Prime Town Centre Location
Rear Loading Yard
Ground Floor Retail
Let To: The Original Factory Shop
Expiry: January 2029
Passing Rent: £24,750p.a.x.
Sale: £275,000.
Location
The property is situated on the east side of Castle Street, south of its junction with Charlotte Street within the town centre of Stranraer. Stranraer is Scotland’s main passenger port town linking both Northern and the Republic of Ireland.
Stranraer lies on the shores of Loch Ryan, on the northern side of the isthmus joining the Rhins of Galloway to the mainland. Stranraer is Dumfries and Galloway’s second-largest town, with a population including the surrounding area of nearly 13,000. Neighbouring occupiers include Superdrug, Subway, Santander and the Stranraer Library.
Property
The property comprises the ground floor of a 2 storey commercial development rendered and painted with a new bituminous felt roof, completed in 2018 with a 10yr guarantee.
Offering a prominent aluminium framed and glazed frontage, the property benefits from double door access to the open plan retailing space, lighting is provided by way of fluorescent and L.E.D panels recessed within the suspended ceiling. A partition has been erected to the rear, behind which the loading bay, small office and w.c. facility along with access to common loading yard.
Floors are of concrete construction overlaid by commercial linoleum with heating and cooling provided by way of ceiling recessed air conditioning units with rear mounted units.
Area
The property extends to the following net internal areas;
Ground: 217.5sqm (2,341sq ft)
Investment Summary
The property is held on an internal repairing and insuring head lease on the following terms;
Tenant: The Factory Shop Limited
Expiry: 4th January 2029
Passing Rent: £24,750p.a.x. (Plus Service Charge)
Review: January 2024
For the year ending 29th March 2020, The Factory Shop Limited reported a turnover of £132,206,000, a pre-tax loss of £1,601,000, shareholders’ funds of £18,047,000 and a net worth of £20,614,000. (Source: Experian 29/06/21)
Price
The property is available on a freehold basis for £275,000
V.A.T.
The property has been elected for V.A.T. The transaction may be treated as a T.O.G.C (Transfer of a Going Concern)
Viewing
Whilst it is a good idea to visit a property investment that is being marketed for sale as a customer before making a formal viewing, it is vitally important that such visits are carried out confidentially and that no approach is made to the staff, operators or customers of the business.
Many investments are being marketed confidentially and the staff and locals may not know that the property is on the market, therefore a casual approach can adversely affect the business.
Title & Lease
Available on request
Legal
Each party shall bear their own legal costs incurred in the transaction
Anti-Money Laundering
In order to comply with anti-money laundering legislation, the successful purchaser / tenant will be required to provide certain identification documents. The required documents will be confirmed to and requested at the relevant time.
