• Prime High Street investment

• Two units let to the secure covenants of Sportswift Ltd t/a Card Factory and Mackays Stores Ltd t/a M & Co

• Total rent of £45,500 per annum

• Card Factory lease recently extended

• Both units let on FRI leases

• Offers in excess of £490,000, subject to contract

• Attractive net initial yield of 8.90%

The property is situated on the north side of Broad Street, which is the principal thoroughfare in Fraserburgh. There is retailing on both sides of the street and the subjects occupy a 100% prime pitch within the Town Centre.

Nearby occupiers include Santander, Boots, Iceland and Superdrug.

The subjects comprise two adjoining retail units.

No. 13-15 is a purpose built unit over ground and first floors with a traditional ashlared granite façade set below a pitched slate roof. There is a single storey extension to the rear with flat felt roof. The unit has ground floor open plan sales accommodation with ancillary storage at first floor.

No 19-21 is of more traditional granite stone construction with a pitched slate roof. The tenant trades over ground floor only and the 1st and 2nd floors comprise residential flats which do not form part of the sale.

Heritable (Scottish equivalent of English freehold).

The properties are held on separate occupational leases as follows:-

13-15 Broad Street

Let on a Full Repairing and Insuring lease to Mackays Stores Ltd (trading as M & Co) on a 5 year lease extension from 24th June 2017 until 23rd June 2022. The current rent is £30,000 per annum, equivalent to £18.87 per sq ft. The tenant has been in occupation of the unit since 1988.

19-21 Broad Street

Let on a Full Repairing and Insuring lease to Sportswift Ltd (trading as Card Factory) originally from 18th August 2014 until 18th August 2019. The lease has recently been extended and now expires on 17th August 2024. The current rent is £13,000 per annum and this will increase to £15,500 per annum with effect from 17th February 2020 and to £16,000 per annum on 18th August 2021. The tenant currently pays a concessionary rent and the landlord will make up the shortfall in rent so that the purchaser will receive £15,500 per annum from the date of purchase.

Therefore, an investor will benefit from a total income of £45,500 per annum.

The property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC)

We are instructed to seek offers in excess of £490,000 (Four Hundred and Ninety Thousand Pounds), subject to contract, which reflects a net initial yield of 8.90% after allowing for standard purchasers costs of 4.51%.