FOR SALE RETAIL INVESTMENT PORTFOLIO Five Properties Let to Timpson Ltd / Guaranteed by Timpson Group Plc Excellent covenant All leases expire October 2025 No breaks Total Rent Roll 54,500 per annum exclusive Leases re-geared and rents re-based in 2015 Offers over 625,000 invited / Net initial yield of 8.32% after purchaser s costs of 4.74%
Dunfermline - 16 Douglas Street The property is situated on Douglas Street which is located just off the prime pedestrianised section of High Street. There is good pedestrian flow due to the subjects proximity to High Street and the entrance to the Kingsgate Shopping Centre. Surrounding occupiers include Subway Sandwiches, Poundworld, Sports Direct, WH Smith, Next and many others. The subjects comprise the whole of a two storey building of traditional stone construction under a pitched and slated roof. The subjects are laid out as retail sales over the ground floor with the first floor used as staff, storage and toilet facilities. Ground floor: 16.96 sq m (183 sq ft) First floor: 22.85 sq m (246 sq ft) Total: 39.81 sq m (428 sq ft) Reduced floor area: 19.32 sq m (208 sq ft)
Galashiels - 18B Channel Street Galashiels is an established Scottish Borders commuter town situated some 27 miles to the south of Edinburgh and 18 miles to the east of Peebles. The town forms a major transport network for the Scottish Borders with links to Edinburgh and Carlisle by way of the A7 and to Newcastle by the A68 arterial road. It is also part of the main bus hub and will soon be the central hub for the forthcoming railway line, linking the Scottish Borders to Edinburgh. The subject premises are located to the south side of Channel Street. Occupiers in the vicinity include Home Bargains, WH Smith, Greggs the Bakers, Burton, Dorothy Perkins and Superdrug. The subjects comprise the ground floor of a three storey sandstone building under a pitched and slated roof. They are laid out as front sales with ancillary staff and storage areas to the rear. There is an outside toilet facility accessed from the rear of the property. Ground floor: 36.55 sq m (393 sq ft) Reduced floor area: 32.87 sq m (354 sq ft).
Elgin - 58/60 High Street Elgin is the principal town of the Moray District and is located in the north east of Scotland approximately 39 miles north east of Inverness and 65 miles north west of Aberdeen. The A96 connects Elgin to both Aberdeen (south east) and Inverness (west). The town is also connected to Aberdeen and Inverness via rail links. Elgin has a resident population of approximately 20,000 and a wider population within the region of 100,000. The town has a broad based economy which includes agricultural, tourism, construction and whisky manufacturing. The High Street of Elgin in addition with the nearby St Giles Shopping Centre represents the main retail thoroughfare within the town and offers a mixture of national and local retailers. The subject comprises part of the ground floor of a three storey traditional sandstone building under a pitched and slated roof. The subjects are laid out as front retail sales with ancillary storage, toilet and staff areas as well as a small side store located off the main retail area. Ground floor: 64.04 sq m (689 sq ft) Reduced floor area: 49.89 sq m (537 sq ft)
Inverness - 52/54 Baron Taylor s Street Inverness is the commercial and administrative centre for the Highlands of Scotland with a resident population in excess of 65,000. The city has a potential catchment population of 350,000 and is a popular tourist destination. Baron Taylor s Street is a well established retail pitch located within the heart of the city centre. The subjects occupy a prominent position on the south side of the street opposite Falcon Square and the Eastgate Shopping Centre. Occupiers in the vicinity include Marks and Spencers, Costa Coffee, Yorkshire Building Society, Thomas Cook, TSB Bank and many more. The subjects comprise of a two storey and attic, stone built building under a pitched and slated roof. The ground floor is retail sales. The upper floors are accessed via a separate outside stairwell and provide staff accommodation, kitchen facilities and toilet at first floor with additional store via a fixed stairwell on the attic floor. Ground floor : 37.10 sq m (400 sq ft) First floor: 36.27 sq m (390 sq ft) Second floor / Attic: 38.80 sq m (418 sq ft) Total: 112.17 sq m (1,208 sq ft) Reduced floor area: 42.64 sq m (459 sq ft)
Peterhead - 2/4 Queen Street The property can be found within the coastal town of Peterhead, which stands around 13 miles north of Aberdeen and represents one of Aberdeenshire s principal service and employment centres. The town has a varied economic base with major employment opportunities being in fishing, onshore support for the oil industry, manufacturing, food processing, textiles and the service industries. The subjects themselves are situated on Queen Street, which lies at the heart of Peterhead town centre. Queen Street is considered one of the main retailing thoroughfares in Peterhead where the majority of the retailing activity can be found. Queen Street links directly onto Backgate, in turn providing pedestrianised access onto Chapel Street and Marischal Street thereafter. Surrounding occupiers include TSB Bank, Semi Chem, Websters Pharmacy amongst others. The subjects comprise a highly visible ground floor retail unit with substantial return frontage onto Backgate within a three storey traditional sandstone corner property under a pitched and slated roof. The subjects are laid out as front sales with rear stockroom and kitchen. There is a separate toilet facility in the common close accessed at the rear of the ground floor. Ground floor: Reduced floor area: 72.06 sq m (776 sq ft) 65.67 sq m (710 sq ft)
NIA (Sq ft) ITZA (sq ft) Rent (PA) Expiry Rent reviews Dunfermline 428 208 8,500 Elgin 689 537 14,000 Galashiels 393 354 7,500 Inverness 1,208 459 13,500 Peterhead 776 710 11,000 Rental total 54,500 COVENANT VAT The leases are held by Timpson Ltd, guaranteed by Timpson Group Plc. Timpson have been established since 1865 and operate 1,425 stores throughout the UK. (Source: www.timpson.co.uk) For the year ended 27 September 2014, Timpson Ltd reported turnover of 120,863,000, a pre-tax profit of 4,890,000, and a net worth of 50,654,000 (Source: Redflag Alert). PROPOSAL We are instructed to seek offers in excess of 625,000 (Six Hundred and Twenty Five Thousand Pounds) exclusive for our client s heritable interest subject to and with the benefit of the existing leases. A purchase at this level would show an net initial yield of 8.32% after purchaser s costs of 4.74%. PRE-EMPTION Please note that the leases contain a pre-emption agreement in favour of Timpson Ltd / Timpson Group Plc. Further details can be provided upon request. Prices are quoted exclusive of VAT (if applicable) LEGAL COSTS Each party to bear their own. VIEWING AND FURTHER INFORMATION For further information contact the joint agents: Name: Paul Hamilton Telephone: 0141 222 2777 Email: enquiries@hamiltoncharteredsurveyors.com Name: David McClure Telephone: 028 9027 0000 Email: david.mcclure@osborneking.com ENERGY PERFORMANCE CERTIFICATE (EPC) EPCs can be provided upon request.