent trading accounts show an annual Turnover of £118M.
Auction Type
Unconditional Sale - The buyers fee is 2.4% inc VAT(2% plus VAT) subject to a minimum of £2,500 inc VAT(£2,0833.33 plus VAT). The buyer will also be asked to contribute towards the seller’s legal fees – see special condition within legal pack for full details.
21