Commercial Property News

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Wednesday, August 01, 2023

Nissan acquires prime retail units in Ayr

Nissan UK Limited, advised by Drivers Jonas, has acquired three prime retail units totalling 7,140 sq ft in High Street, Ayr.

The properties were purchased for 4.3m, reflecting a net initial yield of just under 5%. The investment commands a total annual passing rent of 225,500 from three tenants, Country Casuals, H3G and Thorntons, with rent reviews due in 2007, 2008 and 2010. The leases have an average unexpired term of over 11 years to lease end.

Richard Spence, associate partner at Drivers Jonas, said "We consider this acquisition for Nissan to be an extremely attractive proposition as a fully let parade of three units in a prime position on High Street, Ayr. The parade, located between the Kyle and Ayr Central shopping centres, is well situated to capitalise on Ayr's increasing strength as a retailing destination. We consider that there is good potential for competitive rental growth following the establishment of Ayr Central and the continued increase in the loyalty from shoppers within Ayr's expanded catchment area."