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Prime retail unit in the heart of Alloa town centre situated on a prominent corner position to Candleriggs & Mill Street. Let to Semi-chem for £21,000 on a 15 year FRI lease.
- The subject property is let to Semi-Chem Limited on Full Repairing & Insuring terms from 18 December 2006 until 31 January 2021 at a passing rent of £21,000 per annum (£14.87/sq ft Zone A).
- The tenant had a break option on 1 February 2018 which they did not exercise. The lease is guaranteed by the parent company Scottish Midland Co-operative Society Limited.
- TOTAL NET INTERNAL AREA 149.35 sq m (1,608 sq ft)
- Future asset management and sub-division potential. Total passing rent of £21,000 per annum (£14.87/sq ft Zone A).
Freehold- Outright ownership of the property and land on which it stands.
Tenanted- Existing tenant in place with lease agreement to be assigned to the new purchaser at the time of completion.
|Type of Agreement||Full Repairing & Insuring (FRI)|
|Rent||£21,000 per year / £1,750 per month|
|Yield||10.2% (at guide price)|
|Notes:||The subject property is let to Semi-Chem Limited on Full Repairing & Insuring terms from 18 December 2006 until 31 January 2021 at a passing rent of £21,000 per annum (£14.87/sq ft Zone A), paid quarterly in advance.|
Full Details:The subjects comprise two amalgamated retail units within a modern designed building constructed less than 20 years ago and form one large, open plan sales store with partially sub-divided space to the rear for stores, staff and WC facilities. The subjects are fitted out in the corporate style of Semichem. The subjects occupy the immediate ground floor of a four storey, red sandstone and brick building held under a pitched and slated roof. The premises have the potential to be readily sub-divided back to form two separate retail units as the space internally benefits from two pedestrian access points one on the corner of Mill Street & Candleriggs and one fronting directly onto Mill Street. The subjects occupy a prominent, corner position on the south-east side of Mill Street at the intersection of the one-way system within the town centre linking Mill Street from the south and Shillinghill to the north. The subjects benefit from return frontage onto the pedestrianised Candleriggs which provides direct links to the Candleriggs and Kilncraigs car parks. Surrounding occupiers include Lidl, Dominos, Baynes, Greggs, Bella Vita, Marie Curie Cancer Research & Betfred. Semichem is a discount health and beauty retailer with 90 stores across Scotland, Northern Ireland and the North East of England. Semichem was founded by the Kerr family in Ayrshire in the 1980s before being bought over by The Scotmid Cooperative in 1995, when semichem had only 25 stores. It has since grown to be a recognised retailer on the majority of towns and cities high streets. The lease is guaranteed by Semichem’s parent company, The Scottish Midland Co-operative Society who have the highest possible Dun and Bradstreet credit rating of 5A1. For the accounts posted 28 January 2017 the company reported a turnover of £376 million, a net profit of £6.2 million, retained reconciliation profit of £55 million and a tangible net worth of £69.1 million.
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Map & Location:
Alloa is located approximately nine miles east of Stirling and six miles north west of the Kincardine Bridge, offering excellent vehicular access to the M9 and M80 motorway networks which in turn leads to Edinburgh (40 miles) and Glasgow (25 miles). It is the principal town in Clackmannanshire and has a resident population of approximately 20,000 persons with a wider catchment area of 25,000. The Stirling-Alloa Railway line has recently re-opened providing excellent links between Kincardine and Stirling via Alloa. The new rail line has substantially improved access to and from the town which has benefitted the local economy enormously.
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This property may be open for internal viewings at specified times which will be listed on this page when available. You do not need to register to attend these viewings, you can simply turn up as the property will be open during the scheduled times. Our viewing agent will be present to answer any of your questions and provide auction catalogues to viewers.
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04 February 2019
Glasgow Radisson Hotel
301 Argyle Street, G2 8DL
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How To Bid:
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Bid Live in Person...Easily the best method is to attend the auction in person. The Glasgow Radisson is conveniently located in the Glasgow City Centre, a short walk from the Central Train Station and easily accessed from the M8 Motorway. The Edinburgh Marriott Hotel is conveniently located just minutes from Edinburgh Airport and the city centre.
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