The premises comprise a Category B Listed single storey brick building presently used as storage accommdation. Adjoining properties are in separate ownerships.
The principal access is through an electric roller shutter and there is an additional pedestrian pass door. Internally, the property is finished as a basic shell.
Location
Bath Street is one of the principal traffic thoroughfares running east-west across Glasgow city centre. Bath Lane runs parallel along its southern side. The subjects sit approximately 20m from Bath Lane’s junction with Wellington Street.
The area provides a vibrant mix of office and leisure uses with nearby occupiers including Sarti’s Restaurant, Piece Sandwich Bar and Pure Gym.
Accommodation
Measured in accordance with the 6th Edition of the RICS Code of Measuring Practice, we estimate the property to extend to the following floor area:
Gross Internal Area: 71.25 sq m (767 sq ft)
Terms
Tenancy - The property is occupied under a short form licence by Angus McPherson, a local Architectural Antiques trader. The current Licence runs for 3 years from 1 April 2018, albeit the Licensee has been in continuous occupation since 2013. The current licence fee receivable is £12,000 per annum, paid monthly in advance.
The Licence incorporates a rolling Licensor’s break option, exercisable on 2 months notice, readily allowing vacant possession if required.
£3,000 is held on deposit by the Licensor as security against the Licensee’s obligations.
Rating - From saa.gov.uk, the premises are entered in the current Valuation Roll as NAV/RV: £2,600.
Energy Performance Certificate - G
Terms - Our clients are offering the heritable (Scottish equivalent of freehold) interest for sale subject to, and with the benefit of, the occupational licence and seek offers in excess of £130,000.
A purchase at this level would show a Net Initial Yield of 9.07% net of purchasers costs.
Legal Expenses - Each party will be responsible for their own legal and professional costs incurred as part of any transaction. The purchaser will also be responsible for any Registration Dues and Land & Buildings Transaction Tax that may be payable.
VAT - We understand the property has not been elected for VAT purposes and the sale price will therefore not attract VAT.