Address: 128 Union Street
Size:
Price: £500,000

Well Located Retail Investment For Sale

LOCATION

Aberdeen is Scotland’s 3rd largest city. With a resident population of
c. 225,000,and a catchment exceeding 500,000,the city acts as the
focal hub for all retail and leisure activity in the North East of Scotland.

SITUATION

Union Street lies at the heart of traditional Aberdeen retailing, with
The Trinity, St Nicholas, Bon Accord and Union Square shopping
centres all in close proximity.
Neighbouring retailers include the likes of McColls, Poundworld,
Molton Brown and Allsaints. Directly opposite is Primark.

DESCRIPTION

The subjects comprise a Class 1 retail shop over ground and basement
levels, lying mid-terrace within a traditional granite stone building.
The ground floor is currently utilised for retail sales, the basement a
mixture of open storage and partitioned staff accommodation.

Gross Frontage       14’3”     4.34m
Net Frontage           13’11”     4.24m
Ground Floor           530 sq ft     49.24 sq m
Basement                545 sq ft     50.63sq m
Total                         1,075 sq ft  99.87sq m

ITZA:                       519 units (30’ zones)

LEASE

The premises are held under an existing FRI lease, recently
extended for a further term of 10 years from 10th October
2018 at a rent of £36,300pa to Ramsdens Financial Limited.
The extension includes for an initial 6 months at 50% rent,
Tenant Break Option year 5, with upwards only rent review
in the event of the TBO not being exercised.

NB Ramsdens have been in occupation for c. 9 years.

VAT

The property is elected for VAT, as such VAT will be payable on
the purchase price.

EPC

G rating. Copies of the certificate can be made available to interested
parties.

RATING

The current RV is £33,500.

ENTRY

Early entry is available upon completion of all legal formalities.

MONEY LAUNDERING REGULATIONS

To comply with Money Laundering Regulations we are legally
required to undertake due diligence on prospective purchasers /
tenants which will at a minimum include proof of identity /
address and funding. Applicable documentation will therefore
be required on agreement of Heads of Terms.

PROPOSAL

We are instructed to seek offers in the region of £500,000 plus VAT
for our clients heritable interest. A purchase at this level would reflect
a net initial yield of 7.0% after allowance for assumed LBTT and
normal acquisition costs.

COVENANT

Ramsdens Financial Limited (03045495) were founded in the 1970’s
and, trading from over 130 branches in the UK, offer an excellent
covenant. The latest accounts to 31st March 2018 confirm revenue of
£39.9m and net profits of £5.05m. In recent years the company has
diversified to provide 4 core services – foreign currency exchange,
pawnbroking, precious metal buying / selling and the retail sale of
secondhand / new jewellery, and now includes a growing online presence.

FURTHER INFORMATION

Please contact this office.