Prime Highly Secure Retail Investment

148-154 High Street | Ayr | KA7 1PR


offers in excess of



  • 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 coastal town of Ayr has a population of 46,000 and is situated on the West Coast of Scotland. Glasgow is approximately 36 miles (50 km) to the north east and is easily accessible via the A77. Ayr is 3 miles (5 km) south of Glasgow Prestwick International Airport and benefits from excellent road and rail links, with regular train services to Glasgow and Edinburgh.

Ayr is the administrative centre for South Ayrshire and benefits from a large tourist trade given its close proximity to both Troon and Turnberry Open Golf Championship venues.


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.


We have been provided with the following floor areas:

Ground Banking Hall 248.53 sq m 2,675 sq ft
First Office 254.68 sq m 2,741 sq ft
Total   503.21 sq m 5,416 sq ft
ITZA   198.83sq m 2,140sq ft


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


Heritable (Scottish equivalent of English Freehold).



The property is let to TSB Bank plc under a Full Repairing and Insuring lease for a term of 25 years from 13 June 1994 until 12 June 2019. A Minute of Extension and Variation has been entered into extending the term for an additional seven years from 13 June 2019 to 12 June 2026, with provision for a rent review at 12th June 2021. In addition, the second floor was surrendered to the landlord.

The rent has been rebased from £178,000 per annum to £125,000 per annum.


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

  31st December 2018 31st December 2017
Turnover £1,295million £1,096million
Pre-Tax Profit *£(101)million £ 159million
Total Assets £41,138million £42,536million

*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).


We are instructed to seek offers in excess of £1.181million (One Million One Hundred and Eighty One Thousand Pounds), subject to contract, which reflects a net initial yield of 10.00% after allowing for standard purchaser’s costs of 5.95%.

Please note that a purchaser will be re-charged the costs of the surveys and searches which are provided in the data room.

Please note a purchaser will be charged a Transaction Fee of £5,000 + VAT.


Investment Considerations

  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.


Contact Us

Singer Vielle   +44 (0) 207 935 7200
Graham Waddell +44 (0) 141 221 4545
Douglas Wilson +44 (0) 141 370 0284
Dale Henry +44 (0) 203 701 1356
Neil Singer +44 (0) 203 478 9120
Daniel Elia +44 (0) 203 701 1353

Vendors Solicitor

Macroberts, Glasgow +44 (0) 141 303 1149
Kelsey Gibson
Amie Brown

Joint Agent

AJS Property Consultants Limited +44 (0) 777 057 4757
Andrew Saunders