FOR SALE SUBSTANTIAL RETAIL UNIT ON BUSY RETAIL THOROUGHFARE 539-543 SAUCHIEHALL STREET, GLASGOW G3 7PG Sheridan OFFERS OVER £550,000 Property Consultants EXECUTIVE SUMMARY
• Passing rent of £47,000 per annum (only £6.64/sqft Zone A)
• Situated on a busy retailing thoroughfare
• Let to Paragon Group UK Limited (2A2 D&B)
• FRI Lease expiring 22 December 2024
• Offers in excess of £550,000 (FIVE HUNDRED AND FIFTY THOUSAND POUNDS STERLING) exclusive of VAT. A purchase at this level would reflect an attractive Net Initial Yield of 8.19%, allowing for purchaser’s costs at 4.62%.
SUBSTANTIAL RETAIL UNIT ON BUSY RETAIL THOROUGHFARE 539-543 SAUCHIEHALL STREET, GLASGOW G3 7PG LOCATION
Glasgow is the largest city in Scotland, the commercial and industrial capital of the country and the administrative centre for the West of Scotland, with an urban population of approximately 1.1 million people and a total catchment population of over 2.3 million people within a 40 minute drive, making Glasgow the third largest urban centre in the UK. Glasgow boasts a strong, vibrant and growing economy and hosts the headquarters for a number of Plc companies including Scottish Power, Clydesdale Bank, Weir Group and Scottish Mutual Insurance. 539-543 SAUCHIEHALL STREET
SITUATION
The subject property is located at the west end of Sauchiehall Street close to the junction of Woodside Crescent in the Charing Cross district of Glasgow. Popular local amenities include Kelvingrove Park, Mitchell Library and the Kelvingrove Art Gallery and Museum.
DESCRIPTION
The subject property comprises a large retail unit arranged over ground and basement floors. The property has an extensive frontage and a large ground floor trading area. The basement provides ancillary storage/staff area and toilets. Loading facilities are available to the basement via the rear lane.
The premises has been fitted out in the corporate style of the tenant, Paragon Group UK.
For indicative purposes only FOR SALE | SUBSTANTIAL RETAIL UNIT ON BUSY RETAIL THOROUGHFARE P2 ACCOMMODATION
We have measured the subject premises in accordance with the RICS Code of Measuring Practice 2007 (Sixth Edition) and would estimate that the subjects extend to the following areas and dimensions:
Gross Frontage 34ft 2ins Net Frontage 32ft 11 ns Ground Floor 3,804 sqft 353.47 sqm Basement 3,270 sqft 303.80 sqm TOTAL NIA 7,074 sqft 657.27 sqm
TENURE
The property is held on a heritable title (Scottish equivalent of English freehold).
TENANCY
The subject property is let to Paragon Group UK Limited trading as Paragon Service Point on a full repairing and insuring Lease from 23 December 1999 expiring 22 December 2024. The current passing rent is £47,000 per annum, reflecting an overall rate of £6.64/sqft. As part of the lease extension the December 2019 rent review has been agreed at £47,000 per annum.
COVENANT
Paragon Group UK Limited have a Dun & Bradstreet rating of 2A2. For the year ending 30 June 2016 the company reported Sales turnover in excess of £49.3 million and a Tangible Net Worth in excess of £5 million.
FOR SALE | SUBSTANTIAL RETAIL UNIT ON BUSY RETAIL THOROUGHFARE P3 EPC VAT
We would advise that the EPC ratings of the property is E+. The property is not VAT elected and therefore VAT is not payable.
PROPOSAL LEGAL COSTS
We are instructed to seek offers in excess of £550,000 (FIVE HUNDRED AND FIFTY THOUSAND Each party will be responsible for their own legal costs incurred in connection with the transaction. POUNDS STERLING) exclusive of VAT for our client’s heritable interest subject to and with the benefit of the existing lease. A purchase at this level would show an attractive Net Initial Yield of 8.19% after allowing for purchaser’s costs of 4.62%.
VIEWING & FURTHER INFORMATION Please contact the sole selling agents Sheridan Property Consultants
Sheridan Property Consultants 37 ONE 37 George Street Edinburgh EH2 2HN
Tel: 0131 300 0296
Stewart: Tel: 07740 940898 Email: [email protected]
Cathal: Tel: 07808 627224 Email: [email protected]
Allan: Tel: 07702 520411 Email: [email protected]
Sheridan Property Consultants for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, reference to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them and are advised to do so; (iii) no person in the employment of Sheridan Property Consultants has any authority to give representation or warranty whatever in relation to this property; (iv) all prices, rents and premiums quoted are exclusive of VAT at current rate.
Date of publication: September 2017 | Design by Graffig - email: [email protected]