• Situated within the prime pitch of the High Street

• Let to the highly secure covenant of TSB Bank PLC

• Re-based rental of £125,000 per annum

• Let on FRI lease until June 2026. Tenant been in occupation since 1994

• Offers in excess of £1.181 million, subject to contract

• Attractive net initial yield of 10.00%

The building occupies a prominent position on the east side of High Street in the heart of the town centre. The High Street is the principal retail street running north/south through the town and comprises a mix of national retailers and independent operators. Nearby occupiers include Waterstones, Tesco, Boots, Bank of Scotland, Superdrug and Wilko.

There are major redevelopment and regeneration proposals for Ayr Town Centre. The owners of The Kyle Centre, which lies diagonally opposite the subjects, have recently secured Planning Consent for the redevelopment of the Centre with approval granted for a seven screen cinema and a variety of food outlets.

Ayrshire Council have just published a Strategy and Action Plan for the town centre.

The Grain Exchange at 77-81 High Street has recently opened nearby. It is a multi-purpose venue for market, cultural and creative space.

The property comprises a ground floor banking hall with ancillary office and staff accommodation at first floor, all contained within a three storey traditional slate and sandstone property. The second floor, which is in residential use, is accessed via the adjoining pend close in Nile Court.

The premises have been fully fitted out to an exceptionally high standard for banking use over ground and first floors. The second floor, which is in residential use, with its own dedicated access does not comprise part of the property being offered for sale.

The building was recently refurbished externally including a comprehensive overhaul of the roof, external stone repairs and replacement of the windows.

The subjects have the benefit of a Class 2 planning consent and are Grade B Listed.

Heritable (Scottish equivalent of English Freehold).

TSB Bank PLC (Co No SC 095237) has reported the following trading figures;

*In 2018 TSB incurred a statutory loss due to IT migration which cost £414million to deliver. They also incurred costs of £330million as a result of disruption to services post migration

TSB has over 5 million customers and approximately 500 branches throughout the UK. They are part of the Spanish banking group Sabadell

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. Investment opportunity let to the undoubted covenant of TSB Bank PLC

2. Total assets in excess of £4billion

3. The property occupies a prime position in the High Street

4. Lease extended until 2026 and rent reduced to £125,000

5. Attractive period property

6. A purchase at the asking price will provide the purchaser with an attractive net initial yield of 10%

7. Grade B listed building so no liability for payment of Empty Property Rates.

We have partnered with a leading finance adviser to provide loan services. To learn more, please visit our “Finance” section.