26-30 Scott St 6,760 sq ft 100% Let Retail Property Perth PH1 5EH £259,000 (£38.31/sq ft) 11.32% Net Initial Yield

At ground floor the accommodation comprises an open plan sales area and also provides customer access to the covered St Johns shopping centre to the rear. This access does not form part of the property and an area of 343 sq.ft is separately leased by the tenant from the shopping centre owners. The first floor is accessed via an internal stairwell and comprises storage and staff areas with WC.
The property is held on a full repairing and insuring head lease on the following terms: Tenant – The Factory Shop Ltd Expiry – 23rd August 2033 Passing Rent - £30,000 per annum Rent Review & Break – 24th August 2028 (6 months notice required to exercise break) The tenant company was incorporated in March 2001 and trades as The Original Factory Shop. They are understood to operate from around 187 locations. The most recent trading accounts show an annual Turnover of £118M.
The subjects are being offered for sale by way of auction at a guide price of £259,000. This represents a net initial yield of 11.32%.