HIGH QUALITY LANDMARK 310OFFICE INVESTMENT 310 ST VINCENT STREET GLASGOW G2 5QR HIGH QUALITY LANDMARK OFFICE INVESTMENT GRADE A REFURBISHED ASSET WITHIN GLASGOW’S CENTRAL BUSINESS DISTRICT 310 PAGE 2 310 ST VINCENT STREET GLASGOW G2 5QR INVESTMENT • High quality landmark office investment within a key UK city • Well positioned asset within Glasgow’s Central Business District • Total of 69,988 sq ft arranged over basement, ground and nine SUMMARY upper levels including 55 car spaces • Extensively refurbished in 2017 to provide stunning Grade A office space and on-site amenity including showers and bicycle racks • Flexible open plan office floor plates ranging from 2,864 sq ft up to 9,417 sq ft • Multi-let high quality tenant line-up with AWULT of 6.23 years to expiry and 2.6 years to breaks • Total passing income of £1,723,181 per annum • Strong Glasgow office market dynamic of very limited Grade A supply, recent rental growth and significant occupier inward investment • Modest passing rents ranging from £20.00 psf to £25.00 psf, notably well below the city headline tone, expected to reach £34.50 psf this year OFFERS IN EXCESS OF £20,180,000 REFLECTING AN ATTRACTIVE NIY OF 8.00% AFTER ALLOWING PURCHASER’S COSTS BASED ON LBTT A PURCHASE AT THIS LEVEL EQUATES TO AN ATTRACTIVE CAPITAL VALUE RATE OF £288 PSF 310 PAGE 3 Perth A9 A91 LOCATION A84 Kirkcaldy Dunfermline A92 GLASGOW IS THE CULTURAL, SPORTING Stirling AND ACADEMIC HEART OF SCOTLAND AND IS ONE OF EUROPE’S MOST VIBRANT AND COSMOPOLITAN CITIES. Dumbarton Falkirk M9 The city has a population of 600,000 people M80 making it Scotland’s largest city. The entire region surrounding the conurbation has approximately Edinburgh 2.3 million people within one hour’s drive, which M8 Livingston is more than 40% of Scotland’s entire population, making it the fifth largest urban area in the UK. Glasgow A7 The central belt of Scotland is home to 3.5 million people making it one of the top 20 largest urban M77 regions in Europe. Motherwell A71 M74 A72 A77 Kilmarnock A702 Glasgow is Scotland’s largest centre of employment and an economic powerhouse, generating approximately £19bn in Gross Value Added (GVA) each year and £42.9bn in 2018 alone. The city has undergone a sustained period of regeneration, hosting the Commonwealth Games in 2014 and transforming itself into a service sector economy, with investment in the city centre, business district and infrastructure leading to over 100 companies relocating to Glasgow since 2004, including JP Morgan, BNP Paribas, Morgan Stanley, Barclays Wealth and Tesco Personal Finance plc. The Global Financial Centres Index (Sep 2019) has ranked Glasgow in the Top 70 of the world’s best performing financial centres. Glasgow has the third most important financial centre in the UK. It is ranked first for Foreign Direct Investment (FDI) Strategy across Large European Cities of the Future 2020/21 category by FDI Intelligence in 2020. 310 PAGE 4 Rail connections are also easily accessible with Anderston, Charing Cross, Queen ST VINCENT STREET Street and Central Stations all within easy walking distance. Travel by air is offered IS REGARDED AS ONE via Glasgow International Airport which is SITUATION a convenient 15 minute drive time from the OF GLASGOW'S PRIME property. St Vincent Street is regarded as one of Glasgow’s prime office addresses and OFFICE ADDRESSES a number of high profile occupiers are located in the immediate vicinity including KPMG, Scottish Power, Whyte & Mackay, Santander, Zurich Insurance, Wood Group, 310 ST VINCENT STREET IS SITUATED AT THE Scottish Ministers, Morgan Stanley and WESTERN END OF GLASGOW’S CENTRAL BUSINESS Clydesdale Bank. DISTRICT (CBD) AND IS PROMINENTLY LOCATED ON THE CORNER OF ELMBANK STREET AND ST VINCENT STREET. IT IS LESS THAN 2 MINUTES’ WALK TO CHARING CROSS TRAIN STATION. The building is ideally located to take advantage of Glasgow’s excellent transport connections. Junction 19 of the M8 Motorway sits immediately adjacent to the property, offering easy access to the M74, M77 and the wider arterial road network. St Vincent Street is also a main thoroughfare in and out of the city centre and as such, it is well served by numerous bus services that stop outside the building. The western end of the CBD core has witnessed transformational inward investment and substantial occupier activity in recent years. On the office side, Scottish Power are next door to the property and occupy a 220,000 sq ft headquarters building. Sitting opposite is St Vincent Plaza, a 172,000 sq ft Grade A fully let building, home to some of the aforementioned blue chip occupiers. Only a few minutes walk to the south, Morgan Stanley committed to a 150,000 sq ft Grade A office at Bothwell Exchange and Clydesdale Bank / Virgin Money have taken a 165,000 sq ft pre-let within the second building at the development currently under construction. 310 PAGE 5 AN EVOLVING MICRO LOCATION WITH SIGNIFICANT MIXED-USE Scottish Power Car Park DEVELOPMENT PLANNED HQ Elmbank Street Holland Street St Vincent Street Charing Cross West End A mix of other uses including hotel and residential Station Bath St have brought significant investment to the area, enhancing the existing landscape and improving amenities close to the property. Nearby hotels include the Hilton, Marriott, Malmaison, Blythswood Square Hotel, Novotel, Dakota Deluxe and Ibis. M8 St Elmbank The western CBD core has recently been the focus PROPOSED 67 FLAT West George St for positive residential development activity. The RESIDENTIAL DEVELOPMENT PROPOSED former Strathclyde Police HQ at Pitt Street is being 4 STAR HOTEL redeveloped by Moda Living for their new Holland PROPOSED Blythswood St Park BTR scheme, comprising 433 high-tech homes Finnieston BTR St Vincent StSCHEME spread across 4 buildings ranging from 6-22 storeys in height. Also, the recent purchase of the nearby Portcullis House by Watkin Jones will see a new BTR scheme of circa 825 units delivered by 2024. The building will Bothwell St be spread over a maximum of 30 storeys and will be Glasgow’s tallest building. At 292 St Vincent Street, a further potential future 19 development will see a BTR scheme promoted, subject Waterloo St to receiving planning permission. 310 PAGE 6 Charing Cross Station Premier Inn Malmaison Hotel Kimpton Blythswood Square Hotel Hilton Marriott Q-Park Waterloo Street Central Station Anderston Station 13 12 14 15 17 6 11 16 3 20 18 19 Under offer for Moda Living Proposed BTR Scheme 24 Proposed BTR Scheme 21 26 310 23 5 10 22 8 25 9 Watkin Jones 2 Proposed BTR Scheme 1 7 4 M8 Motorway 1 KPMG / Whyte & Mackay 6 Scottish Enterprise 11 Chivas 16 Towry Financial / LV= 21 Morgan Stanley 25 BT 2 Barclays / Eaton / University of Glasgow 7 Scottish Power HQ 12 Standard Life 17 Skyscanner 22 Capita / Santander HQ / Phoenix Life 26 Teleperformance 3 Scottish Friendly 8 Teleperformance / AXA / SAS 13 Lloyds 18 Barclays / Burness Paull / Aggreko 23 Onyx 4 London & Scottish Investments 9 Ministry of Defence 14 Ryden / QBE 19 JP Morgan / Pinsent Masons / PWC / Shell 24 Aon / Morgan Stanley 5 WJM / Montagu Evans 10 Scottish Government 15 CBRE 20 Esure 310 PAGE 7 DESCRIPTION 310 ST VINCENT STREET COMPRISES AN 11 STOREY HIGH QUALITY REFURBISHED OFFICE BUILDING PROVIDING STUNNING GRADE A SPACE. THE BUILDING IS OF STEEL FRAME CONSTRUCTION WITH A MIXTURE OF CURTAIN WALL GLAZING AND POLISHED STONE ELEVATIONS TO ST VINCENT STREET AND ELMBANK STREET. Internally, the open plan floor plates offer flexibility and are capable of being sub- divided. This is highlighted by the split of the 1st floor, creating two smaller suites which facilitated the recent British Steel letting. FULLY REFURBISHED IN 2017 TO OFFER GRADE A OFFICE ACCOMMODATION 310 PAGE 8 Following the extensive refurbishment of the building in 2017, the building specification includes: • Striking new double height glazed entrance • Revamped reception lobby, desk and waiting area • High efficiency new air-conditioning throughout the building • LED Lighting • Perforated metal tiled suspended ceiling • Full raised access floor • Floor to ceiling height of 2.8m • Male, female and accessible toilets on each floor • 3 contemporary glazed lifts and 1 goods lift • Extensive shower, changing and drying facilities • 55 car parking spaces (1:1,273 sq ft) • 69 bicycle racks (1:1,014 sq ft) • Feature terraces on the 5th, 6th and 7th floors offering panoramic city views • Creation of 2 new retail/leisure units which are now fully let At the ground floor east wing / St Vincent Street elevation of the building, two units have been created for retail / leisure use and these are tenanted by Coffee Republic and a cycling studio. The units boast an outdoor terrace fronting onto St Vincent Street. 310 PAGE 9 ROOF TERRACES HAVE BEEN INCORPORATED ON THREE FLOORS OFFERING VIEWS OVER GLASGOW’S WEST END 310 PAGE 10 Floor Sq Ft Sq M 9th 3,808 354 ACCOMMODATION 8th 3,793 352 7th 4,521 420 6th 5,314 494 The building has been measured in accordance with the RICS Code of Measuring Practice and extends to 5th 6,981 649 an approximate net internal area of 69,988 sq ft. 4th 9,417 875 3rd 9,417 875 2nd 9,382 872 1st Suite B 5,065 470 1st Suite A 3,293 306 Ground West 2,864 266 Ground Retail A 1,803 167 Ground Retail B 2,052 191 Basement storage 334 31 Basement storage 1,944 181 Total 69,988 6,504 The property occupies a site of approximately 0.82 acres. It is bound to the east by Holland Street and to the south by St Vincent Street, with Elmbank Street to the west.