Prime Town Centre Peterhead Let To Brewdog Retail Limited Expiry December 2038 No Breaks Passing Rent: £15,000p.a.x. Fixed Increase in Yr 5 to £17,500p.a.x. £245,000 Representative G.I.Y. 6% with Gross Reversionary Yield increasing to 7.1%
The subjects are situated on the South side of Marischal Street, West of its junction with Erroll Street & Love Lane within Peterhead's town centre. Peterhead is located c. 32 miles north of Aberdeen on the A92 linking through to Fraserburgh. With a resident population of c. 24,000 persons, the town enjoys a strong catchment given the drive time to Aberdeen. Traditionally focussed on the fish industry, Peterhead acts as a major service centre for the offshore oil and gas industries. The subjects occupy a prominent position on Marischal Street with neighbouring occupiers including W.H. Smith, New Look & Argos.
The subjects comprise a ground and first floor public house surmounted by a pitched roof with access from the rear at Maiden Street. The subjects are in the final stages of an extensive refurbishment including new frontage, interior fit-out, new kitchen and open plan seating. Internally the subjects are being decorated in accordance with Brewdog's corporate specification including traditional rustic timber flooring, polished aluminium bar, exposed brick & steel works. A new frontage has been installed comprising large display windows or aluminium frame double glazed with entrance via twin aluminium framed glazed doors.
The subjects benefit from rear service yard / car park for up to 17 cars with access from the rear also via Maiden Street.
The subjects are let by way of a new full repairing and insuring lease on the following terms;
Tenant: BrewDog Retail Ltd Expiry: December 2038 Tenant Break: None Passing Rent: £15,000p.a.x. Rent Review: A rent review will take place in 5th year with fixed increase to £17,500p.a.x.
Tenant Info: BrewDog is an international Brewery & Pub chain founded in Ellon, Scotland in 2007. In April 2017, the private equity firm, TSG Consumer Partners acquired a 22% share of Brewdog for £213m valuing the business in excess of £1bn. Brewdog operates 50 bars in the U.K with a further 24 internationally with that number steadily growing.
Our client is offering their freehold interest in the subjects for £245,000, representing a gross initial yield of 6% with fixed rent increase to £17,500p.a.x. creating a gross reversionary yield of 7.1%
Prices quoted are exclsuive of V.A.T.
Available on request
Copies of the lease & title are available on request
The subjects will be open and trading very shortly, viewings available by appointment only
Each party shall bear their own legal costs incurred in the transaction
*images for illustrative purposes only
BREWDOG INVESTMENT FOR SALE: MARISCHAL STREET, PETERHEAD