109 Princes Street comprises an attractive Grade B Listed building, arranged over ground and basement levels. Levi Strauss trade from the well configured ground floor and use the basement for storage.
The property is held Absolute Ownership (Scottish equivalent of English freehold).
The entire property is let to Levi Strauss (UK) Limited on a 10 year FRI lease from 9 August 2015 until 8 August 2025. The current rent is £230,000 per annum (£216 zone A per sq ft). There is a rent review on 9 August 2020. The tenant has been in occupation since August 2005.
Levi Strauss (UK) Limited
Levi Strauss & Co is a global clothing company with an international portfolio of brands including Levi's, Dockers, dENiZEN and Signature by Levi Strauss & Co. Levi Strauss & Co has over 500 stores across the globe, and in the UK Levi has over 40 stores and concessions.
Levi Strauss & Co (00892419) has an Experian rating of 100, which represents Very Low Risk. The table below sets out recent account information.
The property has been elected for VAT and therefore VAT will be payable on the purchase price. However, it is anticipated that the sale will be treated as a Transfer Of a Going Concern (TOGC).
We are instructed to seek offers in excess of £4,130,000 (Four Million, One Hundred and Thirty Thousand Pounds Sterling) subject to contract and exclusive of VAT for the Absolute Ownership. A purchase at this level would reflect a net initial yield of 5.25% after allowing for purchaser's costs of 6.06% based on Scotland's Land and Buildings Transaction Tax (LBTT).