Tenanted Commercial Property LOT 74

108-110 High Street, Perth, PH1 5TH
GUIDE PRICE

Deadline for Offers

05 February 2021, 4pm

Bidding Closes in

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  • TypeCommercial
  • Ownership Freehold
  • Occupation Tenanted
  • Rateable Value Search SAA

Description

Full Address: 108-110 High Street, Perth, PH1 5TH

City centre retail investment opportunity. Let to BrightHouse – Net Assets £134 million. 100% Prime Retailing Pitch. Rent is £151,500 per annum. Full Repairing and Insuring lease for a term of 29 yrs

Highly prominent corner unitThe subject property is situated in a highly prominent corner location. Class 3 restaurant consent granted. Application Number 19/02043/FLL

The ground, basement and part first floor are let to Caversham Finance Limited(t/a BrightHouse) on a Full Repairing and Insuring lease for a term of 29 years from 25th July 1991, expiring on 24th July 2020.

The property comprises a traditional stone constructed building with a rear extension of brickwork construction. Formerly two retail units, the property has been amalgamated into one unit.

Retail accommodation is provided on ground floor with ancillary accommodation at basement and first floor level. The property benefits from a goods lift servicing ground and basement floors, with direct service access from King Edward Street. The property benefits from a return frontage on to King Edward Street.

Rent is £151,500 per annum which, based on our analysis, equates to £74 Zone A. The ground, basement and part first floor are let to Caversham Finance Limited(t/a BrightHouse) on a Full Repairing and Insuring lease for a term of 29 years from 25th July 1991, expiring on 24th July 2020. Class 3 restaurant consent granted. Application Number 19/02043/FLL https://planningapps.pkc.gov.uk/online-applications/applicationDetails.do?activeTab=documents&keyVal=Q28UQLMKN4L00 City centre retail investment opportunity. Let to BrightHouse – Net Assets £134 million. 100% Prime Retailing Pitch. Highly prominent corner unitThe subject property is situated in a highly prominent corner location at the junction of High Street and King Edward Street. The property occupies a 100% prime retailing pitch in the pedestrianised section of the High Street in the heart of the city centre. Surrounding occupiers include Marks & Spencer, Debenhams, Primark, Next, Superdrug, WH Smith, Boots and Santander. The property comprises a traditional stone constructed building with a rear extension of brickwork construction. Formerly two retail units, the property has been amalgamated into one unit. Retail accommodation is provided on ground floor with ancillary accommodation at basement and first floor level. The property benefits from a goods lift servicing ground and basement floors, with direct service access from King Edward Street. The property benefits from a return frontage on to King Edward Street.

The property benefits from being in very close proximity to St John’s Shopping Centre, the prime shopping destination in Perth city centre, anchored by Primark. Other retailers in the centre include River Island, H&M and JD SportThe property is arranged over basement, ground and part first floors. The remaining floors are separately owned and have residential and commercial use.

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Tenancy Details

Type of Agreement: Full Repairing & Insuring (FRI)
Length: 29 Years
Rent: £151,500 per year / £12,625 per month
Yield: 29% (approx)
Tenant: Private Individual
Notes: The ground, basement and part first floor are let to Caversham Finance Limited(t/a BrightHouse) on a Full Repairing and Insuring lease for a term of 29 years from 25th July 1991, expiring on 24th July 2020.

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  LEGAL PACK (Pending)

Location

Pricing Information & Bidding

Guide Price: £520,000


What is a Guide Price... Auction Guide Prices are displayed as an indication of each seller's approximate sale expectation. They are not necessarily figures which a property will sell for and may change prior to the auction.

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Terms of Sale

  • 5% Deposit
  • 8 Weeks Completion
  • Buyers Fee = 1.25% of Sale Price (Minimum £2,500 + vat)

* STANDARD TERMS are 4 week completion with 1 week entension. Sellers can request a varied completion and buyers must satisfy themselves prior to bidding.

Auction Details

Date & Time: 05 February 2021, 4pm
Type: Deadline for Offers

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