The subjects comprise a retail unit with Class 1A consent fitted for the sale of hot food for consumption on and off the premises. There is a ground floor sales area with a kitchen and function suite to the rear and ancillary accommodation within the basement.
( Agency Pilot Software ref: 6052 )
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. Bothwell Street is an established retail destination within the heart of Glasgow’s International Financial Services District and is a main arterial route leading from the M8 motorway to the city centre. The subjects are situated in a prominent location close to the junction with Hope Street, the main bus route through the city centre from south to north.
Accommodation
1,198 SQ FT (112 SQ M)
Terms
TENANCY The property is let to Bothwell Express Limited (Company No. SC765599) for a term of 15 years from 30th October 2023, expiring 29th October 2038. The passing rental is £36,000 per annum and is subject to 5 yearly upward only rent reviews to open market value.
RATEABLE VALUE The subjects are currently entered in the Assessor’s Valuation Roll as having an RV of £31,250. The current UBR (2024/2025) for properties with an RV under £51,000 is £0.49. Therefore, rates payable will be in the order of £15,562 excluding water & sewerage.
EPC 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 £420,000 for our clients heritable interest which shows an attractive NIY of 8.24% assuming purchaser’s costs at 4.06%.
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 13 YEARS UNEXPIRED TERM
- RENTAL INCOME OF £36,000 PER ANNUM
- SEEKING OFFERS IN EXCESS OF £420,000 (NIY OF 8.24%)