42-46 Buchanan Street, Glasgow, G1 3JX
4,851 Sq Ft / Retail / Investment
For Sale
- £7,500,000.00
Available - Last updated: 08 November 2024
Summary
Let to Hotel Chocolat and L’Occitane, two internationally recognised luxury brands.
Rare opportunity to acquire two 100% prime retail units on the UK’s strongest retail street
outside of London’s West End.
2.3m Catchment - Glasgow is the largest city in Scotland and benefits from an extensive
catchment population of 2.3 million people.
Biggest and best retail market - The city has the biggest and best retail market in the UK
outside of London’s West End, and Buchanan Street is the undoubted prime pitch.
Zero vacancy - Buchanan Street has zero vacancy and rents have rebounded more than 20% in the last 18 months, with Zone A rates again breaking through £300 per sq ft.
Two internationally recognised luxury brands - Let to Hotel Chocolat and L’Occitane, two
internationally recognised luxury brands, producing £520,000 p.a.
Opportunity to secure significant reversion - The L’Occitane lease benefits from a rent review on 13th October 2024, with the passing rent reflecting a Zone A rate of only £222 per sq ft, there is an opportunity to secure significant reversion.
Heritable Tile – Heritable Title (Scottish equivalent of English Freehold).
Offers are sought in excess of £7,500,000 exclusive of VAT for our client’s Heritable Interest.
A purchase at this level would reflect the following yield profile:
• Net Initial Yield of 6.50%,
• Reversionary Yield of 7.65%
• Equivalent Yield of 7.63%
Yields are calculated based upon purchaser’s costs of 6.65% and our opinion of ERV at £315 per sq ft Zone A.
Key Points
Prime Reversionary Retail InvestmentLet to Hotel Chocolat and L’OccitaneFreeholdProducing £520,000 per annumLocation
Located in Glasgow's city centre in a 100% prime position on the best section of Buchanan Street, which is bounded by St Vincent Street to the North and Argyle Street to the South.
Property Quote Price(s)
Description | Sale type | Guide price | Price type |
|
For Sale Freehold
|
£7,500,000.00
| NA |
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