Retail property (high street) for sale

Freehold retail unit
Such a fantastic prime FREEHOLD retail opportunity is rarely available through auction. Unit 42 enjoys prime location on the Kings Mall within the prestigious Thistles Shopping Centre in the heart of Stirling, with nearby neighbours including renowned national brands such as Boots, Marks and Spencer and Primark. The total unit extends to approximately 25,474 sq.ft (2,367 sq.m) over ground floor (8,203 sq.ft/762 sq.m), first floor (12,132 sq.ft/1,127 sq.m) and basement/loading bay area (5,139 sq.ft/477 sq.m), with an impressive 20 metre frontage onto the main shopping mall. The loading bay is accessed directly from the service yard with a lift serving the floors above. There may be potential for this extensive unit to be split into multiple sub-units, subject of course to any required permissions. The unit was, until 2021, let to H&M with turnover based rental of £265,000 per annum, but is now operating under a Licence to Occupy by a Warehouse Clearance Outlet. A new tenancy could be negotiated with the existing tenant, or sold with vacant possession. Recent comparables for other occupiers in the centre would suggest a potential rental in the region of £200,000 per annum could be achievable, which would represent an outstanding rental yield of 20% at Guide Price. The 2023 rateable value is £200,000 and there is also an annual service charge of £15,000 payable to the Centre Management. Figures provided by the Centre Management suggest pre-pandemic footfall of 9 million and an average spend per visit of £52, making Unit 42 an exceptional prospect for a national brand to return to the Thistles as an owner/occupier, or could equally be a fantastic opportunity for a commercial investor to add a high yielding unit in prime location to their existing portfolio.

The Thistles Shopping Centre enjoys prime location in the centre of the ever popular city of Stirling. The Centre was originally constructed in 1976 and offers a total trading area of more than 500,000 sq. ft, and is served by 1,350 car parking spaces. Other national brands in the Centre include Boots, Marks and Spencer and Primark, along with a multitude of other well known brands. Footfall in the centre exceeds 9 million, and Unit 42 is in ideal position to take advantage of this huge potential audience. Stirling train station is in the immediate vicinity offering several direct line trains per hour to both Glasgow and Edinburgh, with 3 million rail visitors to the city per annum. By road, Stirling is ideally located only 27 miles from Glasgow, 39 miles from Edinburgh and 44 miles to Dundee.


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