Locks Street, Coatbridge, Coatbridge, ML5 3RT

Availability

For Sale

Price

£4,500,000

Description

Purpose built, standalone retail warehouse originally built for B&Q. Steel portal frame construction, clad with a combination of brickwork and profile sheet metal cladding. The tenant has completed a full recladding of the roof and general refurbishment of the store within the last 12 months. We calculate the land and property extend to the following approximate areas: Site Area: 3.71 acres 1.5 hectares Gross Internal Area: 45,175 sq ft 4,198 sq m There are a total of 200 car parking spaces arranged to the front of the store with additional car parking provided close by within the wider retail park.

Location

Coatbridge is situated within North Lanarkshire and lies approximately 9 miles east of Glasgow city centre. The town has a resident population of circa 44,000 and a catchment of approximately 570,000 within a 20 minute drive time. The subjects are located adjacent to Coatdyke Retail Park, to the east of Locks Street and west of Rochsolloch Road. The site occupies a prominent position on the south side of the A89 trunk road which links Coatbridge, Airdrie and Glasgow and is situated in close proximity to Coatbridge town centre, Faraday Retail Park and a B&Q Warehouse. Coatdyke Retail Park is a strong secondary retail location and is fully occupied by Poundstretcher, Tile Giant, J&W Carpets, New Age Fitness and Club 3000 Bingo.

Key Points

  • Let to the strong brand and financial covenant of Go Outdoors Ltd, part of JD Sports Fashion plc
  • FRI lease until 1st February 2030, over 10 years unexpired
  • Go Outdoors have been in occupation since 2007 and renewed their lease on a long term basis in 2015. The tenant has completed a refurbishment of the store, including complete roof replacement, within the last 12 months
  • The property extends to 45,175 sqft on a site of 3.71 acres
  • Passing off a low base rent of £307,000 per annum (£6.80 psf) with fixed uplifts to £347,342 in February 2020 and to £392,985 in 2025. The vendor will top up the rent to £347,342 per annum (£7.69 psf) from the date of sale, to match the fixed uplift due in 2020
  • Offers in excess of £4,500,000
  • Net initial yield of 7.24% off the topped up rent with a reversion to 8.2% in 2025