Montrose is an attractive traditional Scottish market town situated in the fomer Royal Burgh of Angus on the River Esk coastline located approximately 56 km (35 miles) south of Aberdeen and 48 km (30 miles) north of Dundee along the A92 Aberdeen to Dundee coastal route.

The town lies on the main East Coast National Rail Network, linking London and Aberdeen. The closest major airports are Aberdeen Airport and Dundee Airport which lie approximately 73 km (46 miles) and 51 km (32 miles) from Montrose respectively.

Montrose is an important service and employment centre for the north east of Scotland with a commercial port and employers in the town include GlaxoSmithKline and GE Oil &Gas. As well as being an attractive place to live, it is also a popular destination for visitors and tourists.

We are advised the property provides the following net internal floor areas;

The passing rent equates to £19.00 Zone A which is in line with recent lettings on the High Street, from our enquiries, as follows;

We understand 2 High Street which provides an area of 742 sq ft ITZA was let to Diabetes Aid Limited on a 3 year lease in October 2016 at an initial rental of £11,000 per annum reflecting £14.82 Zone A. We understand no incentives were granted.

116 High Street we understand was let to SCS Mobility Limited in January 2016 on a 5 years lease with a tenant break option at year 3 at a rent of £17,900 per annum. We understand two month’s rent free was granted and based on an ITZA of 993 sq ft this reflect £18.00 Zone A.

18 High Street we understand was let to Turkish Barbers in May 2014 on a 10 year lease at a rent of £10,000 per annum. The lease is Internal Repairing only and 6 months’ rent free was granted. Based on an ITZA of 491 sq ft the passing rent reflects £20.37 Zone A.

Each of the above units occupies an inferior position to the subject property which benefits from prominence due to its return frontage onto John Street and is surrounded by a number of national multiples.

In addition, we are aware of the following recent investment activity;

In December 2016, we understand that Barclays Bank Plc, 87 High Street, Godalming, Surrey was sold for £1,230,000 / 4.42% NIY. The property is let until March 2026 with a tenants break option in March 2021, therefore having 4.25 years term certain. The lease is also subject to a Schedule of Condition.

In December 2016, we understand that Lloyds Bank plc, 8 Thoroughfare, Woodbridge, Suffolk was sold for £1,170,000 / 4.76% NIY. The property is let until February 2026, therefore having just over 9 years unexpired lease term. The property is Grade II listed.

We are instructed to seek offers in the region of £525,000 (Five hundred and twenty five thousand pounds), subject to contract, reflecting a net initial yield of 5.5% assuming purchasers’ costs of 6.72%.