Page 8 - Shepherd February Commercial Auction 2023

Lot 3
Prime retail investment
Features:
• Fully fitted and refurbished accommodation with class 3 consent • Prominent corner premises within centre of High Street
• Reflecting a net initial yield of 7.73%
Description:
The subjects comprises a double fronted corner retail unit arranged over ground, basement and first floors of a Listed stone constructed property. The subjects have Class 3 consent and are occupied and trading as Bob and Berts They have been fully fitted and refurbished to a high standard.
Location:
Perth, which has a population of approximately 45,000 persons (Source Perth Kinross Council), is the principal area of Perth Kinross District and has recently been awarded City status. Historically known as the gateway to the Highlands, Perth enjoys close proximity to Scotlands main cities with an approximately 90 minute drive to Dundee(approximately 22 miles to the east) and Edinburgh 43 miles to the south and Glasgow 61 miles to the southwest. Perth is located at the base of the River Tay in the heart of Scotland with the A9 and A90/M90 giving easy access to Dundee, Edinburgh, Glasgow and the south beyond. The subjects occupy a prominent corner position on High Street and King Edward Street within the centre of Perth on the south side of the High Street Nearby occupiers include M and S, Next, WH Smith, Superdrug, Fat Face and Primark.
Accommodation:
Ground Floor (Cafe, Kitchen) - 223 sqm (2,400 sq ft) First Floor (Toilets) - 9 sqm (97 sq ft)
Basement (Storage) - 238 sqm (2,562 sq ft)
Total - 470 sqm (5,059 sq ft)
Tenancy:
The property is let to Bob and Berts Perth Ltd from 28th April 2022 to 27th April 2037. There is a tenant only break option on 28th April 2030. The annual rent is £40,000 per annum with 5 yearly market rent reviews. The lease is on normal FRI terms with a schedule of condition. Bob and Berts opened their first store in 2013 and now trade from 24 locations across Scotland, Northern Ireland and North England. The property is available at auction at a guide price of £495,000 reflecting a net initial yield of 7.73%.
Rateable Value: The subjects have been assessed for rating purposes at a Rateable Value of £57,300 (Effective 1st April 2023)
Energy Efficiency Rating: Awaited
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% inc VAT(mininum of £2,500 inc VAT).
*Guide Price £495,000+ (plus fees)
8 | *Please see Buyer’s Terms for definition of guide price Closing date for next Auction: 7th May 2020 - Entries Invited and auction fees
108-110 High Street, Perth PH1 5TH
*Guide Price £495,000+ (plus fees)