retail high street
Ref 13349

40-42, High Street

IV1 1JE Inverness

To buy£1,070,000
Size5,377 ft² / 500 m²
Initial yield10%

Description

Prime retail investment in the heart of Inverness City Centre

Accommodation

 

  •  Inverness is the retail, commercial and administrative capital of the Scottish Highlands and Islands
  •  The city attracts more than 1.6 million tourists each year, generating £370m annually
  •  Excellent retail pitch on the pedestrianised section of the High Street, close to the Eastgate Shopping Centre
  •  Let to C&J Clark International Ltd (t/a Clarks) who have a D&B Rating of 5A1 – ‘Very Low Risk’ of default
  •  Tenant has traded from this location for over 30 years and is their only shop in Inverness and the Highland Region
  •  Clarks recently agreed a new FRI Lease extension providing an unexpired term of 10.8 years (5.8 years to break)
  •  Clarks is the largest non sportswear footwear company in the world
  •  The current rent is £115,000 per annum, which will be re-based to £87,500 per annum on the 13 April 2019
  •  The revised rent equates to a Zone A rate of £59.44 per sqft.
  •  Heritable Interest (Scottish Equivalent of English Freehold)

Offers are sought in excess of £1,150,000 (One Million, One Hundred and Fifty Thousand Pounds Sterling), reflecting an attractive net initial yield of 9.5% and a reversionary yield of 7.2%, assuming purchaser’s costs based on Land and Buildings Transaction Tax of 5.41%

Energy rating

Energy rating E

Location and Transport