PRIME HIGH STREET RETAIL INVESTMENT OPPORTUNITY

177-189 HIGH STREET, DUMFRIES DG1 2QT

DEBENHAMS 177-189 HIGH STREET, DUMFRIES DG1 2QTINVESTMENT CONSIDERATIONS

n Prime position on the pedestrianised High Street

n Located in the historic market and tourist town of Dumfries

n Heritable

n Unexpired lease term of approximately 19.8 years

n Let to the 5A1 covenant of Debenhams Properties Limited

n Current passing rent of £350,000 per annum

n Comprising 44,806 sq ft GIA over ground, basement, first and second floor

n Well proportioned retail unit arranged over three floors with rear servicing

n Offers are sought in excess of £4,400,000 (Four Million Four Hundred Thousand Pounds Only) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of approximately 7.5% assuming purchasers costs of 6.07%.

DEBENHAMS 177-189 HIGH STREET, DUMFRIES DG1 2QT PRIME HIGH STREET RETAIL INVESTMENT OPPORTUNITY

A75

A596 A595

A569

A66

A6

A66

A66A67

A68

A68A696

A69

A694

A691

A688

A65

A66

A595 A591

A591

A685

A590A5092

A75

A76 A701

A7

A74(M)

M6

DUMFRIES

KENDAL

WINDERMERE

PENRITH

Whitehaven

WorkingtonCockermouth

Keswick

Greystoke

Corbridge

Barnard Castle

Richmond

CARLISLE

Lake District National Park

LOCATIONDumfries is a historic market town and the main commercial centre for the south west of Scotland. The town is situated on the River Nith.

Glasgow is located approximately 70 miles to the north, Edinburgh is approximately 80 miles to the north east and Carlisle lies approximately 35 miles to the south west.

The town is strategically located at the intersection of the A75 and the A76 and 15 miles west of the M74 motorway, the principal road link between Glasgow and Carlisle.

Dumfries railway station provides regular services to Carlisle and Glasgow with fastest journey times of 37 minutes and 1 hour 42 minutes respectively.

Glasgow airport is located 80 miles to the north and is Scotland’s principal long-haul airport as well as Scotland’s largest charter hub.

DEBENHAMS 177-189 HIGH STREET, DUMFRIES DG1 2QT PRIME HIGH STREET RETAIL INVESTMENT OPPORTUNITY

50 metres

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Dumfries

Experian Goad Plan Created: 02/03/2017Created By: Allsop

Copyright and confidentiality Experian, 2017. © Crowncopyright and database rights 2017. OS 100019885

© Crown Copyright, ES 100004106. For identification purposes only.

SITUATIONThe property is situated in a prime position at the northern end of the pedestrianised High Street, the town’s main retailing thoroughfare. Many national occupiers are located on the High Street including Marks & Spencer, WH Smith, Waterstones, H Samuel, Starbucks, JD Wetherspoons Argos, William Hill, RBS and Santander.

RETAILING AND DEMOGRAPHICS IN DUMFRIESRetailing in Dumfries is centred around the pedestrianised High Street and the Lorebourne Centre. Town centre retail floorspace in Dumfries is estimated at 790,000 sq ft with the Loreburne Shopping Centre comprising 100,000 sq ft. Occupiers in the Loreburne Shopping Centre which opened in 1991 include Next, Card Factory, Claires Accessorise, O2 and EE.

The closest major retailing hubs are Carlisle situated 35 miles to the south west, Glasgow over 70 miles north or Edinburgh 80 miles north east.

The total population within Dumfries primary catchment area is 121,000 with an estimated shopping population of 69,000. A historic and tourist market town, attracting both national and international visitors. The Dumfries & Galloway regional tourism strategy 2016 – 2020 aims to increase the value of tourism from an already healthy £300m, to £330m which will be done by extending the season and increasing the volume of visitors from 2.43m to 2.6m.

DESCRIPTIONThis purpose built modern department store was built in the early 1980’s and comprises approximately 44,806 sq ft arranged over ground, basement, first and second floors. The ground and first floor comprise retail sales accommodation whilst the basement and second floors provide ancillary staff and storage accommodation. The retail accommodation has been fitted out in Debenhams corporate style with a customer escalator to the front of the store providing access to the first floor.

The property benefits from a prominent frontage onto the High Street and rear servicing from Irish Street.

DEBENHAMS 177-189 HIGH STREET, DUMFRIES DG1 2QT PRIME HIGH STREET RETAIL INVESTMENT OPPORTUNITY

TENANCYThe property is let to Debenhams Properties Limited on a 25 year full repairing and insuring lease without break from 4th January 2012 expiring on 3rd January 2037. Providing an unexpired lease term of approximately 19.8 years.

The current passing rent is £350,000 per annum, subject to 5 yearly upward only rent reviews. The 4th January 2017 rent review is outstanding and is reviewed to the lower of open market rental value and £400,846.

COVENANTDebenhams is a leading multi-category retailer in the United Kingdom and has a strong presence in key product categories, such as womenswear, menswear, homeware and health and beauty. Debenhams was founded in the eighteenth century as a single store in London and now operates from over 240 stores in 27 countries. Debenhams is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Debenhams Properties Ltd: D&B rating 5A1 - Very low risk

ACCOMMODATION

Floor GIA sq ft GIA sq m

Basement 7,911 734.9

Ground 14,492 1,346.4

First 14,492 1,346.4

Second 7,911 822.1

Total 44,806 4,249.8

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 03.17

Andy Pointon020 7543 6720andy.pointon@allsop.co.uk

For further information or to make arrangements for viewing please contact:

Lottie Hayward020 7543 6750lottie.hayward@allsop.co.uk www.allsop.co.uk

PROPOSALOffers are sought in excess of £4,400,000 (Four Million Four Hundred Thousand Pounds Only) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of approximately 7.5% assuming purchasers costs of 6.07%.

VATThe property is registered for VAT and we would expect the property to be treated as a Transfer of a Going Concern (TOGC).

EPCThe property has an EPC rating of E.