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Property Listing Details

Property details

  • Floor area From 97 - 2,562 sq. ft

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Last 30 days: 22 page views

Since listed: 124 page views


City centre retail investment opportunity

Let to BrightHouse – Net Assets £134 million

100% Prime Retailing Pitch

Highly prominent corner unit

£875,000, subject to contract

16.4% Net Initial Yield

Perth sits within Central Scotland on the banks of the River Tay and is the administrative centre of Perth and Kinross. The city is approximately 69 km (43 miles) north of Edinburgh, 96 km (60 miles) north-east of Glasgow and 35 km (22 miles) south-west of Dundee.

Perth benefits from good road communications being easily accessible from the M90 and A90 trunk roads. In addition, the city is connected to the national railway network with a fastest journey time to Edinburgh and Glasgow of 1 hour 20 minutes and 1 hour respectively.

Perth is Scotlands third fastest growing region and its economic activity rate outperforms the Scottish average. The current unemployment rate for Perth and Kinross is 2.4%, well below the Scottish average of 4.1% and its five-year business survival rate is higher than both the Scottish and UK averages. Perths workforce has the joint highest percentage of graduates of any Scottish city (61.5%) and seven of the UKs top 50 universities, including three in the world;s top 200 list, are within a one hour drive from the city. (Source: Invest in Perth).

The subject property is situated in a highly prominent corner location at the junction of High Street and King Edward Street. The property occupies a 100% prime retailing pitch in the pedestrianised section of the High Street in the heart of the city centre. Surrounding occupiers include Marks & Spencer, Debenhams, Primark, Next, Superdrug, wh Smith, Boots and Santander.

The property benefits from being in very close proximity to St John’s Shopping Centre, the prime shopping destination in Perth city centre, anchored by Primark. Other retailers in the centre include River Island, H&M and jd Sports.

The property is arranged over basement, ground and part first floors. The remaining floors are separately owned and have residential and commercial use.

The property comprises a traditional stone constructed building with a rear extension of brickwork construction. Formerly two retail units, the property has been amalgamated into one unit.

Retail accommodation is provided on ground floor with ancillary accommodation at basement and first floor level. Internally the accommodation has been fitted out by the tenant to their usual corporate style. The property benefits from a goods lift servicing ground and basement floors, with direct service access from King Edward Street. The property benefits from a return frontage on to King Edward Street.

The property is situated within the Perth Central Conservation Area and forms a Category B listed building.

The property has been measured by Square Foot Media and provides the following Net Internal Areas;

Zone A 131 sq m 1,410 sq ft
Zone B 51.7 sq m 556 sq ft
Zone c 8.2 sq m 88 sq ft
Store 32.1 sq m 346 sq ft
Ground Floor Total 223 sq m 2,400 sq ft
itza 1,753

First Floor 9.0 sq m 97 sq ft
Basement 238 sq m 2,562 sq ft

Total 470 sq m 5,059 sq ft
A set of floorplans are available to download and the measured survey report will be assigned to a purchaser at a cost of £350.00 + VAT.

Heritable (Scottish equivalent of English freehold)

The ground, basement and part first floor are let to Caversham Finance Limited (t/a BrightHouse) on a Full Repairing and Insuring lease for a term of 29 years from 25th July 1991, expiring on 24th July 2020.

The current passing rent is £151,500 per annum which, based on our analysis, equates to £74 Zone A.

Caversham Finance Limited (Co No. 00785922) has reported the following figures:

31st March 2018 31st March 2017
Revenue £279,692,000 £314,240,000
Pre-Tax Profits (Loss)* -£14,666,000 -£20,279,000
Net Assets £134,201,000 £160,558,000
*Note: This includes exceptional items of £6,275,000 which relates to implementing an affordability action plan with the fca.

Established in 1994, BrightHouse offers customers access to high-quality branded household goods with affordable weekly payments, professional in-store attention and a comprehensive after sales service via 283 stores across the UK. The company stocks a wide range of household appliances and electronic products, from washing machines to tv’s and tablet computers. Brands sold include Acer, asus, Beko, Hoover and Samsung. For further information visit .

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (togc).

Investment Evidence
We are aware of the following investment evidence on Perth High Street:

Address Tenant uxlt Price niy Date Sold Rent
86-100 High Street Superdrug 6 yrs £2,330,000 9.2% April 2018 £67 Zone A
125-127 High Street Mountain Warehouse 3 yrs £790,000 9.6% April 2018 £60 Zone A
168-170 High Street Oliver Bonas 4.75 yrs £450,000 7.5% Feb 2018 £39 Zone A
111-119 High Street Next & New Look 7.5 yrs £5,900,000 8.0% Mar 2017 £75 Zone A

We are instructed to seek offers in the region of £875,000 (Eight Hundred and Seventy Five Thousand Pounds), subject to contract, reflecting a net initial yield of 16.4%, assuming standard purchaser’s costs of 5.49%.

Please note that a purchaser will be re-charged the costs of the surveys and searches which are provided in the data room.

Please note a purchaser will be charged a transaction fee of £5,000 + VAT.

Investment Considerations
An opportunity to acquire a city centre retail investment;

The property occupies a 100% prime retailing pitch;

The property is let to BrightHouse, a national tenant with Net Assets of £134 million;

A purchase at the asking price will provide an investor with an attractively high net initial yield;

For full details please visit our website or view PDF brochure below

* Sizes listed are approximations. Please contact the agent to verify actual sizes.

Map & Nearby

Local Amenities

  • Perth 7.4 miles
  • Gleneagles 8.5 miles
  • Madderty Primary School 2.7 miles
  • Methven Primary School 3 miles

Local map of the area

Map and Street View Map showing location of property

Local Amenities

  • Perth 7.4 miles
  • Gleneagles 8.5 miles
  • Madderty Primary School 2.7 miles
  • Methven Primary School 3 miles
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Property descriptions and related information displayed on this page are marketing materials provided by Singer Vielle. Zoopla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions or related information provided here and they do not constitute property particulars. Please contact Singer Vielle for full details and further information.