The subjects comprise a mid-terrace ground floor retail unit currently trading as Frank’s. The unit is within a 4-storey sandstone building with a pitched tiled roof. The upper floors of the building comprise flatted dwelling houses in separate ownership. The unit benefits from good visibility being extremely close to the junction of Argyle Street.
The unit has an aluminium framed and glazed display frontage, and internally, the subjects are contained over the ground and basement floors. At ground floor there is an open plan restaurant with seat covers for approximately 12 patrons. At basement level there is an open plan kitchen with storage facilities and a staff toilet.
Location
The property is on the east side of Claremont Street next to its junction with Argyle Street in the Finnieston area of Glasgow, which lies approximately half a mile to the west of the city centre. Claremont Street is stopped up at its junction with Argyle Street consequently vehicular access is via Dover Street or from Kent Road off Argyle Street as shown on the attached Ordnance Survey and location plans.
Being within Glasgow’s thriving Finnieston area, the property is within easy walking distance of the Skypark Business Centre, the OVO Hydro, and the SECC plus the Clydeside Expressway and M8 are both readily accessible. The area is well served by public transport with numerous bus services along Argyle Street to, and from, the city plus both Exhibition Centre and Charing Cross Railway Stations are within easy walking distance.
The profile of Finnieston has risen in recent years and it is now a vibrant commercial location noted for its rich variety of public houses and restaurants. Indeed, Strip Joint, Café Mille, Brass Monkey and Lebowskis are all within close proximity.
Accommodation
We calculate that the subjects have the undernoted Net Internal floor areas:-
Ground Floor - 18.04 sq m (194 sq ft)
First Floor - 16.96 sq m (183 sq ft)
Total - 35.00 sq m (377 sq ft)
Terms
Lease Detail - The subjects are let to Hilldown Leisure Ltd. on a 15 year Full Repairing and Insuring lease running from 1 September 2021 until 31 August 2036. Rent reviews are at 5-yearly intervals and there is a tenant-only break clause on the 10th anniversary of the lease. The current passing rent is £13,500 per annum.
Sale Term - Offers in excess of £160,000 are invited for the purchase of our Client’s heritable interest subject to, and with the benefit of the existing occupational lease. This price would reflect a Net Initial Yield of 8.3% following the deduction of purchaser’s costs.
Energy Performance - A copy of the Energy Performance Certificate (EPC) for the subjects is available upon request.
Legal Costs - Each party will be responsible for paying their own legal costs incurred during this transaction.
VAT - VAT will not be chargeable upon the purchase price.
Specification
- Close to Expressway, M8, Skypark, Hydro and SECC.
- Within thriving Finnieston area close to transport links.
- Small, but well-established and popular eaterie.
- Total Net Internal Area 35 sq.m. (377 sq.ft.) approximately.
- VAT free purchase.
- Let till 2036 with a passing rent of £13,500 p.a.
- OFFERS OVER £160,000 (NIY OF 8.3%).