Prominent Retail Investment Opportunity
Passing Rent: £30,000 pa
Airdrie is a town in North Lanarkshire that lies approximately 11 miles to the east of Glasgow and has a population in the region of 38,000 persons. The property is located in the heart of Airdrie on the South side of Graham Street. The subjects occupy a prominent position on the pedestrianised section of Graham Street which forms the main retailing parade for the town. Nearby retailers are a mix of both national and local operators including Boots, Costa Coffee, Airdrie Fresh Foods, Superdrug and Salvation Army.
The subjects comprise ground and first floors of a two storey stone building under a pitched and slate roof. Internally, O2 has fitted out the unit to provide sales space, storage, office and WC facilities on the ground floor. On the first floor the space provides further storage, training/meeting rooms, WC facilities and a staff area. The subjects benefit from rear servicing which can be accessed from Callon Street and provides waste facilities.
The premises are arranged over ground and first floor levels and comprise the following approximate net internal areas:
Ground Floor: 1,260 sq ft / 117.1 sqm
First Floor: 782 sq ft / 72.68 sqm
The property is let to MMD Communications Ltd t/a 02 on a full repairing and insuring lease from 9 March 2021 expiring on 31 March 2031 at an annual rent of £30,000 pa (£28 per sq ft Zone A), payable monthly in advance. There is a tenant only break option on 31 March 2026 subject to three months’ notice, time being of the essence. The rent is to reviewed on a 5 yearly basis to the greater of the passing rent and OMRV. The next review is on 1 April 2026.
We are instructed to seek offers over £250,000 exclusive of VAT for our client’s heritable interest. As the property is opted to tax, any sale will be treated as a transfer of a going concern.
Rateable Value: £15,500
UBR (2023/24): £0.498
Rates Payable: £7,719 pa
The premises benefit from having Class 1A consent. An EPC report is available upon request.
Each party to be responsible for their own legal and professional costs incurred in this transaction. For the avoidance of doubt the ingoing tenant will be responsible for Land & Buildings Transaction Tax (LBTT), registration dues and any VAT payable thereon.
In order to comply with anti-money laundering legislation, the successful tenant will be required to provide certain identification documents. The required documents will be requested at the relevant time.
ORINSEN, their clients and any joint agents give notice that:
They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.
Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It is assumed that the property has all necessary planning, building regulations or other consents and ORINSEN have not tested any services, equipment or facilities.
Purchasers must satisfy themselves by inspection or otherwise.Unless otherwise stated all prices and rents are quoted exclusive of VAT. Prospective purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction.