Neilston Road, Paisley, PA2 6NE Prominent Convenience Store Investment
Executive Summary Prominent convenience store investment. Fronting one of the main arterial routes in to Paisley, in an area dominated by residential. Let to Co-operative Group Food Ltd by way of a lease expiring 10 October 2026 (over 10 years unexpired). The lease is subject to upward only rent reviews on the 25 March 2018 and 25 March 2023. Rent passing 63,875 per annum, reflecting 10.14 per sq ft. Offers are sought in excess of 835,000 (Eight Hundred and Thirty Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 7.25%, after allowing for purchasers costs.
Location Paisley is the largest town in the historic county of Renfrewshire, approximately 7 miles west of Glasgow City Centre. The town has a resident population of 76,834 persons (2011 Census). The town benefits from excellent transport communications, being situated immediately south of the M8 motorway and benefitting from swift access to junctions 27, 28 and 29, all of which are within 2 miles of the town centre. This, in turn, provides access into Glasgow and on to Edinburgh, approximately 57 miles to the east, in addition to connecting with the M74, M77 and M80 motorways. In addition, Paisley benefits from three train stations with a direct connection from Glasgow Central Station in 10 minutes. Immediately to the north of Paisley, and within 2 miles drive, is Glasgow Airport, the busiest airport in Scotland and the eighth busiest airport in the United Kingdom. A82 River Clyde Clyde Muirshiel Regional Park A78 A737 Irvine A78 A737 A71 Queen Elizabeth Forest park A811 Dumbarton M8 A82 Paisley Kilmarnock A77 M77 A811 M80 Clydebank Glasgow A76 A726 A71 A74 M8 M74 A725 A84 A71 M80 M73 M9 Cumbernauld A8 Hamilton East Kilbride Stirling A73 M74 M876 Alloa M9 M8 A70 A985 A91 A71 A721 A702 M90 Dunfermline M9 Livingston M90 A702 A92 Pentland Hills Regional Park A72 Kirkcaldy A720 A701 A703 A915 Edinburgh A7 A1 A68
Situation Neilston Road, Paisley, PA2 6NE The property occupies a prominent position fronting Neilston Road, approximately 1 mile south of the centre of Paisley, in a predominantly residential area. Paisley Canal Railway Station is approximately 0.25 miles to the north whilst Neilston Road itself is one of the main arterial routes between the substantial residential areas to the south and the centre of Paisley to the north. There are numerous public transport stops along Neilston Road including immediately outside the subject property.
Description The property comprises a ground floor double-fronted shop providing retail space and ancillary storage. We have not measured the property but have been provided with floor areas and we understand that the property extends to approximately 6,300 sq ft (585.29 sq m). Above the property are two storeys of residential accommodation which we understand have been sold off separately.
Tenancy, Tenure, EPC and VAT Tenancy The property was originally let to Shoprite Ltd by way of a 25 year lease commencing 5 April 1993 and expiring 24 March 2018. This lease was assigned in 1994 to Kwiksave Ltd before being subsequently assigned in 2007 to Somerfield Stores Ltd. In 2011 Somerfield Stores Ltd assigned their interest to Co-operative Group Food Ltd, who simultaneously varied and extended the lease for a term expiring on 10 October 2026. The lease is subject to rent review on 25 March 2018 and 25 March 2023. Tenure Heritable Property equivalent to English Freehold. VAT VAT will be payable on the purchase price and it is anticipated that the sale will be dealt with by way of a transfer of going concern (TOGC). EPC A full copy of the EPC report is available upon request. The current rent passing is 63,875 per annum, reflecting 10.14 per sq ft.
Covenant Co-operative Group Food Ltd (Co. No. IP26715R) is the fifth largest food retailer in the UK with over 2,800 stores and 14.5 million customers per week. During 2015 they opened 97 new food stores and reported a 3.8% increase in convenience like for like sales. It is part of the Co-operative Group Limited who, for the year ending 2 June 2016, reported a revenue of 9.3 billion and an underlying pre-tax profit (non-gaap) of 81 million.
Proposal Offers are sought in excess of 835,000 (Eight Hundred and Thirty Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 7.25%, after allowing for purchaser s costs. Further Information For further information please contact: Martin Hamer 0161 833 9991 07792 00 44 67 martin@edwardsandco.com MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Edwards & Co nor any of its employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Rents ad prices quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their requirements. Designed by Studio enar studioenar.co.uk