159 Sauchiehall Street, Glasgow - Prime Retail Investment - Cushman & Wakefield
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
159 Sauchiehall Street, Glasgow Prime Retail Investment
159 Sauchiehall Street, Glasgow Investment Summary Glasgow is Scotland’s largest city and is widely acknowledged as being the UK’s best retail centre outside London. Sauchiehall Street is one of the strongest retailing streets in the city. The property sits within a pitch containing the big footfall generators of TK Maxx, Primark, Marks & Spencer and Boots. The property provides a rare opportunity to purchase a prominent well laid out corner unit, with full height return frontage glazing. The property is let to TZ Store Limited, t/a Tiger on a FRI lease for period of 10 years until 15th November 2022, with a tenant’s break in 2017. The current rent is £137,500 per annum. The rent has been re-based, so is primed for rental growth. Offers of £1,450,000 (One Million, Four Hundred & Fifty Thousand Pounds Sterling) subject to contract and exclusive of VAT are sought for the Absolute Ownership (Scottish equivalent of English freehold) in the property. This represents an attractive net initial yield of 9.00% after allowing for purchaser’s costs of 5.63% based on Scotland’s Land and Buildings Transaction Tax (LBTT).
Retailing in Glasgow
Glasgow is the second best retailing destination outside This strong catchment spend has generated a very
of London and is ranked in the top 20 in the super league attractive and prosperous city centre. The retailing core
of major European shopping destinations by commercial is based around Sauchiehall Street, Buchanan Street and
expenditure. The city has a catchment of 1,841,000 Argyle Street. This is supported by the shopping centres
people, ranking the city first out of the top 200 retailing of Buchanan Galleries,
centres of this measure. St Enoch and Princes Square.
Within a 90 minute drive time from Glasgow, the Buchanan Street forms the prime retailing street and
comparison goods spend is £7.86 billion, of which £2 leads onto Sauchiehall Street, which has benefited from
billion is spent in the city centre. The city is ranked as Land Securities’ Buchanan Quarter development close to
having the highest catchment spend available out of the the junction with Sauchiehall Street.
top UK retailing centres.
A 159 Sauchiehall Street
Glasgow COWCADDENS ROAD
Edinburgh
Buchanan
Bus Station
B Buchanan Galleries
Shopping Centre
C Princes Square
Shopping Centre
Newcastle SAUCHIEHALL STREET B
A D St Enoch
HOPE STREET
RENFIELD STREET
Shopping Centre
Charing
Cross Station
U Glasgow’s ‘Golden Z’
Queen
Street Station
STREET
WEST GEORGE STREET GEORGE STREET
George
Manchester Square
BUCHANAN
M8
QUEEN STREET
Birmingham
Anderston
Station C
Central
Station
J19
ARGYLE STREET ARGYLE STREET
London
U
St Enoch
Centre
D
YDE RIVE
R CL R CL
RIVE YDE
E
159 Sauchiehall Street, Glasgow
Situation
Sauchiehall Street is one the strongest retailing pitches
within Glasgow. The property sits within a pitch
containing the big footfall generators of TK Maxx,
Primark, Marks & Spencer and Boots.
Due to the high footfall levels on the street and the close
proximity to the office core, a number of supermarket
metro stores have come to the western end of the
pedestrianised section of the street to serve this spend,
with Sainsbury’s, Tesco and Co-op in occupation.
Rents on the street peaked at Zone A rates of over £150
per sq ft and have subsequently fallen back to around
£100 per sq ft Zone A, so the street offers good potential
for rental growth going forward.
Description Tenancy Accomodation
The property provides a rare opportunity to purchase The property is let to TZ Store Limited, t/a Tiger, on a The unit has been measured in accordance with the
a prominent well laid out corner unit. The unit has full Full Repairing and Insuring lease for a period of 10 years RICS Code of Measuring Practice (Sixth Edition) and the
height return frontage glazing, which makes it attractive until 15th November 2022. The current rent is £137,500 approximate areas are as follows:
to occupiers. Internally, the ground floor is used mainly per annum (£99.64 per sq ft Zone A) and the next rent
for sales, with storage to the rear, with the mezzanine review is on 16th November 2017.
being used for ancillary purposes. There is a break option on 16th November 2017.
Floor sq m sq ft
There is a guarantee provided by Nordea Bank Finland
Plc, with further details available on request. Ground 186.08 2,005
Mezzanine 41.62 448
Total 227.70 2,453
ITZA 128.21 1,380
Floor Plans
Ground Floor
Storage
Ground Floor
Office
Mezzanine
Storage
Kitchen
Plant
Room
Mezzanine Floor
159 Sauchiehall Street, Glasgow Tenant Covenant Tiger started in 1995 in stylish Copenhagen, since then they have developed into a recognised high street brand with over 400 stores across 21 European countries. In June 2005, the first UK store opened, with Tiger now employing over 230 staff across the UK. The company’s mission is to provide customers with stylish products, in a fun and pleasant environment, at astonishingly good value. Tiger is a variety store with a difference. They specialise in high quality, exceptional value items that are practical, fun, decorative and encourage creativity. From homeware, kitchenware, stationery, toys to hobby items. More than six new outlets opened in 2013/14 including a flagship store in London’s West End at Tottenham Court Road and another central London store. The outlook for 2015 is equally exciting with many more new stores planned. TZ Stores Ltd is the Scottish franchise of the business, with further stores located in Edinburgh, Dunfermline and Livingston.
Tenure VAT
Absolute Ownership (Scottish equivalent of English The property has been elected for VAT and therefore
Freehold). VAT will be elected on the purchase price. However it is
anticipated that the sale will be treated as a Transfer Of a
EPC Going Concern (TOGC).
The energy performance rating for the property is G
and CO2 emissions are 212. A full Energy Performance
Certificate (EPC) can be provided on request.
Proposal Offers of £1,450,000 (One Million, Four Hundred & Fifty Thousand Pounds Sterling) subject to contract and exclusive of VAT are sought for the Absolute Ownership (Scottish equivalent of English freehold) in the property. This represents an attractive net initial yield of 9.00% after allowing for purchaser’s costs of 5.63% based on Scotland’s Land and Buildings Transaction Tax (LBTT). For further information please contact: Sarah Stewart T: +44 (0)131 226 8736 E: sarah.stewart@cushwake.com Stephen Bibby T: +44 (0)131 226 8738 E: stephen.bibby@cushwake.com Cushman & Wakefield LLP The Auction House 63A George Street Edinburgh EH2 2JG MISREPRESENTATION ACT Cushman & Wakefield LLP (and any joint agent appointed) on their own behalf and for vendors or lessors of this property, whose agents they are, give notice that: 1/ The particulars are produced in good faith, but are a general guide only and do not constitute any part of a contract. 2/ No person in the employment of the agent(s) has any authority to make or give any representation or warranty whatsoever in relation to this property. 3/ The property is offered subject to contract and unless otherwise stated all rents are quoted exclusive of VAT. 4/ Nothing in these particulars should be deemed a statement that the property is in good condition, or that any services or facilities are in working order. 5/ Unless otherwise stated, no investigations have been made regarding pollution, or potential land, air or water contamination. Interested parties are advised to carry out their own investigations if required. September 2015
You can also read
