Iberica 140 St Vincent Street Glasgow
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IBERICA 140 ST VINCENT STREET GLASGOW PRIME LEISURE INVESTMENT OPPORTUNITY IBERICA | 140 ST VINCENT STREET | GLASGOW INVESTMENT SUMMARY A RARE OPPORTUNITY TO PURCHASE A PRIME LEISURE INVESTMENT WITHIN GLASGOW’S PRIME CBD Glasgow is regarded as the second most The property is let to Iberica Food important and largest retail market in and Culture Limited (t/a Iberica) until 07 June 2041, providing an the UK after the west end of London, unexpired this is confirmed by its consistent number 2 term of 24 years. position in the CACI UK retail rankings. Passing Rent of £90,000 per annum subject to 5 yearly upwards only rent Glasgow is the largest city in Scotland reviews. The passing rent equates to a low and one of Europe’s most dynamic and rate of £21.36 per sq ft based upon an vibrant cities with over £4.85bn of adjusted GIA of 4,213 sq ft. comparison goods spend available in the catchment area. Heritable Interest (Scottish equivalent of English Freehold). St Vincent Street forms a key part of the We are instructed to seek offers in excess Glasgow’s prime leisure pitch and is the of £1,420,000 exclusive of VAT for our undoubted prime office pitch within the client’s heritable interest. CBD. Notable leisure entrants include YO! Sushi, Byron Burger, Five Guys, Bella A purchase at this level would provide a Italia, Revolución De Cuba, Handmade Net Initial Yield of 6.00%, allowing for purchasers costs of 5.61%. Burger Co., Cote Brasserie, Hard Rock Café, Bill’s, Las Iguanas and Carluccio’s. Glasgow’s leisure and restaurant market has experienced has experienced considerable 140 St Vincent Street is a striking grade growth in recent years, and with the , which was A-listed landmark property prime rent now at £41.64 per sq ft (net extensively refurbished internally by the effective), the property has strong rental Tenant in 2016. growth prospects. IBERICA | 140 ST VINCENT STREET | GLASGOW IBERICA | 140 ST VINCENT STREET | GLASGOW IBERICA | 140 ST VINCENT STREET | GLASGOW GLASGOW VIBRANT CITY LOCATION GLASGOW IS THE LARGEST CITY IN Glasgow has a dynamic and modern In 2014 Glasgow hosted The mixed economy focusing on business and Commonwealth Games, the Ryder Cup SCOTLAND AND THIRD LARGEST IN financial services, a sector which has grown and the MTV European Music Awards. The THE UK, WITH A POPULATION OF significantly over recent decades. With a City is a world class location for film and median age of 34, Glasgow has a young TV production with major international 650,000 AND APPROXIMATELY population. Businesses have access to a pool productions such as World War Z, Cloud of over 400,000 workers in Glasgow (NOMIS) Atlas the Fast & Furious 6 and Outlander 3 MILLION PEOPLE IN THE GREATER and a further two million are within an hour’s filmed on location here. These events GLASGOW CONURBATION. THIS commute, making the City attractive to cement Glasgow’s reputation as one of the corporate occupiers such as Barclays most vibrant and dynamic cities in Europe. ACCOUNTS FOR OVER HALF OF Bank, Santander, JP Morgan, Morgan SCOTLAND’S TOTAL POPULATION. Stanley, SSE and Scottish Power. The city The City’s economy is bolstered by a is one of the world’s 75 Best performing growing tourism sector, attracting 2.87 million tourists annually, generating £687 The City has the largest economy in Scotland Financial Centres and the third most million for the local economy – almost a and contributes substantially to the UK important financial centre in the UK (Global quarter (23%) of visitors are from overseas economy. Glasgow is Scotland’s first City to Financial Centres Index, 2015). with the largest proportions from the USA, secure the UK Government’s City Deal worth The state of the art SSE Hydro National Germany, France, Australia, Netherlands, £1.3 billion and is the first City in the UK to Arena opened in August 2013 and is the Italy and Canada. implement the Tax Increment Financing (TIF) second-busiest music arena in the world scheme. The City generated nearly £19.6 in terms of ticket sales, behind only billion in Gross Value Added to the Scottish (Sources: ONS; Glasgow Retail Prospectus). London’s The O2 Arena. This makes the economy in 2015, outperforming the UK arena busier than Manchester’s Manchester average by more than a third. Arena and the famous Madison Square Garden in New York. IBERICA | 140 ST VINCENT STREET | GLASGOW RETAILING AND LEISURE IN GLASGOW LEISURE RETAIL Over 5.3 million square feet of retail space BUCHANAN GALLERIES is Glasgow’s Glasgow’s leisure and restaurant market has experienced can be found in Glasgow, with prime and prime covered shopping centre. It is considerable growth over the past 24-36 months and a Glasgow is the second largest and super prime shopping to be had within one anchored by John Lewis, Next and Boots number of high-profile occupiers have entered the market, most important retail market in the uk square mile in the city centre. Glasgow’s and boasts fashion brands such as River driving exceptional rental growth in the sector. after London’s west end. retail core follows a contiguous Z shape in Island, Hollister and Mango as key tenants. what is known as the ‘Golden Z’ comprising Land Securities have plans to extend the The demand for high profile well-located leisure units has The city is consistently ranked number 2 in Sauchiehall Street, Buchanan Street and centre in the near future. surged in recent years and a number of new bars, restaurants the CACI retail rankings and PROMIS Market Argyle Street. and cafés have opened on Glasgow’s prime leisure pitch Analysis ranks the city number 1 on the ST. ENOCH’S CENTRE was extensively which comprises St Vincent Street, St Vincent Place, West following bases: BUCHANAN STREET is the undoubted prime refurbished in 2010 at the cost of £150m George Street and West Nile Street. retailing thoroughfare in Glasgow and and now comprises 1 million sq ft of retail attracts predominately upmarket aspirational and leisure space. Major tenants include 2.89M fashion occupiers. The street welcomes 91m Debenhams, H&M, Hamley’s, JD Sports, PRIMARY CATCHMENT POPULATION Notable entrants include: shoppers per year and has one of the UK’s Boots and Superdry. strongest flows of footfall, second only to YO! SUSHI, FIVE GUYS, GOURMET BURGER 842,000 Oxford Street in London, with 6,600 people PRINCES SQUARE recently underwent KITCHEN, VAPIANO, BYRON BURGER, BELLA ITALIA, ESTIMATED SHOPPING POPULATION per hour on Buchanan Street. a £7.5m refurbishment and is home to some of the city’s high-end fashion retailers REVOLUCIÓN DE CUBA, HANDMADE BURGER CO., The retail core and it surrounds is enhanced including Belstaff, COS, Ted Baker and COTE BRASSERIE, HARD ROCK CAFÉ, BILL’S, LAS £4.95BN by the presence of three covered shopping COMPARISON RETAIL SPEND AVAILABLE Vivienne Westwood. The centre is also one malls, namely Buchanan Galleries, Princes IGUANAS AND CARLUCCIO’S. IN THE CATCHMENT of the most popular city centre destinations Square and the St. Enoch centre. for eating and drinking. ADDITIONALLY, THERE LATENT IS DEMAND CACI UK RETAIL RANKINGS 2016 – TOP 10 FROM MILLER & CARTER, PHO CAFÉ, BE AT ONE AND TAPAS REVOLUTION. UK RANK RF CENTRE RF SCORE TOTAL CENTRE COMPARISON SPEND (£M) 1 London - West End 9,306 £4,772.8 GLASGOW IS RANKED 2 Glasgow 3,960 £1,900.8 IN THE TOP 20 IN THE 3 Manchester 3,427 £1,815.1 4 Birmingham 3,150 £1,599.0 SUPER LEAGUE OF 5 Leeds 2,950 £1,416.8 MAJOR EUROPEAN 6 Liverpool 3,131 £1,316.7 SHOPPING CENTRES BY 7 Westfield Stratford City 2,585 £1,304.9 8 Westfield London 2,594 £1,293.6 COMPARISON SPEND. 9 Bluewater 2,431 £1,233.2 10 Trafford Centre 2,167 £1,228.1 Glasgow Central IBERICA | 140 ST VINCENT STREET | GLASGOW IBERICA 140 ST VINCENT STREET GLASGOW Experian Goad Plan Created: 15/05/2017 Created By: Montagu Evans 50 metres Copyright and confidentiality Experian, 2015. © Crown copyright and database rights For more information on our products and services: 2015. Ordnance Survey 100017316 www.experian.co.uk/goad | [email protected] | 0845 601 6011 D G SITUATION F IBERICA 140 ST VINCENT STREET GLASGOW PRIME LOCATION The Property occupies a prime location on A St Vincent Street at its junction with Hope Street, in the heart of the Central Business District (CBD) of Glasgow City Centre, which houses circa 16 million sq ft of office 16 accommodation. B 17 15 Nearby occupiers on St Vincent Street 13 include Martha’s, Bread Meats Bread, 14 8 Topolobamba, Pizza Punks, Chaakoo and 18 1 Handmade Burger Co., and the surrounding 12 pitch comprising St Vincent Street, West Nile 9 Street and West George Street is established 11 20 10 as Glasgow’s prime leisure core. 6 The property is well located for access to E 7 2 the services and amenities of Glasgow City 19 4 Centre as well as local transport connections. 3 It is within 200m/3 minutes’ walk of Glasgow 5 Central Station and within 500m/7 minutes’ walk and 750m/9 minutes’ walk of Glasgow Queen Street Station and Buchanan Bus Station respectively. C OCCUPIERS PLACES 1. YO! Sushi 8. Grill On The Corner 15. Handmade Burger Co A St Vincent Street E Buchanan Galleries Queen Street 2. Martha’s 9. Wagamama 16. Gourmet Burger Kitchen Buchanan Street Princes Square St Enoch Underground 3. Slug and Lettuce 10. Byron 17. All Bar One B F 4.