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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

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JLL for themselves and for the vendors or lessors of this property whose agents they are, give notice that:

  1. The particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract;
  2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise;
  3. No person in the employment of JLL has any authority to make or give any representation or warranty whatever in relation to the property;
  4. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken.

For properties in Scotland:

  1. This correspondence is expressly subject to completion of formal legal missives in accordance with Scots Law.

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