The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:
|Net Frontage||9.60 m||31’6”|
|Gross Frontage||10.41 m||34’2”|
|Zone A||76.09 sq m||819 sq ft|
|Zone B||83.42 sq m||898 sq ft|
|Zone C||44.03 sq m||474 sq ft|
|Total Ground Floor||203.54 sq m||2,191 sq ft|
|First Floor||185.71 sq m||1,999 sq ft|
|Total||389.25 sq m||4,190 sq ft|
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £425 + VAT.
Heritable (Scottish equivalent of English Freehold).
The property is let to Costa Limited on a full repairing and insuring lease for a term originally commencing on 16th May 2016, expiring on 16th May 2027.
The lease originally expired on 15th May 2031 and incorporated a tenant break clause on 16th May 2022. In accordance with a Minute of Extension and Variation of Lease dated 21st March 2022 the lease expiry was amended to 16th May 2027 and the break clause was removed. In addition, the rent was rebased from £90,000 per annum to the current passing rent of £70,000 per annum.
Costa Limited (Co. No. 06557400), has reported the following figures;
|31st December 2020||30th December 2019|
|Pre-Tax Profits (Loss)||(£222,103,000)||£5,336,000|
Established in 1971, Costa Coffee is the UK’s largest coffee shop chain with over 2,400 stores plus 1,400 stores in 31 international markets and 8,000 Costa Express self-service machines worldwide. The company opened 63 new stores in the latest financial year.
In January 2019 The Coca-Cola Company announced that it had completed the acquisition of Costa Limited from Whitbread PLC for $4.9 billion. The Coca-Cola Company is the world’s largest non-alcoholic beverage company employing over 700,000 people with more than 200 brands within its portfolio.
The property has been registered for VAT. It is anticipated that the sale of this property will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seek a figure of £612,000 (Six Hundred and Twelve Thousand Pounds), subject to contract, reflecting a net initial yield of 10.9%, assuming standard purchaser’s costs of 4.92%.
Please note that a purchaser will be re-charged the costs of the measured survey (£650 + VAT) and searches (£352.98) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the Purchase Price plus VAT.
- An opportunity to acquire a city centre retail investment;
- The property occupies a prime retailing pitch;
- The investment provides highly secure income, being let to Costa Limited (Net Assets £275m), owned by Coca-Cola;
- Re-based rent;
- A purchase at the asking price reflects an attractive net initial yield;
- Attractive lot size to an investor.