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RETAIL INVESTMENT FOR SALE: ESTABLISHED RETAIL STORE WITHIN WICK TOWN CENTRE

For sale: POA|Retail - High Street, Retail - Out of Town, Retail

PROPERTY DETAILS

FOR SALEPOA
ADDRESSNickel & Dime, 47 High Street, Wick, Highland, KW1 4BP
TYPERetail - High Street, Retail - Out of Town, Retail
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON24th November 2019

DESCRIPTION

Town Centre Location
Basement, Grnd & 1st Floor
5,216sq ft
F.R.I Lease Held on Personal Name
Lease Expiry 9th October 2025
Passing Rent: £8,000p.a.x
Offers Over £80,000 Representing a G.I.Y of 10%

Location

The subjects are situated on the South West side of High Street, between its junctions with Kirk Lane to the South and Whitechapel Rd to the North within Wick's town centre.

Wick is located on the North East coast of Scotland approx 100miles North of Inverness and 20miles south east of Thurso. Road access is via the A9/A99 and the town also enjoys rail services at Wick station. Neighbouring occupiers include Boots, the Post Office, Wellington Guest House & Semi-Chem.

Subjects

The subjects comprise a ground, 1st and basement floor retail unit set within a 3 storey building of traditional stone construction surmounted by a pitched slate roof.

The subjects under consideration offer a ground floor retail unit with double frontage benefitting from timber framed glazed display windows and recessed access with twin timber framed glazed doors.

Internally, the subjects have been painted and decorated to suit the tenants requirements, with floors being overlaid by commercial linoleum, lighting is provided by fluorescent strips, recessed within a suspended acoustic tile ceiling.

First and basement floors are accessible via internal timber stairwells offering further retail, storage, w.c facilities, private office and staff area.

Area

The subjects offer the following floor areas

Basement: 143.7sqm (1,547sq ft)
Ground: 184.7sqm (1,988sq ft)
1st Floor: 156.2sqm (1,681sq ft)

Executive Summary

The subjects are held on a full repairing and insuring lease on the following terms

Tenant: Personal Name
Term: 1st October 15 - 30th Sept 2025
Passing Rent: £8,000p.a.x

Tenant Info

Nickel & Dime Stores operate approx 34 stores throughout townships in Scotland, primarily trading as convenience, hardware & homeward stores. The stores' retailing aspect is dictated by market demand.

Proposal

Our client is offering their freehold interest in the subjects for offers in excess of £80,000, representing a Gross Initial Yield of 10% before purchasers costs.

E.P.C

Available on request

V.A.T

Our client has opted to waive their option to tax, as such the transaction will be treated as a Transfer of a Going Concern (ToGC). Further information available on request.

Legal

Each party shall bear their own legal costs incurred during the transaction

Lease & Title

Copies available on request via the marketing agent

LOCATION

Location: Nickel & Dime, 47 High Street, Wick, Highland, KW1 4BP

Wick (2.2 miles)

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