The subjects comprises a substantial self contained 2 storey property and extensive yard. The external elevations are brick over the lower level and profile sheeting above.
The roofs over the property are a mix of a sequence of mono pitched and flat roofs.
The lower floor comprises two substantial industrial units let to Johnsons Stalbridge and Tots Bots.
Units 1/3, occupied by Johnsons Textile Services Ltd, are accessed from two 5m high by 4m wide loading bays at the rear and loading access from the front (Shotts Lane). There is a glazed staff / visitor entrance at the northern elevation leading to modern offices.
Unit 2, occupied by Tots Bots Ltd, benefits from twin loading access from 6m high by 5m wide bi-folding doors. A smaller loading bay is located at the front elevation where there is also a staff / visitor entrance leading to office accommodation.
The upper floor is accessed from a walkway at street level at the front elevation leading to a well presented reception area. The accommodation at this level provides offices and historically manufacturing space now utilised by Aabsolute Self Storage.
The offices are positioned around the perimeter of the upper floor with the secure storage being located in the core, though continuing to expand into the office areas. There is a loading area at the northern elevation where there is a lift providing goods delivery access.
There is a substantial self contained secure yard. There is a lapsed planning consent (Ref 10/01285/DC) for the construction of light industrial units. The site is secured by 2m high palisade steel fencing with gate access.
Location
The subjects occupy a prominent corner position within Queenslie Park, an established business location in the west of Scotland, and is situated at one of the main entrances to the estate from Edinburgh Road (A8) / Bartiebeith Road.
Queenslie Park lies approximately 5 miles to the east of Glasgow City Centre and is accessed via Junctions 10 and 11 of the M8, lying immediately to the north. Glasgow is Scotland’s largest city having a population of 650,000 and a catchment population of approximately 1.5m or thereby. The property occupies an island site bounded by Shotts Lane (east), Summerlee Street (south), Mossend Street (west) and Coltness Lane (north).
The Park enjoys good public transport links with multiple bus routes operating nearby and a railway station within 10 minutes’ drive. Queenslie Park boasts many nationally and internationally established tenants include Siemens, Soapworks, Everest, Celesio, City Building and Bupa.
Accommodation
Upper Floor:
Offices - 8,136 sq ft
Aabsolute Storage - 34,140 sq ft
Lower Floor:
Units 1&3: Johnsons Textile Services - 35,514 sq ft
Unit 2: Tots Bots - 18,439 sq ft
Total - 96,228 sq ft
Site Area: 2.96 acres (1.2 ha)
Terms
Investment Proposal - Seeking offers over £XXXM, which on the net income, reflects a very attractive Net Initial Yield of 12% and rising to 13.45% as at 29/04/24. A purchase price of £XXXm reflects a very attractive capital value rate of £XXX psf. Upon letting of the 5 vacant office suites at our opinion of ERV, the yield on a fully let basis will reflect 14.05%.
Development Options - Full Planning Consent (ref 10/01285/DC) for the development of 1,601 sq m (17,233 sq ft) of light industrial units with associated shared yard and car parking was granted on 12 August 2010 and has now lapsed. For further information on revisiting the planning application please contact GCC planning.
EPC Rating - Band E.
Service Charge - The service charge budget for the year ending December 2023 is £XXX reflecting a rate of £XXX psf overall.
VAT - We understand that the property is not elected for VAT. Therefore, VAT is not applicable to the sale price.
Specification
- Well located within Queenslie Park at Junctions 10 and 11 of the M8
- Total accommodation of 96,228 sq ft (8,943 sq m) on a site of 2.96 acres (1.2 ha)
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Johnsons Textile Services Limited have committed to 15 year extension of Units 1 & 3 until April 2039
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Johnsons rent to increase from £XXX pa (£XXX psf) to £XXX pa (£XXX psf)
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Glasgow Storage are committing to a new 10 year FRI Lease at a rent of £XXX pa increasing to £XXX pa (£XXX psf) at year 5
- Glasgow Storage have committed to a new 10 year FRI Lease
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Total gross rent to increase from £XXX pa to £XXX pa (e/f 29/4/24)
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The total fully let income upon letting of the 5 vacant office suites is estimated to be £XXX pa