Page 10 - Shepherd Commercial Auctions - Catalogue 22/02/2024

Lot 6 90 High Street, Dumfries, Dumfriesshire DG1 2BJ Retail Investment
Features
• Prime retail pitch in pedestrianised high street • Ground, BSM & Partial First Floor
• Let to Vision Express (UK) Limited
• Lease extended to 14th November 2028
• Re-based rent £21,500 p.a.
Accommodation
The subjects comprise a ground, basement and partial first floor retail unit forming part of a larger mid-terraced building of traditional stone construction, under a pitched and slated roof.
The unit has a modern frontage with full height display windows and off-set customer entrance door. The accommodation includes a retail area, five consultation rooms, staff room, office, store, and staff welfare facilities. The basement provides cellar space only and is accessed via a floor hatch.
The property has been finished in line with the tenant’s corporate branding, including full width fascia signage. Internally, the main customer areas have carpet floor coverings, painted walls and suspended acoustic tile ceilings.
Location
Dumfries, with a population of around 33,000, is the largest town in Dumfries & Galloway as is therefore Southwest Scotland’s main shopping and administrative centre. The town lies approximately 75 miles south of Glasgow and 34 miles northwest of Carlisle, occupying a strategic location at the intersection of the A75, A76 and A701 trunk roads. The A709 provides the shortest link to the A74(M) motorway at Lockerbie, which is some 12 miles distant.
The subjects occupy a prime location on the eastern side of the pedestrianised High Street, within the heart of the town centre.
Other nearby commercial occupiers include Virgin Money Bank, Boots, Greggs, Marks & Spencer, Waterstones, Vodafone, Your Move, Bank of Scotland, Costa Coffee and The Loreburne Shopping Centre.
Energy Performance Rating The property has an energy rating of F.
*Guide Price £185,000 (plus fees if applicable)
10 * Please see Buyer’s Terms for definition of guide price and auction fees
Tenancy
The property is let on a Full Repairing & Insuring (FRI) lease which has recently been extended for a further period of 5 years, terminating on 14th November 2028. There is however a tenant break option on 15th November 2026.
The rent has been re-based to £21,500 per annum..
The property is let to Vision Express (UK) Limited, a well-known high street brand that has now been in operation for over three decades.
Through a mix of organic growth and acquisition, the company currently trades from over 550 stores throughout the UK and Ireland.
Vision Express is also part of global retail group EssilorLuxottica, which extends to over 18,000 stores in more than 40 countries.
Auction Type
Unconditional Sale - The buyers fee is 2.4% inc VAT(2% plus VAT) subject to a minimum of £2,500 inc VAT(£2,083.33 plus VAT). The buyer will also be asked to contribute towards the seller’s legal fees – see special condition within legal pack for full details.