Prominent corner retail position.
Let to Cancer Research UK until 31st May 2022.
Passing rent of £38,500 per annum (£40.91/sq.ft Zone A)
Upcoming rent review 1st June 2017.
Category B Listed building.
Total NIA of 165.93 sq.m (1,786 sq.ft).
Offers in excess of £430,000 are invited.
Reflects a net initial yield of 8.60%, after costs of 4.03%.
Location
Glasgow is Scotland’s largest city and benefits from an immediate
population of approximately 660,000 and an estimated shopping
catchment of 2 million within a 20 minute drive time. Glasgow is
ranked 2nd in UK retail hierarchy behind West End London.
The property occupies a prominent retailing position on the corner of
Sauchiehall Street and Douglas Street. Sauchiehall Street itself is one
of the main shopping and business streets in Glasgow City Centre.
Occupiers in the immediate area include Nando’s, Greggs, Subway,
Trailfinders, NevisSport, Magnet Kitchens and Bo Concept.
The property is arranged over ground and basement floors within a
traditional Category B Listed four storey tenement building, which is of
blonde sandstone construction beneath a pitched slate roof.
The premises have a full height glazed frontage on to Sauchiehall
Street with access granted via a centrally positioned and recessed
double entrance doorway. The property also benefits from a return
frontage onto Douglas Street.
Internally, the main retail area is situated at ground floor level, with
provision of a small store to the rear. There is a large basement
area offering further storage space and providing space for an office
function, staff kitchen and toilet facilities.
Accommodation
In accordance with the RICS Code of Measuring Practice (6th Edition),
we estimate the net internal area to be as follows:-
Ground Floor 87.62 sq.m (943 sq.ft)
Basement Floor 78.31 sq.m (843 sq.ft)
Total Floor Area 165.93 sq.m (1,786 sq.ft)
Frontage of 7.06m, with return frontage of 2.49m.
We estimate the reduced area to be 941 sq.ft, or thereby.
The subjects are currently let to Cancer Research UK at a rent of
£38,500 per annum on Full Repairing & Insuring lease terms, expiring
31st May 2022. The rent is subject to review on the fifth anniversary
(1st June 2017) to the greater of passing rent and open market
value. In line with the lease terms, the tenant is due to benefit from
an incentive period of 6 months rent free from 1st June 2017. Further
details including lease documentation, can be provided on request
to the agents.
Whilst the current lease commenced 1st June 2012, we understand
the tenants have been in occupation since 1997.
From scrutiny of the Scottish Assessor’s website, we understand that
the subjects are entered into the valuation roll as having a Rateable
Value of £42,500.