30 Queen Margaret Drive, Glasgow, G12 8DQ

Transcription

1 0 Queen Margaret Drive, Glasgow, G2 8DQ

2 2 The Opportunity GLASGOW BOTANIC GARDENS Savills is delighted to present to the market the much anticipated sale of the renowned site of the former BBC Scotland television studios, off Queen Margaret Drive, in the heart of the West End of Glasgow. The site has many attributes which make it so desirable: QUEEN MARGARET DRIVE 0 Queen Margaret Drive benefits from detailed planning consent for the development of 9 townhouses and 75 apartments. Rarely do such sites, presenting such quantum of product within the G2 postcode, become available. The site is located within the heart of Glasgow s West End, minutes from Glasgow University, the Botanic Gardens and a whole host of retail and leisure amenities yet less than 0 minutes from Glasgow City Centre. Overlooking the River Kelvin, the. acre (. hectare) site is very private, set within an established residential neighbourhood, and benefits from a mature local environment. GREAT WESTERN ROAD A prime development opportunity within the heart of Glasgow s West End, on one of the finest residential development sites within the West of Scotland.

3 A Falkirk Kelvinside Terrace South Garriochmill Road The consented residential development of 9 dwellings consists of 9 townhouses and 75 apartments. The apartment mix is as follows: Greenock Glasgow Airport 2 M8 A76 A726 A M77 Great Western Rd B762 Maryhill Rd Argyle St B A77 A A728 0 Central Glasgow B76 A7 A70 M8 M80 A79 0 M7 A7 0 A A 2 2A 2A M7 A B80 Edinburgh A72 5 River Kelvin 2 Townhouses Hamilton Drive North Park Terrace Plan of consented scheme Plan not to scale - for identification purposes only Hamilton Drive Lane Hamilton Drive Building studio apartments 2 one bed apartments 9 two bed apartments three bed apartments duplex apartments penthouse Building 2 studio apartment one bed apartments 0 two bed apartments three bed apartments 2 penthouses Building one bed apartments 5 two bed apartments Building one bed apartment three bed apartments penthouse Location A76 Kilmarnock The site is located in the West End of the City of Glasgow. Glasgow as a city is famed for its architecture, arts, culture and style. The city is the largest within Scotland, with a population of over 600,000 and over.75 million people are located in the wider Glasgow area, within 0 miles of the city. Glasgow is Scotland s cultural capital, with a number of world class art galleries, museums and music venues such as the SECC and the newly opened SSE Hydro. The city attracts 2. million visitors a year and is set to be in the global spotlight in July and August of this year as it hosts the Commonwealth Games. Also known as Scotland s Style Capital, the city is renowned for being a top shopping location and is regarded by some to be the UK s most successful retail centre outside London. The city is also ranked within the top 20 of Europe s best performing financial centres, with numerous international companies having offices based in the city such as HSBC, JP Morgan, Morgan Stanley, GlaxoSmithKline, Dell and O2, to name a few. A727 Glasgow also has a vibrant student population, with three major universities located within it: The University of Glasgow, The University of Strathclyde and Glasgow Caledonian University. There are three higher education colleges also, all of which contribute to a student population of over 70,000, of which international students represent %. The majority of students live within the popular West End area. The site is located within a very prestigious and sought after location within the West End of Glasgow. Its proximity to the vibrant Byres Road and Great Western Road, both only a few minutes walk away, puts the site at the heart of the West End. This affluent locale offers future residents of the development a choice of world class dining, shopping, bars and cafe culture, all within walking distance of their home. The area also boasts some impressive vernacular architecture, comprising beautiful Victorian tenements and townhouses, housing a rich mix of families, young professionals, downsizers and students. The site lies immediately across Queen Margaret Drive from Glasgow s famous Botanic Gardens which provide lovely gardens and walks. The popular Kelvingrove Park and Kelvingrove Art Gallery and Museum are less than a mile away. A725 Map not to scale - for identification purposes only The site is also ideally located for Glasgow University and Glasgow Western Infirmary, both being approximately a 0 minute walk from the site. 0 Queen Margaret Drive is less than two miles from Glasgow s city centre and is easily accessible via Hillhead Subway station or via Great Western Road by car. The main shopping area along Buchanan Street, Sauchiehall Street and Argyle Street is easily accessible, and both Glasgow Central and Queen Street rail stations provide links to Edinburgh and the wider UK rail network. The site is conveniently located by the M8 and M7 motorway networks, which link Glasgow to the wider Scottish Central Belt. Glasgow Airport also provides international links and is less than 0 miles away from the site. Loch Lomond and the Trossachs National Park is less than 5 minutes drive from the site, providing numerous outdoor activities in addition to breathtaking scenery. Car Journey times Bus-link min Hillhead Subway Station 2 mins Partick Rail Station 5 mins M8 Motorway 5 mins Glasgow Central Station 7 mins STRATHCLYDE UNIVERSITY CITY CENTRE City Centre 8 mins RIVER CLYDE M8 MOTORWAY Glasgow Airport 5 mins Edinburgh hour Approximate travel times. Source: Google. PARK DISTRICT KELVINGROVE ART GALLERY GREAT WESTERN ROAD UNIVERSITY OF GLASGOW RIVER KELVIN GLASGOW BOTANIC GARDENS BYRES ROAD

4 6 7 Great Western Road - 2 Glasgow Botanic Gardens North Kelvin Meadow Queen Margaret Drive - B808 Maryhill Road - Notre Dame High School Highburgh Road Byres Road - B808 Hillhead Subway Station University of Glasgow Hamilton Drive Great Western Road - 2 Bank Street Glasgow Academy Kelvinbridge Subway Station M8 Motorway & City Centre Map not to scale - for identification purposes only Situation & Description The site being offered for sale together with the adjacent existing B listed North Park House and Charles Rennie Macintosh Anatomy building (both now in separate ownership) once formed the radio and television studios of BBC Scotland. The former studio buildings have since been cleared and the site has been made ready for development and is offered for sale in its present condition as a platformed, cleared development site. The site is accessed off Hamilton Drive, which provides the single access into the site. Hamilton Drive is found to the east off Queen Margaret Drive, and is a private tree-lined residential street populated by traditional sandstone Victorian style townhouses and villas. Hamilton Drive is not a through road, being bollarded just beyond the site boundary. As indicated, the site has been cleared and platformed for future development by its previous owners and is therefore clear of any buildings or obstructions. The existing platformed design does not correspond with the planning consent our clients have recently obtained. The site is bounded on its western side by the B listed North Park House and Charles Rennie Macintosh Anatomy building, which was bought separately and has subsequently been carefully refurbished as the offices and residential home of one of the city s eminent businessmen. On the eastern boundary are the gable ends of townhouses that form Hamilton Drive and this road itself forms the southern boundary of the site beyond which lie residential villas screened by a canopy of mature trees. Trees and vegetation screen the northern boundary of the site from the River Kelvin. The river is at a much lower level than the site and is accessed off a steep embankment. View of Glasgow University from Kelvingrove Park History The B listed North Park House, built between , lies adjacent to the site. A later addition to the building was the Charles Rennie Mackintosh and John Keppie Anatomy building to the north west boundary of the site. This was used for educational purposes, being the home of the former medical building of Queen Margaret College. In 95, the BBC relocated from premises on West George Street in the city centre, to Queen Margaret Drive. It was attracted to the leafy suburban area, with the Glasgow Botanics on its doorstep. The site formerly comprised tennis courts, gardens and bowling greens, which were demolished as the BBC expanded in an ad-hoc fashion. The former buildings on the site were interconnected and varied in age and importance, the majority of which were constructed in the 960s and did not relate well to the existing urban form. The proposed scheme will help the site to connect with the vernacular character and positively contribute to the neighbourhood. View of site from the north east As stated, the listed building was sold separately to the site and is being used as offices and a private residence.

5 8 Planning 9 The site benefits from a number of planning consents, some including the site and the listed buildings and others solely the site. The most recent planning permission is for the development of 9 townhouses and 75 apartments and was granted in January 20 (Ref 2/0220/DC). Previous consents were granted for the following residential schemes: i. Consent for the Erection of residential development of 55 flatted units and terraced units, associated access, parking and landscaping was granted on 2 September 20 with a Section 69 Agreement. Planning ref 08/02572/DC. ii. Consent for Mixed use development comprising erection of residential flats and three townhouses, use of broadcasting buildings as sui generis hotel (Full Hotel Licence) incorporating erection of extensions to broadcasting building to form part of hotel complex, associated access works, parking and landscaping was granted on 29 February The new build residential scheme comprises 9 townhouses and 75 apartments. The 9 townhouses front onto Hamilton Drive, and have a garage to the rear at a basement level. Accommodation is across four floors, including the basement level and the sizes of the proposed townhouses range from,70 sqft to,65 sqft (295 sqm to 22 sqm). The townhouses all benefit from roof terraces. The apartments are to be developed in four blocks, which step down in height from North Park House and have both under croft and surface level car parking. The consented apartments range from studios; one, two and three bed apartments; duplexes; and penthouses. The buildings range in storey height from seven to five floors. A detailed accommodation schedule is accessible at Our client s architect, CDA, is available to assist interested parties with any information they may require in respect of the proposed development. CGI - View from the north of proposed development "Other than just London, there is a wide set of Asian buyers, both from the emerged markets of Hong Kong and Singapore, as well other Asia Pacific market places, looking for medium and long term prime residential investments, especially in key university cities." Gavin Sung, Head of International Property Sales (Savills Asia Pacific) CGI - View from between building and 2 CGI - View looking west along Hamilton Drive Glasgow s West End Residential Market The West End of Glasgow is the city s prime residential market area, with average prices being double the city average. The prime area attracts an equity-rich mixed demographic; parents buying for children studying at the University of Glasgow; families; young and mature professionals; second home buyers; and investors attracted to the strong rental market in the area. Residential property in the West End continues to be in high demand and this has helped the local market shield itself from the worst effects of the economic downturn. As the economy improves, the area s residential market is enjoying strong demand and rising sales values. Savills Research report that the West End is recovering faster than Glasgow City in terms of price and transaction numbers. The average price in the G2 postcode was 28,8, which is unchanged from the 0 year long term average. In comparison, Glasgow City average price in 20 was 26,60, which is % lower than the 0 year long term average. The strength of the West End market has been further bolstered by the return of the million pound plus buyer with five residential transactions above million achieved in 20, which were the first such sales at or above this level since 20. The West End has also seen an increase in the number of new build residential developments and renewed appetite from developers for sites within the area. There are presently new build developments active in the West End, ranging from boutique developments to much larger schemes. Many of these have either sold out or are selling their final units. The return of the off plan sales market has provided developers with a further incentive to gain a foothold in this location. We believe that this long awaited development of the former BBC studios has the potential to be the best development of residential property within the West of Scotland. Developed with care, and ensuring a suitable level of quality, the developer has the chance to create a new level of value for new build residential property in the city. Byres Road CGI - View from the east of proposed development Ashton Lane

6 0 Disposal Process Bespoke Website A bespoke website has been created to give interested parties a comprehensive suite of information in relation to 0 Queen Margaret Drive. Full details of all the planning permissions, architect s plans, technical documents and legal agreements can be found at: Technical information is listed under the following headings: Particulars Design Brochures Planning Drawings Planning Consents Developers Approach Building Survey and Reports Site Investigation & Services Transport Process Agreement Misc Legal The Technical Pack can also be made available via CD-ROM by contacting the selling agent. Viewings Method of Sale 0 Queen Margaret Drive is being offered for sale on an unconditional basis, with vacant possession via an informal tender process. The sale will be conducted in two stages as follows: Stage Initial Bidding Interested parties will be notified of a closing date and requested to submit Heads of Terms for the subjects. The Heads of Terms can be submitted by either , fax or personal delivery to Savills Glasgow Office. The stage Heads of Terms should include the following information: Purchase price Proposed time frame for acquisition Deposit details Conditions and purchasing entity Written evidence of proof of funds Evidence of relevant past track record Details of specific due diligence required to complete the transaction Details of proposed team of advisers Stage 2 - Clarification Stage After a full assessment of the Heads of Terms received at stage, a shortlist of parties will be invited to clarify their offer at the Clarification Stage. The shortlisted parties will be provided with a draft Offer to Sell which they should complete and return to Savills. Boundaries The purchaser should be deemed to have full knowledge of all boundaries, and neither the Vendor nor the Vendor s Agents will be responsible for defining the boundaries or ownership thereof. Plans, Areas, Photographs and Schedules These are based on the Ordnance Survey, and are for reference only. Please note, some photographs used are of the site in They have been checked and computed by the Vendor s Agent and, by submitting an offer for the subjects at the closing date, the purchaser shall be deemed to have satisfied themselves as to the description of the property. Any error or mistake in the plans or schedules attached to these particulars shall not annul the sale nor entitle either party to compensation in respect thereof. Strictly by appointment with Savills. Following the Clarification Stage, a preferred bidder will be selected and granted an Exclusivity Period in which to conclude unconditional missives. Glasgow Botanic Gardens Contact For further information please contact: Jamie Doran jdoran@savills.com Rebecca Harper rharper@savills.com CGI - View of proposed development from south east

7 2 queenmargaretdrive.com Savills, their clients and any joint agents give notice that:. They have no authority to make or give any representations or warranties in relation to the property. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. March Queen Margaret Drive, Glasgow, G2 8DQ