THIRTY THREE BOTHWELL STREET

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Diane Caldwell
6 years ago
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1 THIRTY FOR SALE INVESTMENT SUMMARY Total passing rent of 484,873 per annum Prime CBD location Office Retail income ratio of circa 94% : 6% Approximately 27,375 sq ft of well specified accommodation Uniform floorplates of approximately 4,700 sq ft WAULT of 5.26 years breaks Tenants include Starbucks, Chase Devere IFA Group Plc, Turner & Townsend Group and Lambert Smith Hampn Heritable interest for sale (Scottish equivalent of English freehold) Seeking offers in excess of million (SIX MILLION, FIVE HUNDRED AND TWENTY FIVE THOUSAND POUNDS STERLING), exclusive of VAT, which reflects a Net Initial Yield of 7% and a reversionary yield of 7.7%, after allowing for purchaser s costs at 6.5%

THIRTY Location Glasgow is the largest city in Scotland, the commercial and industrial capital of the country and the administrative centre for the West of Scotland.

3 THIRTY Location Glasgow is the largest city in Scotland, the commercial and industrial capital of the country and the administrative centre for the West of Scotland. The city has an urban population of approximately 600,000 people and a catchment population of over 2.3 million people within a 40 minute drive, making Glasgow the third largest urban centre in the UK. Glasgow is Scotland s centre of employment and an economic powerhouse, generating 8 billion in gross value added each year. There are.2 million working age people within a 45 minute commute of the city and 2 million within an hour. The city is home an impressive list of blue chip companies and major global organisations across numerous secrs including Santander, Morgan Stanley, The Student Loans Company, KPMG, Ministry of Defence, BT, Aggreko, Scottish Power and Scottish & Southern Energy. CENTRAL STATION HOPE RADISSON BLU ST VINCENT NCP WATERLOO M8 HILTON Glasgow city centre is renowned as the p retail centre in the UK outside London s West End, providing a first class offer from high street multiples boutiques international flagship sres. The city is home over 30,000 further and higher education students from over 35 countries.the city benefits from one of the most state of the art telecommunications infrastructures in Europe. BT has invested more than 50 million in the city s broadband infrastructure. WEST GEORGE BLYTHSWOOD SQUARE

DIA s nt Offices) 20 Strathclyde 2 5 7 7 8 8 5 7 8 8 9 9 3 7 25 3 0 39 NEWTON dersn Station 33-320 St Vincent Street St.

Situated at the corner of Bothwell Street and Wellingn Street, the building is located within minutes of all public transportation nodes including Glasgow Central and Queen Street Railway Stations,

4 DIA s nt Offices) 20 Strathclyde NEWTON dersn Station St Vincent Street St. Vincent Plaza 2 THIRTY Situation 33 Bothwell Street occupies a strategic location in the heart of Glasgow s prime office core and in the International Financial Services District. Situated at the corner of Bothwell Street and Wellingn Street, the building is located within minutes of all public transportation nodes including Glasgow Central and Queen Street Railway Stations, the bus networks and the Subway Stations. Furthermore, direct access the M8 morway is close by. An extensive array of city centre amenities including Starbucks, Sainsbury s Local, Costa, Indigo, Central and Marks & Spencer are in immediate proximity. Description ST VINCENT BISHOP LANE 33 Bothwell Street is a prominent six srey modern landmark office building providing high specification office accommodation with ground floor retail unit and basement parking accessed from the lane rear. The building is accessed at ground level via a high quality, fully refurbished, manned reception. Two passenger lifts serve all floors. The office accommodation provides the following general specification: A combination of underfloor and perimeter trunking Metal tile suspended ceiling incorporating LG7 lighting Comfort cooling on some floors Tea preparation point on each floor Male and female WC facilities on each floor DDA compliant OAK RICHARD WEST GEORGE PITT ARGYLE The building has been proactively maintained with recent items of expenditure including new full roof covering, new marble floor in the reception and a bespoke reception desk, marble ground floor wrap external elevations, two new boiler systems, new DDA ramp and au door and a cladding panel check and grouting of all elevations Dalmore Telephone Exchange Telephone Exchange Dalriada 56 Cuprum Ravenseft Blythswood Court Pegasus St Columba Church CADZOW Europa Kentigern Car Park DOUGLAS 278 St Vincent Street Free Church Bothwell Street Cerium 60 PITT DOUGLAS LANE WEST GEORGE LANE 276 REET The Pinnacle 99 DOUGLAS LANE 264 HANOVER DOUGLAS BLYTHSWOOD SQUARE ST VINCENT LANE CADOGAN CADOGAN SQUARE SENTINEL MULTI-STOREY CAR PARK SPECTRUM BLYTHSWOOD SQUARE BLYTHSWOOD SQUARE 20 Aurora 76 Royal Faculty of Physicians and Surgeons BLYTHSWOOD SQUARE WEST CAMPBELL BATH LANE 6 59 Bank 4 PRINCESS 6 7 EPIC RICHMOND EXCHANGE a WEST CAMPBELL ST ST VINCENT WATERLOO CADOGAN EQUINOX HOLM FITZPATRICK MERCANTILE CHAMBERS ATRIUM COURT ALHAMBRA CENTENARY MERIDIAN COURT ARGYL a WELLINGTON 9 ll PACIFIC BALTIC CHAMBERS ALLAN CENTRAL EXCHANGE WATERLOO CHAMBERS WELLINGTON 5 35 Cornersne WEST REGENT LANE WEST GEORGE KIRKSTANE HOPE Wellingn 60 CENTRAL HOTEL Aspect Court 80 Robert Owen HOPE CENTRAL STATION WEST RWF Bank

5 Covenant Income Analysis Tenant D&B Rating Sales Turnover Profit (Loss) Before Taxes Tangible Net Worth Starbucks Coffee Co (UK) Limited 5A 408,72,070,056,96 35,53,082 Consumer Credit Counselling Service (Scotland) D2 54,538 (49,28) 7,655 My BPOS Limited A2 5,22,379 39,05 430,768 Turner & Townsend Group Limited A 24,083,000 5,889,000,057, % 8.29% 5.98% 8.62% 6.09% Income % based on tenant rent per annum. Starbucks 29,000 CCCS 4,800 Lend Lease Construction (EMEA) Limited 5A 44,33,000 0,609,000 78,807,000 Chase Devere IFA Group Plc 3A 48,88,000 4,06,000 9,524,000 Lambert Smith Hampn 2A 68,00,000 6,993,000 3,620, % 6.29% BPOS 78,000 Turner & Townsend 79,000 Lend Lease 79,200 Chase Devere 89,7 Lambert Smith Hampn 88,702 Tenancy NAME FLOOR / DEMISE AREA SQ FT AREA SQ M LEASE START LEASE EXPIRY BREAK OPTION RENT REVIEW RENT (pa) RATE (sq ft) ERV COMMENTS Starbucks Coffee Co (UK) Limited Consumer Credit Counselling Service (Scotland) Part Ground Sre Part Ground B. Sre , /08/997 28/05/22 28/05/7 29, ZA 60 ZA ITZA 626 sq ft 9/0/202 8/0/22 8/0/7 4, My BPOS Limited st Floor 4, /04/200 28/02/2 28/02/6 78, Turner & Townsend Group Limited 2nd Floor 4, /04/2000 0/09/9 0/09/206 & 207 Guarantee from Foundation for Credit Counselling. 2 x car parking spaces (2 & 3,500 pa. Rent inclusive of 2 x car parking spaces (tandem) 24/06/7 79, Rent inclusive of 2 x car parking spaces Lend Lease Construction (EMEA) Limited 3rd Floor 4, /02/200 27/05/20 28/05/5 79, /05/205 tenant break option not excercised. Rent inclusive of 2x car parking spaces ( & 2). 205 rent review outstanding. Schedule of condition. Chase Devere IFA Group plc 4th Floor 4, /0/204 30/09/24 0/0/9 0/0/9 89, Includes x 2 car parking spaces (5 & 8). Lambert Smith Hampn 5th Floor 4, //205 0//25 0//20 02//20 88, Rent includes 2 x car parking spaces at 2,375 each. Total Income 27,375 2, ,873

6 THIRTY Asset Management The two recent lettings Chase Devere IFA Group Plc and Lambert Smith Hampn reflect headline rents of 7.73 / sqft and 8 / sqft respectively. These lettings show an improvement on previous rental levels achieved in the building and provide evidence for rental growth on the other floors. The quality of these tenants demonstrate the appeal of 33 Bothwell Street corporate occupiers. Specific asset management opportunities are as follows: Initiate the 205 Lend Lease Rent Review Rent Reviews in 206 & 207 Lease renewals on existing tenancies Glasgow s Office Market Glasgow s occupational office market has improved considerably since 203, driven by improved economic conditions and a lack of Grade A supply. 204 take up was approx. 643,442 sq ft significantly ahead of the 5 year average of approx. 500,000 sq ft. The overall vacancy rate for the city centre is at 9.5% of which the new build Grade A accommodation equates only.4%. The market has become more balanced in 205, tenant demand has increased, void periods have shortened and incentive packages have reduced. The new office developments at 0 Queen Street and West Regent Street have been very successful in attracting p quality tenants at new headline rents for the City. Recent Office Lettings Date Transaction Address Size (sq ft) Rent Tenant Q 205 Letting 76 St Vincent Street 4, Towergate Q4 204 Letting 45 Waterloo Street 2, JP Morgan Q4 204 Letting Centenary, Wellingn Street Investment Transactions 8, Baker Tilly Q3 204 Letting 2 West Regent Street 4, Colliers Address Price NIY Purchaser Date Comments 63 West George Street 8.7m 6.47% Private Q3 205 Kintyre, 205 West George Street Granite, 3-33 Sckwell Street 5.35m 6.5% L&G Q m 7.70% Ambassador Group Q St Vincent Street 5.5m 7.70% Benson Elliot Q St Vincent Street 27.3m 6.35% AAM Q4 204 Grade B multi let office. WAULT of 3.88 years. Average rent of circa 7/sq ft. Core location. Grade A multi let office. WAULT breaks of 3.6 years. Grade B multi let office. WAULT break of circa 3 years. Non core location. Grade B multi let office. WAULT break of circa 3 years. Fully refurbished 970s building in core location. WAULT break of circa 4 years.

Retail The ground floor retail unit is let Starbucks at a passing rent of 29,000 per annum, reflecting a Zone A rate of only 46.33 sq ft.

Recent key evidence includes the following transactions: 5 Bothwell Street, Glasgow In May 204, Social Bite agreed a new 0 year lease at a rent of 25,000 per annum.

Office Based on the recent lettings of the 4th and 5th floors Chase Devere IFA Group plc and Lambert Smith Hampn at headline rental rates of 7.73 sq ft and 8.

07 Hope Street, Glasgow In 204, National Holdings Limited agreed a 0 year lease extension at the passing rent of 6,000 per annum. The tenant received 7 months rent free.

7 Retail The ground floor retail unit is let Starbucks at a passing rent of 29,000 per annum, reflecting a Zone A rate of only sq ft. Recent rental evidence in the vicinity indicates a rental ne broadly ranging between 60 sq ft Zone A - 70 sq ft Zone A. Recent key evidence includes the following transactions: 5 Bothwell Street, Glasgow In May 204, Social Bite agreed a new 0 year lease at a rent of 25,000 per annum. The property has a reduced area of 423 sq ft and the tenant received 3 months rent free and a break option at year 5. The analysis reflects a Zone A rate of 59.0 sq ft. Office Based on the recent lettings of the 4th and 5th floors Chase Devere IFA Group plc and Lambert Smith Hampn at headline rental rates of 7.73 sq ft and 8.00 sq ft respectively, it is our opinion that the prevailing ERV for the office element is now set at 8.00 sq ft. The tal ERV for the property is, in our opinion, 530,887 per annum. 07 Hope Street, Glasgow In 204, National Holdings Limited agreed a 0 year lease extension at the passing rent of 6,000 per annum. The tenant received 7 months rent free. The deal reflects a Zone A rate of sq ft based on a reduced area of 838 sq ft. 05 Hope Street, Glasgow In November 203, Ladbrokes agreed a new 5 year lease at a rent of 40,000 per annum for a shop with a reduced area of 584 sq ft. Ladbrokes received a break option at year 0. The rental analysis reflects a Zone A rate of sq ft. The above transactions post date the 202 rent review of the Starbucks. It is our opinion that the ERV of the Starbucks is 37,560 per annum, reflecting a Zone A rate of sq ft.

8 THIRTY VAT Our clients have elected waive exemption for VAT and accordingly VAT will be payable on the purchase price, although we anticipate the sale will be dealt with by way of a Transfer of Going Concern (TOGC). Viewing & Further Information Please contact the selling agents: EPC The Energy Performance Certificate currently provides a rating of D. Investment Proposal We are instructed seek offers in excess of million (six million, five hundred and twenty five thousand pounds sterling) exclusive of vat for our client's heritable interest subject and with the benefit of the existing lease. A purchase at this level would show an attractive net initial yield of 7% and a reversionary yield of 7.7% after allowing for purchasers costs at 6.5%. Sheridan Property Consultants 37 ONE, 37 George Street Edinburgh, EH2 2HN Cathal Keane cathal@sheridanproperty.co.uk Stewart Sheridan stewart@sheridanproperty.co.uk Lambert Smith Hampn 227 West George Street Glasgow G2 2ND Ewen White ewhite@lsh.co.uk Andrew Shiells ashiells@lsh.co.uk IMPORTANT NOTICE Lambert Smith Hampn / Sheridan Property Consultants for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of an offer or contract; (ii) all descriptions, dimensions, references condition and necessary permissions for use and occupation, and other details are given in good faith and are believed be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as the correctness of each of them; (iii) no person in the employment of Lambert Smith Hampn / Sheridan Property Consultants has any authority make or give any representation or warranty whatever in relation this property. Date of Preparation of Details: November 205.

189 HOPE STREET, GLASGOW G2 2UL FOR SALE LICENSED RESTAURANT INVESTMENT OFFERS IN EXCESS OF 315,000 (8% NIY) Sheridan Property Consultants

FOR SALE 189 HOPE STREET, GLASGOW G2 2UL LICENSED RESTAURANT INVESTMENT OFFERS IN EXCESS OF 315,000 (8% NIY) Sheridan Property Consultants Executive Summary: Extensively refurbished licensed restaurant