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A rare opportunity to purchase the freehold of this Mixed-Use Office/Dance studio premises is available located on the second floor of this highly popular commercial property in the heart of Greenock Town Centre.
The subjects provide three studios which are shared with eight individual offices, which have the vast majority of the rear section of the building. The centre and studios overlook Cathcart Street and Duff Street with plenty of natural daylight.
This flexible space also provides a reception area, kitchen, toilet facilities and a changing room and is currently fully let.
Many of the studios are suitable for a range of uses, including fitness and leisure or children's entertainment, and are the ideal starter or development space for business use.
The offices are currently rented at c.£50 per week with the studios being closer to £150 per week. The centre is at full occupancy currently, with the final studio rented out at £17 per hour. Income ranges from £2.5-3k each month.
Entry is from the side of the building, with a door entry system and CCTV in situ as well as a lift to create DDA compliance.
The business centre is open and bright, with our client having owned it for several years and maintained the property superbly well. To the rear is a communal fire exit, leading to the external rear of the building in the case of fire.
Sensibly priced, this unit is likely to appeal to a wide range of occupiers looking for a fantastic investment within Greenock Town Centre.
VIEWING
Viewings can be arranged by appointment with Bowman Rebecchi.
INVESTMENT
INVESTMENT
The demand to own property in Inverclyde is strong, with this property likely to command approximately c.£25k per annum from its tenancies, making this an attractive investment opportunity providing a 13-14% yield. The top scale of the current income is c.£40k, which would lead to a 20% yield.
Demand is high for commercial units in Greenock and Inverclyde and it is extremely rare for a property like this to come to market.
Location
Greenock is located approximately 20 miles west of Glasgow with a residential population in excess of 50,000 persons and a core catchment population of approximately 270,000 persons.
Positioned on Duff Street, the business centre sits just adjacent to Cathcart Street, which is host to a number of other commercial businesses including Royal Bank of Scotland, Caffe Monza, JD Wetherspoon, and Dalrymple Street which is the main A8 road into Greenock town centre.
Inverclyde Council’s Head Office is located a short walk along Cathcart Street as is the Oak Mall Shopping Centre.
On-street parking is provided together with a large council car park opposite and convenient access is provided to the A8 that connects with the M8 motorway providing access to Glasgow City Centre.
Greenock Central Railway Station is a three-minute walk that provides regular train services to and from Glasgow Central Station, Wemyss Bay and Gourock.
The area is mixed commercial and residential in nature.
SAT NAV
The post code for the property is PA15 1DB, situated above the Royal Bank of Scotland on Cathcart Street with access from Duff Street.
Accommodation
The on-site measurements, measured in accordance with the RICS Code of Measuring Practice (6th Edition), calculate the subjects extend as follows:
Total - 60.3 sq m | 2,742 sq ft
Terms
Rates - The rooms are separately rated except Rooms 1-6 which are collectively referred to as Suite 1, but Studios 1, 2, and 3 and Rooms 7 and 8 all have separate ratable values. All rooms currently qualify for 100% rates exemption under SBBS. There is the option to individually rate each space and pass these on to the tenants.
EPC - A copy of the Energy Performance Certificate is available upon request.
Entry - Early entry is available.
Price - Our client is seeking offers over £185,000 exclusive of VAT for their heritable interest, which is inclusive of all fixtures, fittings, and equipment as shown.
VAT - All prices are quoted exclusive of VAT. Interested parties must satisfy themselves as to the instance of VAT in respect of any transaction. The property is not currently elected for VAT.
Legal Costs - Each party is responsible for their own legal costs.
For further information, please contact Bowman Rebecchi.
Specification
- Rare Freehold Opportunity
- Mixed Use Business Centre
- Central Town Centre Location
- 8 x Serviced Offices
- 3 x Fitness Studios
- Shared Kitchen Facilities and Changing Room
- Lift Access and DDA Compliant
- Reception Area with CCTV and Intercom
- Local Authority Car Parking Adjacent
- Fire and Intruder Alarms
- A8/M8 - 1 Minute Drive
- Greenock Central Railway - 3 Minute Walk