Commercial Premises At 86, Channel Street, Galashiels, TD1 1BD

DESCRIPTION

The subjects comprise a mid-terrace single windowed shop unit arranged over ground floor of a two-storey building contained beneath a pitched and slated roof. The upper floor of the building comprises residential units.

The shop is set out as a travel agency with open plan workstations to the front and a secure foreign exchange area to the rear. In addition, there is a staff room, store and WC facilities.

ACCOMMODATION

According to our recent measurement survey the premises contain the following approximate net internal areas:

Area Sq M Sq Ft
Ground Floor 71.93 774
ITZA 58.00 624

TENANCY INFORMATION

Tenant Hays Travel Ltd
Rent (p.a) £9,500
Rate Per Sq Ft (ITZA) £15.22
Lease Commencement 23 September 2021
Lease Break 23 September 2026
Lease Expiry 22 September 2031

PRICE

Offers Over £95,000 are invited for our client's heritable interests in the subjects.

A purchase at this level would show a reversionary yield of 9.82% after allowing for purchaser's costs of 1.8% plus LBTT (Land and Building Transaction Tax).

HAYS TRAVEL LTD - COVENANT DETAILS

Hays Travel Limited is an independent travel agent chain headquartered in Sunderland, England. As of February 2024, the company has the largest number of retail travel shops in the United Kingdom at 49.

In the year end 30th April 2023, the Group Total Transaction Value was £2.19bn, an increase of over 103% versus 30th April 2022 (£1.07bn). Group turnover was £423.5m, an increase of 93% versus 30th April 2022 (£219.4m).

In the year to 30 April 2023, the Group generated a profit before taxation and exceptional items of £51.5m in comparison to a profit of £14.5m in the previous year.

The Group successfully attracts new customers, with 41% of customers new to Hays Travel and the previously acquired Thomas Cook shops.

TENURE

The property is held on a Heritable title (Scottish equivalent of English freehold).

RATEABLE VALUE

According to the Scottish Assessor's website (the subjects have a Rateable Value of £7,800 effective 1st April 2023. The uniform business rate for the current year is £0.498 pence in the pound.

Occupiers may be eligible for 100% rates relief through the Small Business Bonus Scheme if the combined rateable value of all their business premises in Scotland is £35,000 or less.