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7-13 Port Street and Unit 42 Thistle Shopping Centre , Stirling, FK8 2EA

Investment Property (35,722 sqft) For Sale by Private Treaty
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Price Offers in Excess of £3,000,000

Features

  • An opportunity to acquire a prominent city centre retail investment forming part of The Thistles Centre and fronting onto the Prime High Street Pitch in Stirling.
  • Extending to GIA of 41,029 sq. ft and NIA of 35,722 sq. ft. across 3 units.
  • Let to Bank of Scotland, H&M and Semi Chem.
  • Net passing rent of £357,166 p.a.
  • Recent re-gear with Bank of Scotland, expiring 2027.
  • Significant potential re-gear or re-letting opportunities.
  • Offers invited in excess of £3,000,000 reflecting 11.23% after purchasers costs of 5.98% and a low capital value per square foot of £84 psf.

Location

The City of Stirling is an affluent and historic city located at the heart of Scotland’s motorway network and is the main administrative and financial centre for the Stirling Council area.
The city is located approximately 30 miles North West of Edinburgh and 25 miles North East of Glasgow, benefiting from major tourist attractions including Stirling Castle and The National Wallace Monument.

Stirling has a population in excess of 93,750 people (Stirling Council, 2016), with c. 55% of Scotland’s population estimated to live within an hour’s drive and approximately 80% within a two hour drive. 

The city’s population is projected to increase by 16.3% to 105,860 people by 2037, significantly ahead of the projected increase for Scotland over the same period. The University of Stirling is one of the city’s largest employers, with 14,000 students and over 1,500 staff. 

In May 2016, Stirling Council presented its new ‘City Deal’ encompassing 6 major projects which comprise: City Park, Mercat Cross Regeneration, Digital District, The Harbour, Grow on Space and River. 

These projects, will aim to develop world class digital connectivity and active travel networks through investing in new and existing buildings and infrastructure. 85% of employment within Stirling comes from the service sector, some of the largest employers are Prudential, Capita, Scottish Environment Protection Agency, NHS and Stirling University.
Stirling is a major tourist destination attracting 2.4 million visitors in 2017 to attractions such as its Castle, Old Town, Wallace Monument, Bannockburn Visitor Centre and the close by Loch Lomond & Trossachs National Park.
It is estimated that this contributes approximately £250 million to the city’s economy and supports 9,000 jobs (Stirling Council). Stirling is also a popular commuter city given its direct strategic road connections to the major cities of Glasgow, via the M80 Motorway, and Edinburgh, via the M9 Motorway.
The City has intercity rail links from Stirling Railway Station direct to Edinburgh Waverley, Glasgow Queen Street and Aberdeen, with 3 million journeys annually through the station.

Situation

7-13 Port Street comprises two units fronting onto the prime high street pitch in Stirling adjacent to one of the main pedestrian entrances to the Thistles Centre. The rear of the property comprises Unit 42 and is one of the larger units within the scheme.

The Thistles Centre provides 500,000 sq.ft of retail accommodation and H&M would be considered one of the key anchors within the scheme along with Marks and Spencer, Debenhams, Primark and Zara. Demand for space in the centre is such that the owners have recently created 2x new units on the mall adjacent to Unit 42, totalling almost 50,000 sq.ft. These units are let to Boots and Next, opening summer 2019.

With footfall in excess of 9 million per annum, a total catchment of 469,000 people and a student catchment of over 34,000 the scheme is a compelling attraction for retailers.

Full Description

7-13 Port Street

7/13 Port Street provides two retail units over ground and basement floors within a stone built traditional tenement building of sandstone construction with concrete frame to the rear of the property. 7 Port Street has been fitted out on the ground floor to Bank of Scotland’s corporate customer facing standard with carpeted floors, plastered painted walls, suspended ceilings and air conditioning. The basement is fitted out to a similarly high standard and provides interview rooms and staff accommodation. 13 Port Street is fitted out to Semi Chem’s corporate standard with vinyl flooring, painted plaster walls and suspended ceiling. The basement is used for stock space only and is finished to a shell specification.


Unit 42 Thistles Centre

Unit 42 Thistles Centre is accessed from within the shopping centre with standard corporate H&M signage to its frontage. The unit provides retail accommodation on ground and first floor with lift and escalator access, with staff facilities at first floor level. The unit is finished with painted plaster walls, tiled floors and suspended ceilings with the basement area being used for ancillary storage and servicing from the service area to the rear.

Proposal

Offers invited in excess of £3,000,000 reflecting 11.23% after purchasers costs of 5.98% and a low capital value per square foot of £84 psf.

Tenure

We understand that the heritable (Scottish equivalent of Freehold) title is held.

VAT

The property has been elected for VAT.

EPC

7–13 Port Street (U1) - D47

7-13 Port Street (U2) - E61

Unit 42, Thistles Centre - E68

EPC Certificates are available on request.

Viewing Details

By special appointment with the sole selling agent, Lisney.

Accommodation

    Unit 

    Area

    GIA Sq Ft

    NIA Sq Ft

    Rateable Value

    Service Charge 

    Unit 42,

    Thistle Centre 

    Basement

    8,137

    7,158

    £357,500

    £23,662

    Ground Floor

    8,051

    7,104

    First Floor

    12,346

    11,011

    Unit Total

    28,534

    25,273

    Unit 1

    7-13 Port Street 

    Basement

    2,045

    1,194

    £89,000

    £8,261

    Ground Floor

    1,948

    1,388

    Unit Total

    3,993

    2,582

    Unit 2

    7-13 Port Street 

    Basement

    4,165

    4,036

    £37,000

    £3,525

    Ground Floor

    4,337

    3,831

    Unit Total

    8,502

    7,867




    Overall Total

    41,029

    35,722








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Contact Details

Address: Montgomery House, 29-33 Montgomery Street, Belfast BT1 4NX
Telephone: +44-2890-501501 or you can also email us at property@lisney-belfast.com

Lisney for themselves and the Vendor/Lessor whose Agents they are give notice that:

1. These particulars do not constitute any part of an offer or contract.

2. All statements contained in these particulars as to this property are made without responsibility on the part of the Agents or the Vendor/Lessor and none of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact.

3. The particulars, various plans, photographs, dimensions, references to condition and permissions for use and occupation  are given in good faith and are believed to be correct but their accuracy is not guaranteed and any intending Purchasers or Tenants shall satisfy themselves by inspection or otherwise as to correctness of each of them. No omission, accidental error or misdescription shall be ground for a claim for compensation or for the rescission of the contract by either the Vendor/Lessor or the Purchaser/Tenant.

  4. Neither the Vendor/Lessor nor Lisney nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to the property. 5. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT arising on the transaction. PSRA No. 001848.

Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.