• City centre retail investment opportunity

• Let to BrightHouse – Net Assets £134 million

• 100% Prime Retailing Pitch

• Highly prominent corner unit

• £550,000, subject to contract

• 26% Net Initial Yield

• A significant discount to recent sale capital value evidence

   

The subject property is situated in a highly prominent corner location at the junction of High Street and King Edward Street. The property occupies a 100% prime retailing pitch in the pedestrianised section of the High Street in the heart of the city centre. Surrounding occupiers include Marks & Spencer, Debenhams, Primark, Next, Superdrug, WH Smith, Boots and Santander.

The property benefits from being in very close proximity to St John’s Shopping Centre, the prime shopping destination in Perth city centre, anchored by Primark. Other retailers in the centre include River Island, H&M and JD Sports.

The property is arranged over basement, ground and part first floors. The remaining floors are separately owned and have residential and commercial use.

The property comprises a traditional stone constructed building with a rear extension of brickwork construction. Formerly two retail units, the property has been amalgamated into one unit.

Retail accommodation is provided on ground floor with ancillary accommodation at basement and first floor level. The property benefits from a goods lift servicing ground and basement floors, with direct service access from King Edward Street. The property benefits from a return frontage on to King Edward Street.

Note that since the photography and video were taken in November 2018, Brighthouse have vacated the premises.

The property has been measured by Square Foot Media and provides the following Net Internal Areas;

A set of floorplans are available to download and the measured survey report will be assigned to a purchaser at a cost of £350.00 + VAT.

Heritable (Scottish equivalent of English freehold)

Caversham Finance Limited (Co No. 00785922) has reported the following figures:

*Note: This includes exceptional items of £6,275,000 which relates to implementing an affordability action plan with the FCA.

Established in 1994, BrightHouse offers customers access to high-quality branded household goods with affordable weekly payments, professional in-store attention and a comprehensive after sales service via 283 stores across the UK. The company stocks a wide range of household appliances and electronic products, from washing machines to TV’s and tablet computers. Brands sold include Acer, ASUS, Beko, Hoover and Samsung. For further information visit www.brighthousegroup.co.uk.

The property has been registered 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 the region of £550,000 (Five Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 26%, assuming standard purchaser’s costs of 5.49%.

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.

A purchase at the asking price reflects only £108 per sq ft overall and £272 per sq ft capital value in terms of Zone A.

1. An opportunity to acquire a city centre retail investment;

2. The property occupies a 100% prime retailing pitch;

3. The property is let until 2020 to BrightHouse, a national tenant with Net Assets of £134 million.

4. An opportunity to enhance value at the expiry of the current lease.

5. An acquisition at the asking price reflects only £108 per sq ft overall, a significant discount the sale price recently of the adjoining retail unit at £282 per sq ft. The price also reflects a significant discount when comparing capital values in terms of Zone A.