Sheridan Property Consultants

6 HIGHFIELD DRIVE, WHITLETTS ROUNDABOUT AYR KA8 0LS

FOR SALE

INVESTMENT

OFFERS OVER £950,000 (NIY 6.5%)

BEACON BROOKEPROPERTY CONSULTANTS

• Standalone Tim Hortons Bake Shop;

• Let to TH UK & IRELAND Ltd T/A Tim Hortons;

• Total passing rent of £65,000 per annum (£45.74 per sq ft);

• Located on the busy Whitletts Roundabout on the A77, the major road linking Ayr and Glasgow;

• Within close proximity to Heathfield Retail Park, the dominant retail park within the Ayr catchment;

• New 10-year Full Repairing & Insuring Lease;

• We are instructed to seek offers in excess of £950,000 (NINE HUNDRED AND FIFTY THOUSAND POUNDS STERLING) exclusive of VAT. A purchase at this level would show an attractive net initial yield of 6.5% after allowing for purchaser’s costs of 5.27% including LBTT (Land Building and Transactions Tax).

EXECUTIVESUMMMARY

B7035

B743

B743

HEATHFIELD ROAD B743 HEATHFIELD ROAD

CR

AG

IE R

D

B

747

SOUTH HARBOUR ST

MA

INH

OL

M RD

CRAGIE WAY

HAYHILL

EA

ST R

OA

D

SAND

GAT

E

KING ST

WHITLETTS RD A719

MAIN RD

A719

HIG

H RD

JO

HN ST

A79

A

79

A79

PRES

TWIC

K R

D

AY

R R

D

STAT

IO

N RD

RA

CEC

OU

RSE

RD

A71

9

A

LLO

WA

Y

PLA

CE

MILLAR RD

CA

RR

ICK

RD

A

79

A70

A70 HOLMSTON RD A70 CA

STLEHILL RD

A71

A71

A7

1

A71

LOCATION The town is easily accessible by the enhanced A77 / M77 road network which provides commuting access to Glasgow City Centre and nearby surrounding towns as well as the M74 and M8 motorway networks. Ayr also benefits from regular train services to Glasgow and Troon where the Seacat ferry provides connections to Northern Ireland.

Glasgow Prestwick Airport is located in close proximity to the subjects and offers regular flights to most major destinations throughout the UK and Europe.

SITUATIONThe subjects are accessed off High Road (A719) next to Whitletts roundabout which provides direct access to the A77 trunk road with excellent accessibility to Scotland’s motorway network. In addition to this, the subjects are within close proximity to Heathfield Retail Park, the principal retail park in Ayr and the wider South Ayrshire region. Heathfield Retail Park is the premier Retail Park within the Ayr catchment and dominates the town centre as the prime retail destination for Ayr. The tenant line-up within Heathfield include M&S Food, Homebase, Currys, DFS, B&M, Maplin, Greggs, Costa, KFC, Pizza Hut and many more.

Within the immediate area there are solus stores occupied by Asda and B&Q creating a significant retail critical mass in excess of 250,000 sqft including Heathfield Retail Park. There are also a large number of motor sales dealerships surrounding the subject property to include Audi, Mercedes, Volkswagen, Jaguar, Toyota and Peugeot as well as being situated immediate opposite Bannatyne Health Club, Travelodge and Frankie & Benny’s

6 HIGHFIELD DRIVE, WHITLETTS ROUNDABOUT, AYR KA8 0LS

HEATHFIELDRETAIL PARK

A719 HIGH ROAD

HEATHFIELD RD

A77

A77

WHITLETTSROUNDABOUT

DESCRIPTIONThe property comprises a ground floor retail building of steel portal frame construction and has been fitted out in for the purpose of a Tim Horton’s Bake Shop in their full corporate branding.

Internally, the space has been sub-divided for the benefit of the Tim Hortons Bake Shop with seating surrounding a central core bakery and coffee serving station. Walk-in fridges, staff facilities and toilets are all located towards the rear of the store.

ACCOMMODATIONWe have measured the subject premises in accordance with the RICS Code of Measuring Practice 2007 (Sixth Edition) and would estimate that the subjects extend to the following area;

TOTAL: 132.02 SQM / 1,421 SQFT

TENURE The subject properties are held on a heritable title (Scottish equivalent to English Freehold).

Ayr is a town and port situated on the Firth of Clyde in the south west of Scotland. The town is located approximately 13 miles south west of Kilmarnock and 35 miles south west of Glasgow.

6 HIGHFIELD DRIVE, WHITLETTS ROUNDABOUT, AYR KA8 0LS

The entire area surrounding the property has been landscaped and re-surfaced for 48 vehicles to include 3 disabled bays as well.

6 HIGHFIELD DRIVE, WHITLETTS ROUNDABOUT, AYR KA8 0LS

TENANCY INFORMATION The property is let to TH UK & Ireland Ltd on FRI terms for 10 years from 9 May 2017 until 9 May 2027 at a current passing rent of £65,000 per annum (£45.74/sq ft) which is subject to a 5 yearly upward only rent review with the next review being due on 9 May 2022.

TENANT INFORMATIONTim Hortons Inc. is a Canadian-based multinational fast food restaurant known for its coffee and donuts. It is also Canada’s largest quick service restaurant chain with in excess of 4,600 operational premises.

The company was founded in 1964 in Hamilton, Ontario, by Canadian hockey player Tim Horton and Jim Charade before being bought over by Burger King in August 2014 for c.£8.25 billion.

As part of their global expansion of the Tim Hortons franchise they have set up a newly incorporated company known as TH UK & Ireland Ltd as they look to increase their presence and brand across the UK. In 2017 Tim Hortons opened 6 new bake shops in Scotland with a significant number of further acquisitions for the bake shop and drive thru concept organized for Q1/2 2018 in Scotland alone.

PROPOSAL We are instructed to seek offers in excess of £950,000 (NINE HUNDRED AND FIFTY THOUSAND POUNDS STERLING) exclusive of VAT.

A purchase at this level would show an attractive net initial yield of 6.5% after allowing for purchasers’ costs of 5.27% including LBTT (Land Building and Transactions Tax).

6 HIGHFIELD DRIVE, WHITLETTS ROUNDABOUT, AYR KA8 0LS

28

23

8

7

6

4

1

2

5

22

25A

M77A737

A738

A78

A71A71

A77

A77

A70

A77

M77

KILMARNOCKIRVINE

PAISLEY

Prestwick

GlasgowPrestwick

Airport

Troon

Bridgeof Weir

Cumnock

Renfrew

AYR

EPCThe subject property has an EPC rating of E.

VAT Our clients have elected to waive exemption for VAT and accordingly VAT will be payable on the purchase price, although the property may be sold as a TOGC.

LEGAL COSTSEach party will be responsible for their own legal costs incurred in connection with the transaction.

VIEWING AND FURTHER INFORMATIONPlease contact the joint selling agents:

Sheridan Property Consultants for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, reference to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them and are advised to do so; (iii) no person in the employment of Sheridan Property Consultants has any authority to give representation or warranty whatever in relation to this property; (iv) all prices, rents and premiums quoted are exclusive of VAT at current rate.

Date of publication: April 2018

Sheridan Property Consultants37 One, 37 George Street, Edinburgh EH2 2HN

0131 300 0296

Stewart Sheridan07740 940898stewart@sheridanproperty.co.uk

Cathal Keane07808 627224cathal@sheridanproperty.co.uk

Graeme Millar07523 512804graeme@sheridanproperty.co.uk

SAT NAV: AYR KA8 0LS

TRAVEL DISTANCES

Ayr Town Centre 3 milesPrestwick Airport 7 milesKilmarnock 13 miles Glasgow 35 milesEdinburgh 80 milesCarlisle 100 miles

Beacon BrookeStandard Buildings, 94 Hope Street Glasgow G2 6QB

Tel 0141 278 6420

Stephen McIntyre07919 377765 stephen@beaconbrooke.com

Carol Morrison0751 4463475 carol@beaconbrooke.com

Sheridan Property Consultants

BEACON BROOKEPROPERTY CONSULTANTS