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30 September 2021, 3pm

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

Description

Full Address: 7-11 Port Street, Bank of Scotland, Stirling, FK8 2EJ

*PRIME TENANTED CITY CENTRE COMMERCIAL INVESTMENT* Tenanted 2 storey 7,867 Sq Ft Retail Premises located in the heart of Stirling City Centre. RE-BASED RENT OF £113,500 PA (Previous rent £143,000) LEASE RECENTLY EXTENDED UNTIL EXPIRY SEPTEMBER 2027 (NO BREAKS)

RBS unit set in prominent position with excellent frontage onto on Port street in Stirling's thriving City Centre. RENTAL OF £113,500 per annum. LEASE RECENTLY EXTENDED UNTIL EXPIRY SEPTEMBER 2027 (NO BREAKS)

Large Commercial property extending to 7,867 sq ft ( 730.86 sq m). The property is arranged over ground and basement floors within a traditional 4 storey red sandstone building, to Bank of Scotlands corporate customer facing standard.

The property is let to Bank of Scotland PLC which was taken over by Lloyds Banking Group in January 2009. Lloyds Banking Group is the largest retail bank within the UK . Latest filled accounts show turnover in excess of £10bn, pre-tax profit of £2.8bn and a net worth in excess of £13bn. The tenant has an undoubted 5A1 Covenant.

The subjects specifically, occupy a prominent position on the east side of Port Street, the prime retailing pitch within Stirling City Centre, in close proximity to one of the main pedestrian entrances to the Thistles Shopping Centre. The premises are entered in the current Valuation Roll with a value of £89,000.

*PRIME TENANTED CITY CENTRE COMMERCIAL INVESTMENT* Tenanted 2 storey 7,867 Sq Ft Retail Premises located in the heart of Stirling City Centre. RE-BASED RENT OF £113,500 PA (Previous rent £143,000) LEASE RECENTLY EXTENDED UNTIL EXPIRY SEPTEMBER 2027 (NO BREAKS) The subjects are arranged over ground and basement floors within a traditional 4 storey red sandstone building, with a pitched and slate roof. The upper floors are understood to be of a residential use and are in separate ownership. The unit has been fitted out on the ground floor to Bank of Scotlandís corporate customer facing standard. The subjects were originally let to Bank of Scotland PLC on a Full Repairing and Insuring lease for 20 years beginning 1 st October 2002. By way of a minute of variation, signed in February 2019, the lease has been extended to 29th September 2027 with no breaks. The rent has bee re-based to £113,500pa (Previous rent £143,000). The property is let to Bank of Scotland PLC which was taken over by Lloyds Banking Group in January 2009. Lloyds Banking Group is the largest retail bank within the UK . Latest filled accounts show turnover in excess of £10bn, pre-tax profit of £2.8bn and a net worth in excess of £13bn. The tenant has an undoubted 5A1 Covenant.

The city of Stirling is located at the heart of Scotland, located approximately 30 miles North West of Edinburgh and 25 miles North East of Glasgow. The town is well served by the major motorway networks with the M9 motorway located within 2 miles of the city centre, which connects the city to the wider national road network. The population of Stirling is understood to be around 94,000 people with circa 55% of Scotlandís population estimated to live within an hours drive of the city. The city also is home to one of Scotlandís top Universities, along with a thriving tourism trade. The town benefits from rail links, with Stirling Railway Station providing direct links to both Glasgow and Edinburgh. The subjects specifically, occupy a prominent position on the east side of Port Street, the prime retailing pitch within Stirling City Centre, in close proximity to one of the main pedestrian entrances to the Thistles Shopping Centre.

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Tenancy Details

Type of Agreement: Full Repairing & Insuring (FRI)
Length: 6 Years
Rent: £113,500 per year / £9,458 per month
Yield: 11% (approx)
Tenant: Company
Notes: The property is let to Bank of Scotland PLC which was taken over by Lloyds Banking Group in January 2009. Lloyds Banking Group is the largest retail bank within the UK . RE-BASED RENT OF £113,500 PA (Previous rent £143,000)

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Pricing Information & Bidding

Guide Price: £1,050,000


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Terms of Sale

  • 10% Deposit
  • Standard Completion
  • Buyers Fee = 2.5% of Sale Price (Minimum £2,500 + vat)

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

Auction Details

Date & Time: 30 September 2021, 3pm
Type: Deadline for Offers

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