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Cross Court, Bishopbriggs, G64 2Rd Income Producing Mixed Residential/Retail Redevelopment Opportunity

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Cross Court, Bishopbriggs, G64 2Rd Income Producing Mixed Residential/Retail Redevelopment Opportunity FOR SALE: CROSS COURT, BISHOPBRIGGS, G64 2RD INCOME PRODUCING MIXED RESIDENTIAL/RETAIL REDEVELOPMENT OPPORTUNITY Site area: 0.75 acres / 0.3 hectares Potential for development of apartments above ground floor retail Prime town centre location Income producing £151,600 per annum with break clause INCOME PRODUCING MIXED RESIDENTIAL/RETAIL REDEVELOPMENT OPPORTUNITY THE OPPORTUNITY The site provides the opportunity for a comprehensive residential redevelopment over ground floor retail. We are seeking offer proposals for the purchase of the property with the benefit of the existing leases/ income stream or subject to planning for the comprehensive redevelopment of the site. The site currently accommodates a mix of ground floor retail units, with office space above, including a former Royal Mail sorting office and a detached building which is occupied by a funeral directors. The Property has a total passing rent of £151,600 per annum, with Landlord break clauses providing vacant possession in May 2023. LOCATION Bishopbriggs is a popular suburb of Glasgow benefitting from an excellent rail link to Glasgow Queens Street Station which only takes 7 minutes, with services every 10 mins at peak time and 30 minutes off-peak. There is also a direct link to Edinburgh that takes 40 minutes at peak times, with a regular service at 30 to 50 minute intervals depending on the time of day. The town centre offers a good range of local shopping, access to excellent schooling and recreational facilities. For this reason Bishopbriggs has a strong residential market across all housing sectors and a vibrant high street. Whilst the surrounding area is characterised by uses typical of a town centre, the site is located on the edge of and established residential neighbourhood, therefore the site would integrate well if redeveloped for a flatted development. INCOME PRODUCING MIXED RESIDENTIAL/RETAIL REDEVELOPMENT OPPORTUNITY THE PROPERTY The property is sited on the junction of Kirkintilloch Road and Kenmure Avenue, located at the heart of Bishopbriggs town centre. Cross Court comprises a 1960’s two storey building. The main building is formed around a courtyard over two floors. Cellular office suites occupy the first floor of the main building, with 6 retail units on the ground floor. There is staff car parking spaces and a service yard to the rear, accessed off Kenmure Avenue. The southern part of the site accommodates a single storey former Royal Mail sorting office, accessed at the rear from Kenmure Avenue. The detached two storey building which is currently occupied by a funeral directors is situated on the western portion of the site, having access off Kenmure Avenue. Ground Floor Retail 382 sq m (4106 sq ft) First floor Offices 409 sq m (4404 sq ft) PLANNING Former Post Office/ The site is located within East Dunbartonshire Council’s Hoskins Architects have produce a feasibility study and layout Sorting Office 445 sq m (4791 sq ft) jurisdiction. The adopted East Dunbartonshire Local for a flatted development with ground floor retail space on Development identifies the site as part of the Bishopbriggs the site. This feasibility study has informed pre-application Funeral Directors 164 sq m (1769 sq ft) Town Centre, supporting a mix of uses. discussions with East Dunbartonshire Council. Further details of the feasibility study and East Dunbartonshire Council’s Early engagement with East Dunbartonshire Council pre-application response are available to those parties who has indicated their initial support for a comprehensive register interest. redevelopment of apartments above ground floor retail, subject to necessary consents. TENANCY SCHEDULE EXISTING INCOME/LEASES The Cross Court building is currently leased to nine tenants on a range of short term leases with expires between May 2021 and February 2030. All are contracted out leases with a Landlord break clause in May 2023. The passing rent is £129,100 per annum. Tenants include a Council funded Charity, Caledonian Properties Ltd and a number of sole traders. The standalone property fronting Kenmure Avenue is leased to Dignity Funeral Directors until May 2025 at a passing rent of £22,500 per annum, subject to a landlord break at May 2023. A full schedule of the leases, accommodation scheduled and service charge information will be provided to interested parties that note their interest in the property. A summary tenancy schedule is provided below: LANDLORD/ UNIT AREA SQ FT TENANCY LEASE START LEASE EXPIRY RENT PA TENANT BREAK 7 - 1st Floor Office 1,761 ADHD Direct Limited 27/02/2020 26/02/2030 £12,000 28/05/2023 1 - Ground Floor Bank 1,400 TSB Bank Plc (Notice served to vacate 28/05/2021 29/05/2010 28/05/2021 TENANT 12/2022 2 - 1st Floor Office 1,260 Caledonian Properties Limited (lease to be entered into on completion) 01/01/1990 05/2024 £18,900 LANDLORD 05/2023 (both subject to 6 months notice) 2A - 1st Floor Office 1,383 The Dojang Martial Arts Academy Limited 31/03/2017 28/05/2025 £12,500 28/05/2023 3 - Ground Floor Hairdressers 1,029 Brian Gallagher and Matthew Horner 24/11/2006 31/08/2020 £22,000 Rolled over on tacit 5 - Ground Floor Shop 356 Roberto Poliri 30/11/2020 27/05/2050 £7,500 28/05/2023 6/7 - Ground Floor Restaurant 696 Thai Bento Express (terms agreed) 27/05/2025 £12,500 28/05/2023 (Delicatessen) 8 - Ground Floor Dry Cleaners 321 AB Barbers Ltd 27/05/2020 27/05/2025 £8,500 28/05/2023 9 - Ground Floor Florists 304 Ooops A Daisy 15/09/2014 14/05/2025 £5,200 15/05/2023 Entire Building - Post Office 4,791 East Dunbartonshire Initiative for Creative Therapy (T/A EDICT) 01/08/2020 01/07/2025 £30,000 28/05/2023 Total Income for Cross Court 13,301 Subject to CPL and Thai Bento leases completing £129,100 9 Kenmure Avenue 1,769 Dignity Funerals Ltd 15/05/2011 14/05/2025 £22,500 28/05/2023 Total Income for Entire Site 15,070 Subject to CPL and Thai Bento leases completing £151,600 INCOME PRODUCING MIXED RESIDENTIAL/RETAIL REDEVELOPMENT OPPORTUNITY OFFER PROCESS We are seeking expressions of interest from developers to CONTACT purchase the site. Parties who register interest will be provided Expressions of interest should be sent to: with further details and technical information including; � Topographical survey of the site and existing buildings John Hill � Tenancy plan, copy of leases and service charge 07711 929 657 information [email protected] � Feasibility Study produced by Hoskins Architects � Copy of EDC pre-application response � Energy Performance certificates � Property Walk Through Video The timescales and process for submitting offers will be provided following the submission of expressions of interest. MISREPRESENTATION ACT 1967 Montagu Evans LLP for themselves and for the vendors or lessors of this property whose agents they are, give notice that: EPC RATING (i) The particulars are set out as a general guideline only for the guidance of intending purchasers or lessees and do not constitute the whole or any part of an Energy Performance Rating between E and G. offer or contract. (ii) All descriptions, dimensions, references to condition and necessary permissions of the use and occupation, and other details are given in good faith without responsibility whatsoever and any intending purchasers or tenants should not rely RATEABLE VALUE on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. £178,500 comprising 11 hereditaments (iii) Neither Montagu Evans LLP nor their employees has any authority to make or give any representation or warranties whatsoever in relation to the property. (iv) Unless otherwise stated, all prices and rents are quoted exclusive of VAT and intending purchasers or lessees must satisfy themselves independently as to the applicable VAT position. VAT (v) All the plans and maps provided within the particulars are for identification Note our client has not elected to charge VAT on the property. purposes only. VIEWING Date of Publication: May 2021 Strictly by appointment through agents..
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