- No Commission
- Updated
- New
40-42, High Street
IV1 1JE Inverness
Ref: 13349
-
5,377.00 ft² (499.54 m²)
-
1,150,000 -
9.50 Initial Yield
Description
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
