June 2023: Wednesday 21 June 2023 - 9:00am
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    Key features

    • High Yielding Retail Investment
    • Let to Optical Express expiring November 2031
    • Well located at the access to Saint Catherine's Retail Park
    • Producing £16,000 per annum
    • Approximately 1,400 sq ft (130.06 sq m)
    • 13.33% GIY on Guide Price

    Description

    The property comprises a ground floor retail unit of approximately 1,420 sq ft (131.92 sq m). The unit is fitted out in association with its use as an opticians and forms a part of Highland House, a mixed use property positioned at the entrance to Saint Catherine's Retail Park, the principal retail park in Perth.

    The property is let on a lease expiring November 2031 and is one of the first units occupied following the strategic partnership of Optical Express and ACES. The partnership was created with the aim of creating more community based branches and the unit includes branding from both businesses. Additionally, the partnership blends together a mix of private and NHS funded clientele.

    Additional information

    Tenure

    Freehold.

    Tenancy

    The property is let to Optical Express Limited for a term of ten years expiring 21/11/2031 paying an annual rent of £16,000. The tenant is currently paying £8,000 per annum (half rent) until 22/08/2024, however the rent will be "topped up" by the Vendor from completion.

    There is a tenants break option in the 5th year of the lease (6 month notice).

    Notes

    We understand the property is elected for VAT. It is envisaged the sale can be treated as a Transfer of a Going Concern, please check the legal pack for more information.

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

      Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      The property is located in Perth one of the principal cities in Scotland. Positioned on the River Tay, Perth lies at the junction of many main roads, it effectively serves as the gateway to the Scottish Highlands and is conveniently positioned between Dundee, Stirling and Edinburgh.

      The property is situated immediately adjacent to, and at the entrance of, Saint Catherine's Retail Park; the principal retail park in Perth with a number of national occupiers including The Range, Halfords, Home Bargains, and Iceland Food Warehouse. The property therefore benefits from high levels of footfall and passing traffic.

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums