7 year unexpired term (no breaks)
High quality retail unit situated in prominent location within town centre
Let to Co-operative Food Group who are an established tenant
Offers in the region of £1,300,000 are invited
NIA: 692 sq.m / 7,449 sq.ft or thereby
Fraserburgh is strategically located on the far North Eastern corner of Scotland, approximately 40 miles North of Aberdeen. The town itself is the largest settlement in Aberdeen-shire, with a population of circa 13,000. The economy of Fraserburgh is focused primarily on the large fishing industry due to it being the third largest shellfish port in Scotland. The subjects are located close to Watermill Road, the main thoroughfare for the town. Surrounding occupiers are mainly residential. The property comprises a detached single storey supermarket store of steel portal frame construction clad in profile metal sheet walls with a shallow pitched profile metal sheet roof. Internally the subject property comprises open plan retail space, together with ancillary storage, an office and staff welfare facilities. The property benefits from generous car parking facilities, with circa 40 spaces. There is an external cash machine which is also let to the Co-operative Food Group. The subjects benefit from Class 1 (Retail) consent and are attractively fitted and finished for the current purpose as a retail unit occupied by the Co-operative Food Group. Tenancy: The property is let to The Co-Operative Food Group until 1st October 2027 (approximately 7 years unexpired lease term), without breaks. An investor would benefit from an income of £101,305.91 per annum (£146.39 per sq m / £13.59 per sq ft). There is an RPI linked Rent Review on the 1st of October 2022, subject to a 1% collar and 4% cap compounded annually. Proposal: We are instructed to seek offers in the region of £1,300,000 (One million, Three Hundred Thousand Pounds), subject to contact, reflecting a net initial yield of 7.35% allowing for purchaser costs and LBTT, and a capital value of £174.52 per sq ft.