For Saleprime Long Let Banking Investment

FOR SALE PRIME LONG LET BANKING INVESTMENT INVESTMENT CONSIDERATIONS

• The property occupies an excellent position on Argyle Street, which is one of Glasgow’s premier shopping thoroughfares • Glasgow is Scotland’s largest city and is widely acknowledged as being the UK’s best retail centre outside London • The property is situated between Buchanan Street and Queen Street opposite St Enoch Shopping Centre • Shopper footfall on Argyle St is the highest for any location in the city centre • The property comprises a magnificent new flagship unit occupied by Nationwide Building Society until 2033 without breaks • Over 12.3 years to expiry • Nationwide Building Society is the UK’s most trusted financial brand • For the year ending 2019 the company had pre-tax profits over £466m • Founded over 130 years ago, the Society has over 16.3 million members • Current rental income of £290,000 per annum with a minimum guaranteed uplift to £400,000 per annum in March 2023

Offers in excess of £6,250,000 which will reflect a net initial yield of 6.00%

92/96 ARGYLE ST, GLASGOW G2 8BQ PAGE 2 SAUCHIEHALL STREET BUCHANAN GALLERIES LOCATION QUEEN STREET STATION BUCHANAN STREET GEORGE SQUARE CENTRAL STATION

PRINCES SQUARE

92/96 ARGYLE STREET ST ENOCH SUBWAY STATION

ST ENOCH SHOPPING CENTRE ARGYLE STREET PROPOSED CANDLERIGGS DEVELOPMENT (RETAIL / LEISURE)

ARGYLE STREET STATION

City Centre retail floor Due to the extent of the retail offer the catchment space is estimated at also has a very long reach throughout the west 3 million sq ft. The city coast and rest of the country. ranks Number 1 on the This is further added to by the growing number of PMA Retail Provision tourists and visitors to the city. There are 2.24m score out of the UK’s people within 45 minutes’ drive of the city and the top 200 retail centres; prime thoroughfare of Buchanan Street attracts Argyle Street includes entrances to St Enoch Glasgow has an extensive an estimated 1 million shoppers weekly*. Glasgow Centre (including Debenhams), the larger of retail catchment which is has a high comparison spend of £2.56 billion Marks & Spencer's two Glasgow stores and a densely populated. ranking it second in the UK behind London West number of national multiples including Next, End*. (*Source CACI) Superdry, TK Maxx, WH Smith, Topshop/ Topman, River Island and Primark. Several of The city provides a concentrated effective mix the larger units along Argyle Street, including of pedestrianised and covered retailing. The those occupied by HMV, WH Smith and famous “Z” shaped shopping core which takes in Topshop/Topman are part of St Enoch Centre. Sauchiehall Street, Buchanan Street and Argyle The street is partially pedestrianised to Street provides the spine and prime pitch. Glassford Street.

92/96 ARGYLE ST, GLASGOW G2 8BQ PAGE 3 LINKS OF CANCER LONDON RESEARCH KAREN L’OCCITANE MILLEN TED BAKER GEEKABOO HOTEL CHOCOLAT WHISTLES CLYDESDALE PRINCES BANK SITUATION CASS ART SQUARE KATE EURASIA The subject property occupies a very prominent position SPADE ART & on the north side of Argyle Street, close to its junction with MICHAEL KORS SHUROPODY CRAFT Queen Street. The St Enoch Centre is located opposite and REISS OFFICE

BUCHANAN ST surrounding retailers include Debenhams, Superdry, JD OMEGA ARGENTO VACANT RADLEY MR HAROLD Sports, Footasylum, Barclays Bank, HSBC, Santander, Bank & SON LAINGS BLOW DA VINCI’S CHISHOLM CAFE HUNTER BERNSTONES of Scotland, EE, Next, Superdrug and Primark. JAMES PORTER NAILZONE MAPPIN & SON & WEBB ERNEST FOODFILLAS ABSINTHE 6 LAINGS JONES ROX MIKAKU SCOTTISH MCGOWANS ROX OF GLASGOW RUGBY BARCLAYS LAINGS DIAMONDS

ANTWERP ROX DIAMOND CO HILSON VACANT

CHISHOLM TAM SHEPHERDS VACANT HUNTER OFFICE

& SON

JAMES PORTER JEWELLERY VACANT CUBE

HUNTER CHISHOLM FLASH FASHION FRASER

RESTAURANT SLOAN’S BAR & HART FRASER HART QUEEN STREET

DIAMOND WE LOVE INTERNATIONAL GLASGOW MCGOWAN’S

BERNSTONES

BARCLAYS DIAMONDS HOLLAND & BARRETT

VACANT

VACANT

PHONE EXPERT ARGYLE STREET FOOT LOCKER

GIFTS

THE ARRAN

SWEATER SHOP

TARTAN HOUSE

ANN SUMMERS

XILE

FOSSIL

VACANT MAXWELL ST

ECCO SHOES

PAVERS SHOES

92/96 ARGYLE ST, GLASGOW G2 8BQ PAGE 4 DESCRIPTION

The subject property comprises a building of concrete and brick construction arranged over basement, ground and two upper levels.

The ground floor has been fitted out as a banking hall, whilst the first floor has staff and cellular office accommodation.

Nationwide substantially refurbished the property in 2018 reputedly spending circa £2m. FLOOR AREAS & DIMENSIONS

We have measured the property on site in accordance with the RICS Code of Measuring Practice (Sixth Edition).

Gross Frontage 46 ft 9 inches 14.24 m Net Frontage 45 ft 9 inches 13.94 m Total Depth 75 ft 4 inches 22.95 m

Ground Floor Area 2,774 sq ft 258 sq m Basement Area 2,558 sq ft 238 sq m First Floor Area 2,994 sq ft 278 sq m Second Floor Area 3,226 sq ft 300 sq m Total ITZA 2,785 sq ft 239 sq m

The detailed analysis is available upon request.

92/96 ARGYLE ST, GLASGOW G2 8BQ PAGE 5 FLOOR PLANS GROUND FIRST FLOOR

LIFT LIFT

SECOND BASEMENT FLOOR

LIFT LIFT

92/96 ARGYLE ST, GLASGOW G2 8BQ PAGE 6 PLANNING LEASE TERMS PRICE We are verbally advised by Glasgow City Council The subjects are let on a full repairing and insuring Offers are invited in excess of £6,250,000 (Six Million Two hundred and Fifty Thousand Planning Department that the property is not listed lease from 02/03/2018 until 01/03/2033, with Pounds) for the Heritable interest in the property (Scottish equivalent of English freehold). and is situated within the Central Area Conservation just over 12.3 years unexpired. The next upwards A purchase at this level will reflect a net initial yield of 6.00% after allowing for purchaser’s Area. The property has Class 2 consent. We are only rent review is on 02/03/2023. A schedule of costs and LBTT. further advised that there are no developments condition exists dated 10/08/2017. A copy of this is planned of a comprehensive nature which would available upon request. adversely affect the subjects nor were we informed of any statutory notices over the property. FURTHER INFORMATION CURRENT RENT £290,000 pax until 02/03/2023 when it rises to a EPC minimum of £400,000 pax. The discounted rent was To be confirmed. in lieu of 16.5 months rent free at entry.

The actual agreed rent of £400,000 pax analyses to RATING £143.62 / sq ft Zone A. The property is entered in the Valuation Roll with a The rent of £290,000 pax will be topped-up by the Rateable Value of £320,000. The rates payable are Vendor to £400,000 pax until 02/03/2023. The rent is payable quarterly in advance. PHILIP HAY DOUGLAS HOGG GRAEME FAITH circa £165,000. 020 7637 6852 0141 548 8062 0141 332 6392 [email protected] [email protected] [email protected] VAT DOUGLAS M MACRAE TENANT 020 7637 6856 The property is registered for VAT and it is proposed Nationwide Building Society. [email protected] that the sale will be treated as a Transfer of a Going For the year ending 2019 the company had turnover Concern (TOGC), therefore no VAT will be payable of £3.28bn. Pre-tax profits were over £466m. on the purchase price. Graeme Faith & Co Ltd for themselves, for any joint agents 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 Founded over 130 years ago, the Society has over purchasers or lessors and do not constitute, in whole or in part, an offer or contract. (ii) all descriptions, dimensions, 16.3 million members. For full accounts click on the references to condition and necessary permission for use and occupation, and other details, are given in good faith link https://www.nationwideannualreport.co.uk and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) no person in the employment of Graeme Faith & Co Ltd has any authority to make or give any representation or warranty whatever in relation to this property. (iv) all rentals and prices are quoted exclusive of VAT. October 2020.