5 - 15 Dumbarton Road - Wolfcraig Building, Stirling, STG

The property comprises two Grade C listed inter-connecting buildings of traditional stone and brick construction with timber windows and a mix of slate and bitumen covered roofs. The building is arranged over ground and four upper storeys and totals 16,773 sq ft NIA.
The property is located in Stirling City Centre on the south side of Dumbarton Road at the junction with Port Street, immediately adjacent to the principal retail thoroughfares and the Thistle Shopping Centre. Junction 10 of the M9 provides links to the motorway network.

Sale Notes:
The investment opportunity comprises the heritable interest in a well let, city centre office and retail building, which has potential for intensive asset management or refurbishment.
Offers for the heritable interest are sought in excess of £3,800,000, which would reflect a net initial yield of 8.75%, with a reversionary yield of 9.9% in February 2017 assuming purchasers costs of 5.8%.
The property is let in its entirety to The Stirling Council on an FRI lease expiring
14 February 2022. There are further rent reviews in 2012 and 2017 which
allow for upward only reviews to the higher of MRV or 2.5% pa compound.
The review mechanism will take the annual rental on 15 February 2012 to a minimum of
£351,868 pa and the rent from the date of purchase will be topped up to this level by the
vendor. As of 15 February 2017, the rent increases further to a minimum of £398,106 pa.
The tenant also currently pays a fit out rent of £47,600 pa until 27
December 2015 however this will be retained by the vendor.