17-21 CASTLE STREET FORFAR DD8 3AD

FOR SALEHIGH QUALITY RETAIL INVESTMENT OPPORTUNITY

Strong market town and administrative centre of Angus

Located in the prime retail area on Castle Street

Well secured to the strong covenant of Poundstretcher Limited (D&B rating 4A2)

Around 9.75 years unexpired

Current income of £60,000 pa (£24.45 psf Zone A)

Low overall rental rate of £5.04 psf

Offers over £600,000 exc VAT, NIY 9.55%

LOCATIONForfar is a prosperous market town which serves as the administrative centre of Angus and is located approximately 14 north of Dundee and 50 miles south of Aberdeen. The town sits immediately to the east of the A90 trunk road. The town has a resident population of approximately 14,000, is a popular commuter base and benefits from a busy town centre.

SITUATIONThe property is located on the west side of Castle Street and forms part of the main retail pitch in the town centre, which has the benefit of both Tesco and Asda supermarkets. There is a good mix of both national and local occupiers including Boots, Greggs, Costa, Iceland, Coral, M&Co and Specsavers.

A914

A90

A90

A9

A1

A68A720

A9

A92A94

A92

A91

A93

A85

Forfar

Dundee

Cupar

Perth

Glasgow

Edinburgh

Aberdeen

A90A93

A93

Arbroath

St Andrews

Montrose

M90

M9

M8

50 metres

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| 0845 601 6011

Forfar

Experian Goad Plan C

reated: 16/08/2017C

reated By: Ryden LLP

Copyright and confidentiality Experian, 2017. ©

Crow

n copyright anddatabase rights 2017. O

S 100019885

DESCRIPTIONThe subjects are Grade C Listed and are arranged over basement, ground, first and second floors within a substantial period stone building under a pitched slate roof. There are additional double storey and single storey extensions to the rear. Poundstretcher trade from the ground floor and use the basement and first floors as ancillary storage and staff accommodation. The second floor is currently unused by the tenant. Servicing is provided to the rear of the property via a shared yard.

D R A F T

ACCOMMODATION

TENANCYThe property is let to Poundstretcher Limited on FRI terms from 14 May 2010 and expiring on 13 May 2027. The passing rent is £60,000 per annum (£24.45 psf Zone A). The next rent review is 14 May 2020.

TENURE Heritable Interest.

TENANT COVENANTPoundstretcher was established in 1981 and is one of the UK’s leading discount retailers. The company have a network of over 400 stores and employ around 5,000 people. For the year ending 31 March 2016, the company posted a Sales Turnover of £429.5m, a Pre-Tax Profit of £2.4m and a Tangible Net Worth of £17.84m.

Over the last 3 years, the company reported the following financial performance:

The company have a Dun and Bradstreet rating of 4A2. A copy of the D&B report can be provided to interested parties.

AREA Sq. Ft Sq. M

G/F Sales 8,390 779.46

F/F – Office & Staff 780 72.46

F/F Storage 2,740 254.55

Total 11,910 1,106.47

EPCThe property has an EPC rating of E. A copy of the EPC can be supplied to interested parties.

The passing rent of £60,000 per annum reflects a low overall rental rate of £5.04 psf. Year Y/e 31 Mar

2016Y/e 31 Mar

2015Y/e 31 Mar

2014

Turnover £429.5m £438.3m £395.4m

Pre-Tax Profit

£2.4m £2.8m £1.4m

Tangible Net Worth

£17.8m £16.8m (£3.4m)

VATThe property is elected for VAT. VAT will be payable on the purchase price, however it is anticipated that a sale will be enacted by way of a Transfer of a Going Concern (TOGC).

D R A F T

INVESTMENT PROPOSALWe are instructed to seek offers in excess of £600,000 exclusive of VAT for the Heritable Interest which reflects a net initial yield of 9.55% after purchaser’s costs based on LBTT.

FURTHER INFORMATION / VIEWINGFor further information or viewing, please contact the sole selling agent:

Derek ArcherDDI - 0141 270 3160 E-mail - derek.archer@ryden.co.uk

Ian DoughertyDDI - 0141 270 3163 E-mail - ian.dougherty@ryden.co.uk

(i) Messrs Ryden LLP for themselves and for vendors or lessors of this property whose joint agents they are give notice that: the particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs Ryden has any authority to make or give any representation or warranty whatever in relation to this property (iv) Ordnance Survey extracts and all plans based upon Ordnance Survey maps are reproduced with the permission of The Controller of Her Majesty’s Stationery Office, Crown Copyright Licence No 100004369. September 2017.

D R A F T