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Units 1-5 Redcastle Square

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Units 1-5 Redcastle Square UNITS 1-5 REDCASTLE SQUARE Commercial Department GARTHAMLOCK • GLASGOW • G33 5EG 220 St. Vincent Street, Glasgow, G2 5SG PROMINENT RETAIL INVESTMENT 0141 332 8615 INVESTMENT SUMMARY New build retail parade. Built as part of Persimmon Homes Garthamlock Development, one of the largest new build housing developments in Scotland. Fully let to an attractive mix of operators. A terrace of 5 retail units totalling 643.99 sq.m. (6,932 sq.ft.) WAULT to break of 11.86 years and 15.07 years to expiry. Total rent roll of £109,000 per annum. Net initial yield of 7.51%. Offers in excess of £1,370,000 are invited. LOCATION The property is located in the Glasgow suburb of Garthamlock, approximately 5 miles to the north east of Glasgow. The subject property is part of a larger development completed by Persimmon Homes. Their Garthamlock Development is one of the largest new build housing developments in Scotland with over 800 new homes built and sold and a further 96 programme for completion over the next the next 2 years. The Glasgow Fort retail development is also located within walking distance of the subject property. The subjects are highly visible from Gartloch Road, a main arterial route running through Garthamlock. There is direct access onto the M8 motorway with junction 11 being located less than a mile away. Additionally, there are frequent bus services along Gartloch Road. DESCRIPTION The subjects form a modern, terraced, single storey retail development constructed within the last 3 years. The parade is of traditional construction, with walls noted to be of cavity block construction incorporating a facing brick external leaf. The subjects are surmounted by a timber pitched design roof, which is overlaid in interlocking concrete tiles. The individual retail units have modern display frontage overlooking the private car park and comprise aluminium framed and glazed windows along with a pedestrian entrance. Both the display windows and entrance doors are served by roller shutter security screens. ACCOMMODATION We have measured the subjects in accordance with RICS Code of Measure Practice 2007 (6th Edition) and evaluate the undernoted approximate floor areas:- Unit 1 273.1 sq.m. (2,940 sq.ft.) Unit 2 92.71 sq.m. (998 sq.ft.) Unit 3 92.71 sq.m. (998 sq.ft.) Unit 4 92.71 sq.m. (998 sq.ft.) Unit 5 92.71 sq.m. (998 sq.ft.) 3 4 1 JUNCTION 11 2 1 SUBJECT PROPERTY 2 PERSIMMON RESIDENTIAL DEVELOPMENT 3 QUEENSLIE INDUSTRIAL ESTATE 4 GLASGOW FORT TENANCY SCHEDULE The property currently produces a total passing rent of £109,000 per annum and is let to 5 separate tenants with lease expiries between 2027 and 2037. Detailed information is within the tenancy schedule provided. LEASE START REPAIRING TENANT RENT REVIEW BREAK OPTION COMMENTS (LEASE EXPIRY) OBLIGATIONS CJ Lang & Son 15.05.2017 SC - 3/7th of annual service 28.02.2021 15.05.2027 FRI t/a Spar (14.05.2037) charge budget. SC - 1/7th of annual service VIP Turkish 01.11.2017 01.11.2022 FRI charge budget. Personal Barbers (31.10.2027) guarantee in place. Garthamlock 31.10.2018 SC - 1/7th of annual service 31.10.2023 FRI Dental Care Ltd (30.10.2039) charge budget. Garthamlock 31.05.2017 SC - 1/7th of annual service 31.08.2022 FRI Foods Ltd (30.05.2027) charge budget. 10.10.2016 SC - 1/7th of annual service Mario Crolla 28.02.2021 FRI (09.10.2036) charge budget. Full tenancy schedule, with rental breakdown, can be made available upon request TENURE PROPOSAL Heritable (Scottish equivalent to English Freehold). We are instructed to seek offers in excess of £1,370,000 (One Million Three Hundred and Seventy Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 7.51% after taking account of RATES acquisition costs and LBTT. Reference to the assessors website has shown that the subjects are entered in the current Valuation Roll with a Rateable Value with the following; LEGAL COSTS Unit 1 £21,500 Unit 2 £10,400 Each party to be responsible for their own legal costs incurred during the transaction. Unit 3 TBC Unit 4 £10,500 Unit 5 £10,400 VIEWING & FURTHER INFORMATION VAT Strictly by prior arrangement with:- The property has been elected for VAT purposes and VAT is charged on the rent. VAT Alister Gibson Jonathan McManus therefore is payable on the purchase price, however we envisage that any sale will be T: 0141 352 6415 T: 0141 352 6423 conducted by way of a Transfer of Going Concern (TOGC). E: [email protected] E: [email protected] EPC DATE OF PUBLICATION REFERENCE May 2019 WSA1603 A copy of the Energy Performance Certificate is available upon request. IMPORTANT NOTE DM Hall 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 intended purchasers or lessees and do not constitute, nor constitute part of, an offer or contract. (ii) All descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intended purchasers or tenants should not rely on them as statement or representation of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) No person in the employment of DM Hall has any authority to make or give any representation or warranty whatever in relation to the property. (iv) All prices, premiums and rents quoted are exclusive of VAT. (v) The information contained in these particulars has been checked and, unless otherwise stated, it is understood to be materially correct at the date of publication. After these details have been printed, circumstances may change outside our control. (vi) These particulars are provided for record purposes only and are not intended to create, nor to be relies upon as creating, any contractual relationship or commitment. Any contract shall only be entered into by way of our clients’ solicitors..
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