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Rateable Value
According to the Scottish Assessors, the Rateable Value is £53,700. The multiplier is 51.1 pence.
As it is listed, the property benefits from 100% rates relief for the first six months it becomes vacant.
Planning
The property is Grade B listed.
Accommodation
The property has been measured by BKR Floor Plans and provides the following net internal areas:
| Net Frontage | 16.00 m | 52’6” |
| Gross Frontage | 16.46 m | 54’ 0” |
| Zone A | 66.70 sq m | 718 sq ft |
| Zone B | 89.28 sq m | 961 sq ft |
| Zone C | 103.96 sq m | 1,119 sq ft |
| Remainder | 109.06 sq m | 1,174 sq ft |
| ITZA | 1,625 | |
| Ground Floor Total | 369.00 sq m | 3,972 sq ft |
| Basement | 42.92 sq m | 462 sq ft |
| First Floor | 57.78 sq m | 622 sq ft |
| Total | 469.70 sq m | 5,056 sq ft |
The measured survey report is available to download and will be re-addressed to a purchaser at a cost of £820 + VAT.
Tenure
Heritable (Scottish equivalent of English Freehold).
Tenancy
The property is let to Done Brothers (Cash Betting) Limited (t/a Betfred) on a full repairing and insuring lease, for a term originally commencing on 30th January 2006, and expiring on 27th August 2026.
The current passing rent is £85,000 per annum.
Covenant
Done Brothers (Cash Betting) Limited (Co. No. 01277703), has reported the following figures:
| 25 September 2022 | 25 September 2021 | |
| Revenue | £418,840,000 | £244,150,000 |
| Pre-tax Profits (Loss) | £40,464,000 | -£28,470,000 |
| Net assets | £90,399,000 | £133,344,000 |
Incorporated in 1976, Done Brothers functions as a facilitator of gambling and betting activities. The primary activity of the company concerns retail bookmaking estate, trading under the Betfred name. The retail business consists of traditional Licensed Betting Offices (LBOs) situated at various locations throughout the United Kingdom. Done Brothers run 1,432 betting offices across the UK.
The ultimate parent company is Betfred Group Limited. Betfred is a recognised global brand in the betting and gambling industry. The company has over 50 years of history and continues to be owned by family. Betfred commits to values of fairness and safety, while continuing to prioritise customer satisfaction.
For further information visit www.betfredgroup.com.
VAT
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal
We are instructed to seek a figure of £525,000 (Five Hundred and Twenty Five Thousand Pounds) subject to contract, reflecting a net initial yield of 15.5%, assuming standard purchasers’ costs of 4.6%.
Please note that the purchaser will be will be re-charged the costs of the measured survey (£820 + VAT) and searches (£343.80) which are provided in the data room.
Please note that the purchaser will be charged a Transaction Fee of 1.0% of the Purchase Price plus VAT.
Investment Considerations
The property occupies a prime retailing pitch in the heart of the town centre;
Let to Done Brothers (Cash Betting) Limited;
Highly secure income (Net Assets £90.4 million);
An attractive Grade B listed property (100% empty rates relief for first six months);
Heritable (Scottish equivalent of English Freehold);
A purchase at the asking price reflects a highly attractive net yield;
Attractive lot size for an investor.
