Stirling is strategically positioned in the heart of Scotland, with excellent commuter connections to Glasgow (42km) and Edinburgh (59km) via the M80 and M9 respectively. The city population is expected to grow by 9.17% by 2039 and has a primary catchment of 224,000 people within a 40-minute drive time.
The University of Stirling, located on the north-eastern edge of the city, employs over 1,400 staff, with approximately 12,300 students.
The property was constructed in 2008 and comprises a 29,607 sq ft modern leisure development, consisting of an 8-screen, 1,071-seat multiplex cinema, three restaurant units and one kiosk unit. The scheme benefits from excellent pedestrian links and connectivity within the city centre via the stunning Forthside Bridge, which also provides direct access to the city's main line train station and principal bus station.
The Barracks provides the only cinema and modern casual dining restaurants in the Stirling area, attracting the city's large affluent catchment population. The next alternative cinema and leisure destination is located over 15 miles to the south east of the subject property, in Falkirk.
The property is held on a long leasehold from Stirling Council for 125 years, expiring on 9th May 2132, at 5% of annual rents receivable.
95% of the income comes from national covenants: Vue Entertainment Limited, Nando's Chickenland Limited and The Restaurant Group (UK) Limited t/a Frankie & Benny's.
For full tenancy information please see the link below.
The property has been elected for VAT and therefore VAT will be payable on the purchase price. However it is assumed that the sale will be treated as a Transfer Of a Going Concern (TOGC).
We are instructed to seek offers in excess of £5,300,000 (Five Million, Three Hundred Thousand Pounds Sterling) subject to contract and exclusive of VAT for the Long Leasehold. A purchase at this level would reflect a net initial yield of 7.50%, after allowing for purchaser's costs of 6.12% based on Scotland's Land & Buildings Transaction Tax (LBTT).