Page 15 - Shepherd February Commercial Auction 2023

Lot 10
Purpose built supermarket investment
2 Fowlds Street, Kilmarnock KA1 3DG
Features:
• Substantial supermarket premises (3,415 square metres / 36,759 square feet) • Currently let to Poundstretcher
• Base rent of £24,000 per annum plus turnover based on top-up
• Maximum rent of £86,000 per annum
Description:
The subjects comprise substantial purpose built supermarket premises fitted to a high standard by the tenant Poundstretcher Ltd. The ground floor space is set aside essentially as retail space with adjacent staff facilities.
Storage and further staff facilities are provided at first floor level with access between floors via stair and elevator. We would point out that the subjects extend to the building only with adjacent car park held in separate ownership. Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
Location:
The subjects are located on Fowlds Street at its junction with King Street in a prominent town centre location. Kilmarnock is the principal settlement in the East Ayrshire Council area with a residential population of around 45,000.
Lease Terms:
The property is let to Poundstretcher Ltd for a period of 5 years from 22nd March 2021 on Full Repairing and Insuring terms subject to a Schedule of Condition. Poundstretcher Ltd have approximately 350 stores throughout the UK and for the year to March 2021 reported a turnover of £325 million with net assets of around £58 million. The base rent is £24,000 per annum plus a top-up rent equating to 7.5% of ex VAT turnover in excess of £1,000,000 per annum. Further information on top-up payments is available upon request.
Accommodation:
Total - 3,415 sqm (36,759 sq ft)
*Guide Price £450,000+ (plus fees)
*Please see Buyer’s Terms for definition of guide price and auction fees
Rating Assessment
The property is currently entered in the Valuation Roll as follows:
RV £157,500. The proposed Rateable Value from 1st April 2023 is RV £105,000.
Energy Efficiency Rating: E Tenure: Freehold
Viewing:
Viewings by arrangement with Shepherd Commercial Property Auctions -Tel: 0333 016 4000 Email: auctions@shepherd.co.uk
Auction Type: Unconditional Sale. The buyers fee is 2.4% including VAT (minimum of £2,500 inc VAT).
Next Auction: 28th May 2020
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