Britton Property.
For Sale
198 - 200 High Street, Ayr KA7 1RH
Attractive Retail Investment
The property occupies a prime position on the High Street
Lease extended until 31st January 2029 and rent rebased to £60,000pa
Offers over £570,000 are sought
Viewing strictly by appointment with BRITTON PROPERTY
Andrew Britton
T. 07990 505 421
E. andrew@brittonproperty.co.uk
The coastal town of Ayr has a population of 46,000 and is situated on the west coast of Scotland. Glasgow is approximately 36 miles (50 km) to the north east and is easily accessible via the A77. Ayr is 3 miles (5 km) south of Glasgow Prestwick International Airport and benefits from excellent road and rail links, with regular train services to Glasgow and Edinburgh. Ayr is the administrative centre for South Ayrshire and benefits from a large tourist trade given its close proximity to both Troon and Turnberry Open Golf Championship venues.
The building occupies a prominent position on the east side of High Street in the heart of the town centre. The High Street is the principal retail street running north/south through the town and comprises a mix of national retailers and independent operators. Nearby occupiers include The Works, Vodafone, Nationwide, Savers, Specsavers, Vision Express and The Rangers Store. There are major redevelopment and regeneration proposals for Ayr Town Centre.
The owners of The Kyle Centre, which lies opposite the subjects, have recently secured Planning Consent for the redevelopment of the centre with approval granted for a seven screen cinema and a variety of food outlets. Ayrshire Council have just published a Strategy and Action Plan for the town centre.
The premises comprise a prominent ground, first and second floor retail unit all contained within a two storey traditional brick property with a pitched and slate roof. The premises have been fully fitted to the tenant’s standard specification over ground and first with the second floor comprising ancillary storage, office and staff areas.
The premises extend to the following Net Internal Areas:
Ground Floor: 4,433 sq ft / 411.84 sqm
First Floor: 3,977 sq ft / 369.47 sqm
Second Floor: 2,598 sq ft / 241.36 sqm
The property is let to WH Smith Retail Holdings Ltd under a Full Repairing and Insuring lease which has just been extended for 5 years until 31st January 2029 with a tenant break on the 3rd anniversary – 31st January 2027.
The rent has been rebased to £60,000 per annum.
We are instructed to seek offers in excess of £570,000 (Five Hundred and Seventy Thousand Pounds), subject to contract, which reflects a Net Initial Yield of 10.05% after allowing for standard purchaser’s costs of 5.95%.
Heritable.
The property has been elected for VAT.
Britton Property is a niche, independent retail and leisure consultancy, providing professional and bespoke advice to clients.