• Substantial building occupying prime pitch in the Town Centre

• Let to Clintons, Savers and Chest Heart & Stroke

• Total rental income of £96,000pa

• New or re-geared FRI leases on all units

• Rents rebased to market level

• Offers in excess of £915,000, subject to contract

• Attractive net initial yield of 10.00%

The property is situated on the west side of King Street within the heart of Kilmarnock town centre. King Street is the principal retail thoroughfare within the town, with a large section of the street being pedestrianised, supported by Burns Mall shopping centre. The property is located within the pedestrianised section alongside a number of national multiple retailers including Marks & Spencer, Boots, W H Smith, Superdrug, Specsavers, New Look, Card Factory and Vodafone. The Town Centre is well-served by car parks with Sturrock Street car park directly opposite.

The property comprises a substantial stone building constructed in 1923 originally to house Lauder’s Emporium. The front elevation is of sandstone with ornate features with the gable and rear elevations being of engineered brick. There is a flat roof. The main building is 3 storey and basement and there is a brick built 3 storey extension to the rear accessed via a “link” bridge.

The ground floor retail units have modern shop frontages and the upper floors have metal framed windows providing excellent natural light.

The tenants trade over ground floor and use the basement and first floors for storage, staff facilities, toilets etc. The top floor of the building is unused at present.

All the units are self-contained and internally each has a modern corporate shop fit on the ground floor, with each unit offering large open plan retail accommodation. There are concrete stairs to the rear of the ground floors providing access to the basements and upper floors. The basements and upper floors offer good dry quality storage space.

The Building is listed as being of Architectural or Historical Importance Category C.

Heritable (Scottish equivalent of English freehold).

The companies have reported the following trading figures;

A G Retail Cards Limited (Co No 08087453)

Clintons was founded in 1968 and the first store opened in Epping, Essex. By 1988 the business had grown to 77 stores. In 1994 the company had further grown to 277 stores. In October 1994 Clinton Cards acquired 83 shops from Hallmark Cards and in September 1995 acquired 112 shops from Carlton Cards. A further 211 shops were bought in 1998.

397 stores were purchased in June 2012 by American Greetings based in the USA and currently own Clintons. A full rebrand was put in place including where Clintons replaced Clinton Cards and a refurbishment of all the stores was also put into action.

There are currently circa 360 stores all over the UK, including Scotland, Wales and Northern Ireland as well as a transactional website.

Chest Heart & Stroke Scotland

CHSS are Scotland’s health charity supporting people and their families across Scotland with chest, heart and stroke conditions. They provide vital services to support people and their families who are living with effects of serious chest and heart conditions and stroke. Their services are focused on making sure everyone in Scotland gets the care and support they need and to ensure their services reach more people, it is their vision to double income, double the number of volunteers and double the amount of people they support through their services.

They have 34 retail stores and continue to open new stores throughout Scotland.
For the Year to March 2018 they held cash reserves of £6,608,000

Savers Health & Beauty Limited (Co No 02202838)

Savers Drugstore opened it’s first store in Durham in 1988 and was renamed Savers Health & Beauty in 1996. There are currently over 400 stores trading throughout England, Wales, Scotland and Northern Ireland with over 3,000 staff working for the company. The Sunday Times recently recognised Savers by placing them 7th in the prestigious annual list: ‘The Sunday Times Top 25 Best Big Companies to Work For’.

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

1. All units let on market rents;

2. Situated in prime pedestrianised pitch of Kilmarnock;

3. Savers and Clintons have been in occupation for more than 15 years;

4. Recent lease renewals demonstrate commitment from Savers and Clintons to the property and location;

5. Listed building so no Empty Property Rates liability;

6. Very attractive net initial yield of 10% return.