Prime Retail & Office Investment

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Prime Retail & Office Investment PRIME RETAIL & OFFICE INVESTMENT 31 Stockwell Street Glasgow G1 4RZ INVESTMENT SUMMARY • Rare opportunity to acquire a well located, high quality, seven storey, Grade B listed building offering office and retail accommodation extending to 192,945 sq ft (17,925 sq m). • Granite House offers fully refurbished Grade B office accommodation to a high specification with large floor plates and at a discount to the competition. • High profile tenants including; Clydesdale Bank, House of Fraser, Tesco, Poundland and Specsavers. 73% of the existing rental income provided by tenants with an Experian credit rating of Very Low risk or Low risk. • Passing rents are significantly below recent deals in the building with the rental tone moving from £13.00 sq ft to £15.50 sq ft in the last 18 months. Current quoting rents remain low at £16.50 sq ft, with further growth expected. • Asset management potential including planning permission for an additional two storey, c50,000 sq ft roof top extension. • Low capital value of £171per sq ft. • All major transport hubs are within a 10 minute walk of the building. This includes Queen Street, Central and Argyle Street train stations, bus links, car parking facilities and the subway. • Total current passing rent of £2,551,091 per annum • Offers in excess of £33,000,000 (Thirty Three Million Pounds Sterling), subject to contract and exclusive of VAT are invited for the Absolute Ownership of the property. A purchase at this level would represent a net initial yield of 7.27% after allowing for purchasers costs based on LBTT. INVESTMENT SUMMARY LOCATION SPECIFICATION TENANCY SCHEDULE ACCOMMODATION PRINT OCCUPATIONAL MARKET INVESTMENT MARKET OPPORTUNITY FURTHER INFORMATION PROPOSAL LOCATION 5 Sauchiehall Street 4 Buchanan Bus Station Glasgow Central Station 3 Queen Street Station Buchanan Street UNIVERSITY OF STRATHCLYDE 2 A C F E St Enoch Subway Station B S G CITY OF GLASGOW 10 COLLEGE 1 9 Argyle Street8 H 7 I ST ENOCH 6 D ROOF TOP Argyle Street Station J CINEMA DEVELOPMENT MERCHANT CITY K CANDLERIGGS QUARTER DEVELOPMENT STRATHCLYDE SITE UNIVERSITY TECHNOLOGY & INNOVATION CENTRE Trongate Major Retail & Amenities Neighbouring Occupiers 1 St Enoch Shopping Centre 6 Marks & Spencer A Brodies, Grant D AXA PPP Healthcare Limited H Glasgow City Council 2 Princes Square Shopping Centre 7 River Island Thornton, Deloitte, ACCA E Edrington I Inland Revenue 3 Buchanan Street 8 TK MAXX B Ernst & Young, Maclay F Clydesdale Bank, J Garment Factory 4 Buchanan Galleries 9 Topman Murray & Spens News International K Catapult, University of Glasgow 5 Sauchiehall Street 10 Debenhams C Network Rail G Glasgow City Chambers INVESTMENT SUMMARY LOCATION SPECIFICATION TENANCY SCHEDULE ACCOMMODATION PRINT OCCUPATIONAL MARKET INVESTMENT MARKET OPPORTUNITY FURTHER INFORMATION PROPOSAL St Enoch Centre – Rooftop Cinema Development • The current proposals introduce a new 9 screen cinema and restaurants in the place of the current BHS TRONGATE DEVELOPMENTS • This will add an exciting leisure destination to 190 Trongate the area, ensuring it becomes a 24/7 location The distinctive turreted Grade A listed • It will attract new brands and the latest building has been a feature of Trongate concepts, complementing the existing shopping since it was built in 1903 and at one time centre facilities housed the Royal Bank of Scotland. It has ST ENOCH ROOF TOP CINEMA DEVELOPMENT • Planning permission granted recently been redeveloped to include • 8 serviced apartments • 1,161 sq ft retail unit at ground floor level 190 TRONGATE CANDLERIGGS QUARTER DEVELOPMENT SITE Candleriggs Quarter Development This is potentially one of biggest city centre developments in a generation and involves the redevelopment of a plot left largely derelict since the closure of the Goldberg's department store in 1990. TRONGATE SERVICED APARTMENTS The developer has applied for planning consent. It involves: Trongate Serviced Apartments • 132 high quality apartments • 9 storey building comprising retail • 435 new flats for rental at ground floor level and 28 one and • 586 rooms of student accommodation two bedroom apartments • 123 room hotel • Planning permission granted • Over 60,000 sq ft of retail accommodation INVESTMENT SUMMARY LOCATION SPECIFICATION TENANCY SCHEDULE ACCOMMODATION PRINT OCCUPATIONAL MARKET INVESTMENT MARKET OPPORTUNITY FURTHER INFORMATION PROPOSAL SITUATION The property is situated on the corner of Stockwell Street and Trongate within the heart of the city centre. Stockwell Street links to Trongate and the east end of Argyle Street with the city’s prime retail facilities in close proximity, including the St Enoch Shopping Centre and Buchanan Street. This area is rapidly improving as an office location as occupiers seek value outside the more traditional office core. 110 Queen Street (400m away) is one of the best Grade A office buildings in the city and has achieved rents of £30.00 sq ft. This followed the highly successful G1 development at George Square which previously achieved the highest rents in the city. Similarly, 100 Queen Street has achieved rents of £28.50 sq ft. Other key developments in the immediate vicinity of Granite House include the new 9 screen rooftop cinema at the St Enoch Centre and the Candleriggs Quarter development (both within 150m of the building). These will further enhance the current offering that includes the Merchant City just to the north, providing an abundance of bars and restaurants. INVESTMENT SUMMARY OCCUPATIONAL MARKET The location benefits from being near to the University INVESTMENT MARKET of Strathclyde Technology and Innovation Centre and Scottish Enterprise International Technology and Renewable Energy Zone. The close proximity to both Central and Queen Street railway stations, other public transport hubs, ample car LOCATION parking and numerous retail and leisure facilities make this location extremely popular amongst occupiers. SPECIFICATION OPPORTUNITY 5 5 - 15 R FURTHER INFORMATION TENANCY SCHEDULE E E ET T 4 4 - 4 YOURS 8 6 CAFFE NERO 1 - 6 COFFEE SHOP 3 S E 3 R T K MAXX 6 V WHSMITH 5 I C 3 CLOTHING E RIETY STORE NEWSAGENT & BOOKS - A 5 R 5 3 E (2 RET I 4 A A L FLOORS) ENT (3 RETAIL FLOORS) 2 4 6 7 - S O S RE POUNDWORLD - P RT DI CT 3 5 2 HOUSEHOLD GOODS 1 SPORTS GOODS ( (2 RETAIL FLOORS) E X C E O CARD FACTORY 4 TRUTEX SPORTS DIRECT.COM 3 P CHI T S LDRE ENT TO SPTS GDS NS WE CARDS& GIFTS ( P AR ENT L L O E B O D A AND ER ISL A 3 D IV E R 2 O 5B D 2 S WALKWAY I AR N MENS WE DIES & I T LA 35A N E G R R G N TAIL FLOORS) I RE STRATHCLYDE 6 (2 A T N 2 . 1 PASSENGER 0 VARIETY N VA 9 CA 8 NT O POR 0 UTLE TRANS T STORE S E T A Y - AND EXECUTIVE - GOBSTOPPER C O M 3 ENT TO BUS BKG OFF 2 5 N 0 - NT S E L 8 Y . 0 T ) 15 0 A R M 2 3 C ) E L CLEARANCE VARIETY - O 2 ACCOMMODATION E S 7 E T D S E R 1 V 9 I N US C POU D PL - E PROPOSAL 2 1 (10 A C R A 0) (ESTIMATED) E T A MARKS & SPENCER A 13 L A P O R - G DEBRA B G 17 U 4 R O E F I CHARITY SHOP - S T VARIETY STORE U 1 S I ( S E B R 2 H U H X N O S T I 1 H T W E R 1 E CANT U VA S A R (4 RETAIL FLOORS) A R O C O R E H N A O C T E L R & S M H Y T F T ) , E A O H M L R E U 3 C E A A I O E SAINSBURYS L CAL H N R T C M - T A NT T Y D S R T E 9 I & C I L A R R T S R S 4 O L Y A T T I H 0 T I E C N S R A L I SUPERMARKET O O H A O C R A L O N K E P N S S L D P E 28 22 STOCKWELL STREET (EXCEPT BUSES TAXIS & CYCLES) GLA THE GLASSHOUSE (EXCEPT BUSES TAXIS & CYCLES) UNIT 1 - 4 UNIT 5 T B C G 4 I 6 - 12 A A G E A E 37 39 R - S L 41 35 33 31 N E 43 29 2 N E U 7 UN 1 - 19 1 2 23 E 7 187 H H C B U N W T V P I A R T T N & N N A E N 1 A T E N E H V A NEWSBOX I R D N I L I 8 C W T L O D T T O DE T R A C R SPECSAVERS R E A E L 8 R A T E I N D C S A CTN E P G & B I R N R I A S A E M R R R - A N N O T P & D S H ISAB GDS&EQUIP Y E C N B I O M E A O 1 N T O O G T N R OFF M E A S F C R 9 F A N T P O O H F I S O R F T 0 E N U T E E I I E U I N F S S L R O 1 R E R P T OUNDL F L A T ND G 7 A N R L E I 9 C N S E R E T PRINT T HOUSEHOLD GOODS 1 8 1 6 7 VACANT 1 7 1 ENT 8 EN 1 T 8 4 TESCO EXPRESS 1 ENTRANCE 7 1 1 7 1 7 6 CO 8 - NVENIENCE STOR SHOE ZONE VACANT E - 1 1 1 8 4 SHO 2 ES ORIENTAL 1 1 1 1 GLASGOW HO BAR US N 7 I G ASSOCIATION 7 0102030 2 VACANT 6 5 PU C ALLYS BARBERS OFFICE BLI HOUSE HAIRDRESSING 11 - 13 MCD ONALDS 1 6 FAST FOOD RESTAURANT 7 (2 RETAIL FLOORS) 1 SERVICE AREA CAS VACANT SITE 40 m OL SAUC HIEHALL STREET BUCHANAN BUS STATION CONNECTIVITY RENFREW STREET REET T S R Buchanan VE M8 BATH STREET Galleries HANO Granite House benefits from a core city centre location that H WEST REGENT STREET ORT BATH STREET N affords easy access to Glasgow’s excellent transport network PITT STREET EET EET WEST GEORGE STREET R QUEEN ST T S E and allows connectivity across the country.
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