- Located in the popular tourist location of Lochmaben - a small town with illustrious Royal history
- Prominent roadside position fronting the A709
- Newly developed convenience store which completed in October 2024
- Undoubted income - let to Tesco Stores Limited
- New 15 year lease from 24 October 2024 without breaks at a rent of £60,000 per annum
- Rent reviewed, 5 yearly, to RPI (on a compounded basis), with a collar and cap of 1% & 3% respectively
- Provides the main convenience retail offering for the area. No competition from other convenience store operators.
- 2 EV chargers on site - let to Zapgo on a 20 year lease with a 15 year break option, at a rent of £4,000 per annum
- Total income of £64,000 per annum
- Strategic acquisition by Tesco to sit between two larger stores of Lockerbie and Dumfries
For Sale - Newly built, convenience store investment let to Tesco {15 years with RPI Linked rent reviews}.
£1,150,000 reflecting a Net Initial Yield of 5.26%.
Lochmaben sits 4 miles west of Lockerbie and 8 miles east of Dumfries with the A709 being the main road west from the A74 (M) with its junction with Lockerbie.
Lochmaben Castle was the home of Robert the Bruce and Lochmaben was the birthplace of William Peterson, the co-founder of the Bank of England. The areas natural beauty is a big attraction for tourists with the surrounding lochs (Kirk Loch, Castle Loch and Mill Loch) being popular for sailing and fishing.
Lochmaben is also on route to the Annandale Way (long distance walking trail) and close to Ae Forest and Mabie Forest.
The property benefits from a prominent roadside position on the south of Bruce Street (A709), the main road through Lochmaben, Lockerbie.
The southern boundary of the property opens up onto the picturesque Kirk Loch and Lochmaben Golf Club. Lochmaben is a densely populated residential location and there are no competing retail offerings in the town.
All figures quoted are exclusive of VAT which may apply.
The property is let to Tesco Stores Limited (Company Number 00519500) on a full repairing and insuring lease for a term of 15 years from 24 October 2024, expiring on 23 October 2039.
The initial rent is £60,000 per annum. The lease benefits from five yearly upward only rent reviews calculated in line with the All Items Retail Prices Index (RPI), compounded annually, with a collar and cap of 1% and 3%, respectively. Tesco were awarded 4 months' rent free.
There are also 2 car charging spaces on site, let to Zapgo Limited (Company Number SC08679765). The rent is £4,000 per annum on a 20 year lease with a landlord break option at year 15. Rent reviews are linked to Consumer Price Index (CPI) with a collar and cap of 1% and 5%, respectively. Zapgo's rent commencement is with effect from April 2025.
Based on assumed annual RPI / CPI growth of 3.0% over the duration of the lease the rent could increase to:
- Year 6-10 £74,194 per annum
- Year 11-15 £86,011 per annum
All rent free will be 'topped up' by the vendor on completion of the sale.
The EPC Rating for the property is a 'B'.