Matalan, 70 Carron Road

Falkirk FK2 7RR

Overview

  • Well presented standalone retail warehouse extending to 45,542 sq ft
  • Prominent location close to Falkirk town centre with excellent accessibility via road and public transport
  • Fully let to 5A1 covenant Matalan Retail Ltd providing over 6 years' secure income until 13 October 2024
  • Total passing rent of £422,000 per annum reflecting a low rental rate of £12.03 per sq ft
  • Heritable interest, Scottish equivalent of English freehold
  • We are instructed to seek offers in excess of £4,420,000 (Four Million, Four Hundred and Twenty Thousand Pounds), reflecting a Net Initial Yield of 9.00% assuming purchaser's costs based on LBTT.

Location

Falkirk is located in the central belt of Scotland, 26 miles north-west of Edinburgh and 25 miles north-east of Glasgow. The town is well positioned, benefitting from excellent transport links to Edinburgh, Glasgow and the rest of Scotland. The town has a population of approximately 35,398 people with a wider Falkirk Council population of 155,990.

Falkirk's location within Scotland's Central Belt results in the town benefitting from an extensive catchment area. The town is well served by the motorway network, with immediate access to several junctions of the M9 and M876 motorways leading to Stirling, Edinburgh, Glasgow and surrounding towns.

Falkirk benefits from two railway stations, Falkirk Grahamston and Falkirk High. The two stations provide links to the local area as well as Edinburgh, Glasgow and Stirling. Falkirk Grahamston station is located one mile south of the property. The property is also accessible by bus with the number 6 and 7 First Bus services running along Carron Road, with bus stops approximately 50 metres from the property.

There are two major international airports within an hour of Falkirk. Edinburgh Airport, located around 20 miles to the east and providing flights to over 150 destinations, while Glasgow Airport is 33 miles to the west.

Situation

The property is located on the west side of the B902 Carron Road, around 1 mile to the north of Falkirk town centre. Access is gained directly from Carron Road and is shared with the adjacent unit J&W Carpets, which is positioned to the immediate west of the property. The surrounding area is a mix of residential and retailing. To the north of the property is the Carron Centre, including a Co-op Food supermarket, Well Pharmacy, Lidl, Greggs and Carron Medical Centre.

The Co-op own their site and have secured planning permission to build a single storey retail building of two units on part of the car park. The larger of these at 4,000 sq ft is to be a new Co-op store, with the other at 1,500 sq ft to be occupied by Well Pharmacy. It is expected that once this is completed the existing Co-op store building will be demolished and the site will be marketed with potential for a mixed use development that could include retail, leisure, hotel or residential.

Description

The property comprises a steel frame retail warehouse store of brick and blockwork cladding with profile metal sheeting above. The building has been extended during Matalan's occupation. The property provides primarily retailing space at ground floor with separate entrance and exit points both on the south elevation leading directly to the car park. Two mezzanine levels are positioned at either end of the building provide storage and office accommodation. There is a single goods lift linking the main mezzanine store area to the ground floor retailing with a capacity of 800 kg, and deliveries are made to the rear of the unit.

Accommodation

The building has been measured on a net internal area basis in accordance with the RICS Code of Measuring Practice (6th Edition).

A schedule of accommodation can be found in the link below.


Tenure

Heritable interest (Scottish equivalent of English freehold).

Tenancy

The property is let on full repairing and insuring terms to Matalan Retail Ltd on a 25 year lease until 13 October 2024. The passing rent is £422,000 per annum reflecting a rental rate of £12.03 per sq ft on the ground floor area. There is an open market upward only rent review on 14 October 2019. For the purposes of the rent review the mezzanine areas are to be disregarded as a tenant's improvement.

Covenant Information

Matalan is a British based fashion and homeware retailer established in 1985. The brand has a focus on providing quality but good value products, and there are now 227 stores across the UK.

Matalan Retail Ltd has a Dun & Bradstreet rating of 5A1 reflecting a minimum risk of business failure.

For the financial year to 24 February 2018, the company had a tangible net worth of £252,600,000.

Further information can be found in the link below.


VAT

The property has been elected for VAT purposes and it is anticipated that the investment will be treated as TOGC.

EPC

A copy of the EPC is available upon request.

Proposal

We are instructed to seek offers in excess of £4,420,000 (Four Million, Four Hundred and Twenty Thousand Pounds), reflecting a Net Initial Yield of 9.00% assuming purchaser's costs based on LBTT.

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NET INITIAL YIELD:
9%
PRICE:
£4,420,000
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