• Let to Luxury Leisure – Shareholders Funds in excess of £31 Million

• Lease until December 2033 (tenant break option December 2028)

• Prominent Position within High Street

• Tenant been in occupation for over 25 years

• Offers in excess of £550,000, subject to contract

• Attractive Net Initial Yield of 8.68%

The subjects occupy a prominent position on the east side of High Street, 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, Vodafone and O2.

There are major redevelopment and regeneration proposals for Ayr Town Centre. The owners of The Kyle Centre, which sits directly opposite the subjects, have recently secured Planning Consent for the redevelopment of the Centre with approval granted for a brand new, state of the art, eight-screen cinema with plans for bars and restaurants, leisure activities such as virtual reality, soft play, indoor golf experience and a refurbished car park.

The cinema will be operated by The Arc Cinema www.cinematech.today/index.php/2021/02/22/the-arc-cinema-signs-up-at-ayrs-kyle-centre-development/.

The subjects comprise a large rectangular ground floor unit with ancillary flat/storage accommodation above. The unit has a double frontage with central entrance door, with pitched slate roof over the front building and flat roof to the rear extensions. There is a small car park to the rear accessed from Mill Wynd.

Internally the subjects comprise open plan sales area, with partitioned area beyond with sunbed rooms and ancillary offices and toilets to the rear. The unit is regular in shape and the sales area is fitted to the tenant’s corporate standard with air conditioning installed.

Heritable (Scottish equivalent of English freehold).

The subjects are let on a Fully Repairing Lease to Luxury Leisure for 15 years from 25th December 2018 until 25th December 2033. The tenant has a break option effective 25th December 2028, on serving 6 months prior written notice.

The passing rent is £50,000 pa. and there are rent reviews effective December 2023 and 2028.

N.B. The tenant continued to pay the rent throughout the pandemic.

The property has been elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the transaction will be treated as a Transfer of a Going Concern (TOGC).

We are instructed to seeks offers in excess £550,000 (Five Hundred and Fifty Thousand Pounds) exclusive of VAT, in respect of our clients Heritable Interest in the property, with the benefit of the existing lease. This reflects an attractive Net Initial Yield of 8.56% after deduction of conventional purchaser’s costs.