The subjects comprise a retail unit with Class 1A consent fitted for the sale of clothing and accessories.The property is arranged over ground floor only with a sales area to the front with staff, WC and storage to the rear.
( Agency Pilot Software ref: 18038 )
Location
Glasgow is Scotland’s largest city and benefits from a residential population in the order of 630,000 with a further catchment in excess of 2 million. The city is widely recognised as the UK’s second retail centre after London. The subjects are located on Byres Road in the heart of the affluent West End. The property is situated on the west side of the road between the junctions of Observatory Road and Roxburgh Street. Nearby occupiers include Greggs, Valaria, Old Salty’s, Black Sheep Coffee and Virgin Money.
Accommodation
1,249 SQ FT (116 SQ M)
Terms
The subjects are currently entered in the Assessor’s Valuation Roll as having an RV of £54,500. The current UBR (2024/2025) for properties with an RV over £51,000 is £0.545. Therefore, rates payable will be in the order of £29,703 excluding water & sewerage.
EPC Energy Performance rating is ‘C’. A copy of the certificate is available upon request.
TENURE The premises are held on a heritable basis (Scottish equivalent of freehold).
PROPOSAL We are instructed to seek offers in excess of £1,000,000 for our clients heritable interest which shows an attractive NIY of 6.63% assuming purchaser’s costs at 5.65%.
VAT The sale of the property will be subject to VAT. We would however anticipate the transaction will be dealt with by way of a transfer of a going concern (TOGC).
Specification
- PROMINENT LOCATION
- IN EXCESS OF 9 YEARS UNEXPIRED TERM
- RENTAL INCOME OF £70,000 PER ANNUM
- SEEKING OFFERS IN EXCESS OF £1,000,000 (NIY OF 6.63%)