FOR SALE On behalf of the Joint Administrators of Watt Brothers (Glasgow & Edinburgh) Limited
SAUCHIEHALL STREET GLASGOW
• Stunning former department store building • Substantial redevelopment opportunity Unique CBRE are delighted to offer this unique flagship Development development opportunity to the market. The subjects comprise an iconic department store building occupying a block on Glasgow’s Opportunity busiest pedestrian thoroughfare.
ST ENOCH CENTRE
ARGYLE STREET ST ENOCH SUBWAY
GLASGOW CENTRAL STATION GEORGE SQUARE BUCHANAN STREET
GRAND CENTRAL HOTEL QUEEN STREET STATION BUCHANAN STREET SUBWAY
BUCHANAN QUARTER BUCHANAN GALLERIES PARK INN BY RADISSON PREMIER INN
BUCHANAN BUS STATION SAUCHIEHALL STREET
HOLIDAY INN APEX EXPRESS ABODE HAMPTON BY HILTON
CITIZEN M Location Glasgow is Scotland’s largest city, with a The subjects are located in the heart of Glasgow city population of approximately 660,000, and an centre and occupy a highly prominent corner position estimated shopping catchment of two million at the junction of Sauchiehall Street and Hope Street within a 20 minute drive time. The city is well and further benefit from extensive frontages to both served by public transport with two mainline Sauchiehall Street and Hope Street and also to Bath train stations, an underground network and a Street. Located on the pedestrianised section of number of bus routes which run through the Sauchiehall Street, the property benefits from high levels city centre. of footfall which exceed that of Buchanan Street. Glasgow city centre is widely regarded as the 2nd ranked retail centre in the UK after central London in terms of CACI ranking. Sauchiehall Street comprises a well established mix of retail and leisure operators with nearby occupiers that include Tesco, Primark, Boots, Marks & Spencer,
A C E ALL T Waterstones, TK Maxx and Sports Direct.
In addition, there are a number of hotels in close proximity BUCHANAN including Hampton by Hilton, Abode, Apex and Point A. CHARING WE T EGE T T GALLERIES BAT T
CROSS EL BA T STATION
TT T
M8 T CE T T WE T GEO GE T
BL T WOO T BUCHANAN QUEEN WE T CA BELL T STREET STREET WELL GTO T E EL T SUBWAY STATION
BOT WELL T T CE T L
O GLA T WATE LOO T GO O T CA OGA T T WE T LE T PRINCES CENTRAL SQUARE B C A A T A G LE T O E T STATION O
EE T
B OW T ST ENOCH SUBWAY ST ENOCH CENTRE
RIVER CLYDE Description The subjects comprise the former Watt Bros department store, arranged over basement, ground and four upper floors.
The north building is a classical design developed over 4 floors with twin Italianate towers to the front elevation. The lower floors are finished primarily with glass curtain walling with red sandstone to the upper floors. The roof is multipitched with slate finish, with a central glass apex. The south building is an Art Deco design over 4 floors, of red sandstone Floor Plans construction beneath a flat synthetic roof. The third aspect is linked to the south building internally and has roller shutter access from Sauchiehall Lane. It is developed over 3 floors, beneath a flat synthetic roof.
Internally, all three buildings are interlinked and subdivided to provide plant and storage space at basement and extensive retail floor space across the upper levels. There are a number of manager offices STORE throughout the building as well as a cash room and staff facilities STORE including a canteen. STORE The northern end of the building was initially constructed in 1914 (Alec S Heathcote) and latterly extended into the southern building (Graham Hamilton 1929), which fronts Bath Street, linked at 2nd and 3rd floors by LIFT LIFT an archway over Sauchiehall Lane. A 3rd building on Sauchiehall Lane LIFT was added to the ownership in the 1980s. The property has been in department store use since initial construction. The building is Category RETAIL RETAIL B Listed and located within the Central Area Conservation Area. RETAIL SPACE SPACE SPACE
GROUND FLOOR
STORE Accommodation STORE STORE The subjects are arranged over 4 floors and extend to the following approximate gross internal areas: STORE
Floor Sq Ft Sq M STORE STAFF LIFT LIFT CHANGING Roof 1,734 161.1 LIFT PLANT PLANT Third 6,995 649.7 HALL STORE STORE WORKSHOP / WORKSHOP PLANT Second 13,294 1,235.0 STORE First 15,498 1,439.9 RETAIL SPACE STORE STORE Mezzanine 8,827 820.1 STORE STORE Ground 19,616 1,822.4 Basement 14,751 1,370.2 TOTAL 80,714 7,498.4 BASEMENT STORE
LIFT LIFT STORE OFFICE
RETAIL SPACE OFFICE OFFICE STORE STORE
STORE STORE
LIFT LIFT STORE WC WC LIFT LIFT LIFT OFFICE OFFICE Floor PlansLIFT OFFICE OFFICE LIFT STAFF ROOM RETAIL SPACE RETAIL SPACE RETAIL SPACE STORE OFFICE OFFICE OFFICE SECOND FLOOR STORE STORE
STORE
LIFT LIFT LIFT STORE OFFICE VOID RETAIL SPACE RETAIL SPACE OFFICE OFFICE
MEZZANINE THIRD FLOOR STORE STORESTORE
STORE STORE
LIFT LIFT LIFT LIFT STORE WC LIFT LIFT OFFICE OFFICE LIFT PLANT OFFICE WC OFFICE OFFICE STAFF ROOM
STORE STORE
RETAIL SPACE RETAIL SPACE STORE STORE RETAIL SPACE OFFICE OFFICE OFFICE
FIRST FLOOR ROOF STORE
STORE
LIFT
VOID RETAIL SPACE Data Room Our clients have instructed the creation of a Data Room, which includes a measured survey report, building survey report, reinstatement cost assessment, Title Documents and planning report. For access to the Data Room, please contact the sole selling agents. Rating The subjects are entered in the current Valuation Roll at a Rateable Value of £250,000. The property will require to be reassessed following any reconfiguration or development. Legal Costs Each party will be responsible for their own legal costs incurred in the transaction. The purchaser will be responsible for any LBTT incurred. EPC The property has an EPC rating of E (69). Planning It is anticipated that the marketing will result in interest for a range of different end uses and designs. A planning report is included in the Data Room for guidance, however interested parties are advised to seek their own independent planning advice. The Opportunity This is a rare opportunity to acquire a strategic Blair Nimmo and Alistair McAlinden were building in the heart of Glasgow City Centre appointed as Joint Administrators of Watt that could lend itself to a variety of uses. Brothers (Glasgow & Edinburgh) Limited on Viewing & Further Information 18 October 2019. Strictly by contacting the Sole Selling Agents: The affairs, business and property of the Company are being managed by the Joint Administrators. The Joint Administrators act as Terms agents of the Company and contract without personal liability. Offers are invited in respect of our client’s Heritable interest. It is likely that a closing date Blair Nimmo and Alistair McAlinden are will be set in due course and as such, interested authorised to act as insolvency practitioners Sutherland House Kevin Sims parties are advised to note their interest in by the Institute of Chartered Accountants in 149 St Vincent Street [email protected] writing with the Sole Selling Agents. Scotland. Glasgow G2 5NW 0141 204 7708
CBRE for themselves and for the vendors of this property whose agent they are, give notice that: These particulars do not constitute, nor constitute any part of, an offer or a contract. All statements contained in these particulars as to this property are made without responsibility on the part of CBRE or the vendors or lessors. None of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact. Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. The vendors do not make or give and neither CBRE nor any person in their employment has an authority to give any representation or warranty in relation to this property. January 2020.