• Rare Highly Secure Investment – assignment only to undoubted covenants

• 13.25 years term certain

• Let to Bank of Scotland plc

• Prime position on the main retail street

• Heritable interest

• VAT free

• 5.75% net initial yield

The property is situated in a prime position on the High Street, the principal pedestrianised retail pitch for the town. The property occupies a highly prominent corner position with return frontage to Monzie Square. The surrounding occupiers includes a blend of multiple and local retailers with Boots, Edinburgh Woollen Mill, Fat Face, Lloyds Pharmacy, Clydesdale Bank, House of Scotland, Field & Trek and WH Smith all represented.

The town benefits from a large shopping catchment that encompasses a significant area including many of the adjoining islands.

Comprising a highly attractive two storey property of stone construction built in approximately circa 1920. The original bank building is 62 High Street; 64 High Street was acquired by the bank for expansion in 1988.

Internally, the property is fitted out to Bank of Scotland’s corporate image with fixtures and fittings consisting of suspended ceilings with recessed flurescent lighting and air conditioning cassettes, plastered walls and a mixture of carpet and laminate flooring. The property is configured with a large banking area together with various office / meeting rooms and to the rear various staff and various storage rooms and WC’s. Further accommodation on the first floor comprises additional offices and storage accommodation.

There is a self-contained residential flat on the second floor accessed via a separate entrance from the bank and comprises two bedrooms, living room, kitchen and bathroom. We understand the manager of the bank occupies the flat.

Heritable (Scottish equivalent of English Freehold)

The property is let to Bank of Scotland plc from 29th December 2016 until 28th December 2031 providing 13.25 years term certain at an initial rent of £51,500 per annum, upon full repairing and insuring terms. The lease benefits from an upwards only rent review on 29th December 2021 and 29th December 2026.

The tenant is only able to assign the lease to the Government, a Local or Public Authority, or a company which has had a Dunn & Bradstreet rating of 5A1 or better for three years.

The property has not been registered for VAT. Therefore, VAT will not be payable by a purchaser.

1. Investment opportunity let to the undoubted covenant of Bank of Scotland plc;

2. 13.25 years term certain from 29th December 2016;

3. The tenant is only able to assign the lease to the Government, a Local or Public Authority, or a company which has had a Dunn & Bradstreet rating of 5A1 or better for three years.

4. Fort William is a major Scottish tourist destination;

5. The property occupies a prime position on the main retail street in the town centre;

6. VAT free investment;

7. A purchase at the asking price will provide an investor with an attractive net initial yield for a highly secure and attractive heritable investment.