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PRIME TOWN CENTRE "SPEC-SAVERS" INVESTMENT - NEW 10yr LEASE WITH FIXED RENT INCREASE

For sale: POA|1745 Sq Ft|Residential, Office, Retail - High Street, Healthcare, Showroom, Offices, Retail, Other Property Types & Opportunities

PROPERTY DETAILS

FOR SALEPOA
SIZE1745 Sq Ft
ADDRESSSpecSavers Castle Street, Forfar, DD8 3AG
TYPEResidential, Office, Retail - High Street, Healthcare, Showroom, Offices, Retail, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON13th August 2020

DESCRIPTION

Prime Town Centre Location
Prominent Position
1,745sq ft
Let to SPECSAVERS OPTICAL SUPERSTORES LIMITED
Expiry November 2029
Passing Rent: £20,000p.a.
Fixed Increase In Nov 2022 to £23,000p.a.
Price On Application

Location

The subjects are situated on the West side of Castle Street, between its junctions with Manor Street and Myre Road within Forfar’s town centre.

Forfar is one of the principle towns within the local authority region of Angus and is situated some 27 km (17 miles) north of Dundee and 84 km (52 miles) south of Aberdeen, just to the east of the A90 dual carriageway. The town benefits from a residential population of 15,000 people, with a substantial catchment from the neighbouring rural areas.
The property is located on the south side of Castle Street. Nearby occupiers include Nationwide, Santander, Greggs and Boots.

Subjects

The subjects comprise a stunning former bank premises of traditional stone construction surmounted by a pitched roof.

The subjects benefit from a prominent Frontage with quadruple display windows to the front elevation. Access is gained via a twin timber storm door with internal door leading to an open plan customer area. Partitions have been erected to form office facilities, w.c’s and staff facilities.

Lighting is provided by way of ceiling mounted fluorescent strips.

Executive Summary

The property is held on a full repairing and insuring lease on the following terms;

Tenant: Specsavers Optical Superstores Limited
Term: November 2019 - November 2029
Rent: £20,000per annum
Rent Increase: Fixed Increase to £23,000p.a. in November 2022
Rent Review: November 2024 On An Open Market Basis
Further Information: Specsavers have relocated within the town, with a presence for almost a decade, market conditions dictated that they required a larger unit. Extensive works have been carried out internally to suits their requirements and to conform with the new Specsavers corporate branding.

Area

The subjects have been measured on a Net Internal Area basis to extend to the following:

Ground: 162sqm (1,745sq ft)

Proposal

The property is available on a freehold basis, price on application.

V.A.T

Prices quoted are exclusive of V.A.T

E.P.C

Available on request

Lease & Title

Available on request

Legal

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

LOCATION

Location: SpecSavers Castle Street, Forfar, DD8 3AG
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