Well Secured Town Centre Retail Warehouse Opportunity

Halfords | Lossie Wynd North | Elgin  | IV30 1GU


subject to contract



  • 8% net initial yield

  • Highly secured to 5A1 covenant - Halfords Limited (SF £675m)

  • 9 years unexpired

  • Prominent solus retail warehouse

  • Town centre location

  • Non-food retail (Class 1) consent

  • Offers in excess of £1,200,000, subject to contract

Halfords | | Lossie Wynd North | |  | Elgin |  | IV30 1GU


Elgin, population 23,000 approximately, is a prosperous and attractive former cathedral city and Royal Burgh in Moray, situated on the south coast of the Moray Firth. It is the administrative and commercial centre for Moray, located approximately 105 km (65 miles) north-west of Aberdeen and 64 km (40 miles) north-east of Inverness. The town benefits from good road communications and is served by the A96. The town is also connected to the national railway network with services to Aberdeen, Inverness and Glasgow. Inverness Airport is approximately 48 km (30 miles) to the south-west.


Easily accessible from the pedestrianised section of the town centre the property is situated in a highly prominent position fronting a busy roundabout at the junction of Alexandra Road (A96) and Cumming Street. Vehicular access to the unit is via Lossie Wynd North.

The rear entrance to the St Giles Shopping Centre is on the opposite side of Alexandra Road and on the opposite side of Cumming Street is Elgin Town Hall with a modern Aldi supermarket just beyond. Approximately 400 metres further beyond is a large Tesco Extra supermarket. Adjacent to the property in Lossie Wynd North is a furniture store occupied by Anderson & England and The Tile & Fireplace Centre.

Halfords | | Lossie Wynd North | |  | Elgin |  | IV30 1GU
Halfords | | Lossie Wynd North | |  | Elgin |  | IV30 1GU


The property benefits from its own self-contained site and comprises a solus retail warehouse with dedicated customer parking to the front of the unit accommodating 49 vehicles and a rear service yard providing loading and unloading facilities. The unit is of steel portal frame construction with concrete block and profiled metal external walls beneath a pitched roof.

The property is mainly arranged on ground floor and comprises open plan accommodation used entirely as sales space. There is a small first floor area which is used for storage, repairs, office and staff accommodation. Internally, the tenant has fitted out the property to their typical corporate image.


We have been advised the property provides the following gross internal floor areas;

  Sq M Sq Ft
Ground Floor 748.1 8,050
First Floor* 122.7 1,320
Total 870.8 9,370

The property also benefits from its own customer car park for 49 vehicles.

*First Floor is dis-regarded at rent review

Halfords | | Lossie Wynd North | |  | Elgin |  | IV30 1GU
Halfords | | Lossie Wynd North | |  | Elgin |  | IV30 1GU


We estimate the site area to be approximately 0.3 hectares (0.75 acres).


The property benefits from non-food retail (Class 1) consent.

Halfords | | Lossie Wynd North | |  | Elgin |  | IV30 1GU
Halfords | | Lossie Wynd North | |  | Elgin |  | IV30 1GU


Heritable (Scottish Equivalent of English Freehold). 


The property is entirely let to Halfords Limited on a Full Repairing and Insuring lease. The lease was originally for a term of 15 years from 26th March 2001, expiring on 25th March 2016. 

In 2010 the tenant demonstrated their commitment to the property when they agreed to remove a break option and extend the lease by 10 years to expire on 25th March 2026.

Therefore, the unexpired lease term is 9 years.

The current passing rent is £100,600 per annum which equates to £134.47 per sq m / £12.50 per sq ft based on the rentalized floor area.

The lease benefits from five yearly upwards only rent reviews and at review the first floor area is excluded. The 26th March 2016 rent review has not been actioned and the final rent review is on 26th March 2021. The rent is reviewed on the basis of a letting for a term of 10 years and as if the unit is let in a shell condition for the tenant to fit out.


Halfords Limited (Co. No. 103161) has reported the following figures;

  1st April 2016 3rd April 2015
Turnover £866,100,000 £872,700,000
Pre-Tax Profit £ 86,200,000 £ 89,000,000
Shareholders’ Funds £675,200,000 £602,900,000

Founded in 1892 Halfords is the United Kingdom’s leading retailer of motoring and cycling products and a leading independent operator in garage servicing and auto repair.

Halfords Limited is part of Halfords Group plc which is fully quoted on the London Stock Exchange with a market capitalisation of £746 million, trading from 462 outlets in the United Kingdom and Republic of Ireland, including 430 superstores, employing circa 8,000 people. For more information visit www.halfordscompany.com.

Halfords | | Lossie Wynd North | |  | Elgin |  | IV30 1GU
Halfords | | Lossie Wynd North | |  | Elgin |  | IV30 1GU

Value Added Tax

The property has been registered for VAT, however, it is envisaged the transaction will be treated as a Transfer of a Going Concern (TOGC).


We are instructed to seek offers in excess of of £1,200,000 (One million, two hundred thousand pounds), subject to contract reflecting a net initial yield of 8.0%, after purchasers’ costs of 5.49%. 

Halfords | | Lossie Wynd North | |  | Elgin |  | IV30 1GU
Halfords | | Lossie Wynd North | |  | Elgin |  | IV30 1GU

Investment Considerations

  1. Investment opportunity to acquire a solus retail warehouse providing highly secure income;

  2. Let to Halfords Limited - Shareholders’ Funds £675m;

  3. 9 years unexpired lease term;

  4. The property occupies a prominent and accessible town centre location;

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

Contact us

Singer Vielle   +44 (0) 207 935 7200
Richard Wolfryd richard@singervielle.co.uk +44 (0) 203 701 1353
Dale Henry dale@singervielle.co.uk +44 (0) 203 701 1356
Neil Singer neil@singervielle.co.uk +44 (0) 203 478 9120
Singer Vielle Scotland  +44 (0) 141 221 4545
Graham Waddell graham@singervielle.co.uk +44 (0) 203 701 1388

Vendor's Solicitor

Shepherd & Wedderburn LLP +44 (0) 131 228 9900
Michael Henderson Michael.Henderson@shepwedd.co.uk
Vikki Henderson Vikki.Henderson@shepwedd.co.uk