Map View
Sold on 14/09/2022
£4,750,000 (Subject to Contract and Exclusive VAT)
Kilmarnock is an established commercial centre within East Ayrshire, near the west coast of Scotland. The town is approximately 25 miles (40km) to the south west of Glasgow, 68 miles (109 km) west of Edinburgh and 60 miles (96 km) north of Dumfries. The town benefits from excellent road and transport communications.
The property is strategically located on the north west side of the A735 Queens Drive which links Kilmarnock Town Centre to the A77 providing direct access to Glasgow. The site is situated with the towns prominent retail warehouse cluster approximately 1 mile south of the town centre. Notable surrounding occupiers include ASDA superstore, B&Q, B&M ScS, Smyths Toys, KFC, Burger King, Pets at Home and The Range. The Cinema is the only offer in Kilmarnock and therefore dominates the local catchment of circa 660,000 people. The nearest Cinemas are in Saltcoats and Ayr, both circa 15 miles (24km) from the subject property. The investment comprises a prominent and well located site on Queens Drive, the premier leisure and retail warehouse location in Kilmarnock. The property is let as a purpose built cinema and separate restaurant pod. The cinema is let to Odeon who have occupied since 1998 and provides 8 RealD 3D Dolby Digital Sound Screens with capacity for 1532 seats. The screens are accessed via a large customer foyer, with the usual amenities including a Costa Coffee concession. A complimentary, detached restaurant pod, which has recently been let to Viva Italia, lies adjacent. The tenant is onsite, fitting out the unit and is due to open in Q4 2022. Both tenants benefit from an extensive, designated car park which has capacity for circa 250 spaces.
£505,223.00 per annum exclusive
Freehold
Net initial yield of 10%.
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