44-48 Argyle Street, Glasgow, G2 8AH For Sale Prime High Street Retail Investment

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1 For Sale Prime High Street Retail Investment

2 Investment summary 50 metres Prime high street retail investment. Copyright and confidentiality Experian, Crown copyright and database rights 2015 Ordnance Survey ,079 sq ft arranged over basement and ground floors. Current net income of 158,824 per annum reflecting a rebased rent of 95 Zone A. Experian Goad Plan Created: 06/10/2015 Created By: Lambert Smith Hampton For more information on our products and services: Offers are invited in excess of 1,936,000 reflecting goad.sales@uk.experian.com a net initial yield of 7.75% New FRI lease to Yours Clothing Limited on a new 10 year lease (tenant break option end of year 5).

3 Location Glasgow is Scotland s largest city and third largest in the UK, with a resident population in excess of 600,000 persons and a catchment in excess of 3 million. The city benefits from excellent communication links via the M8 motorway providing direct access to Edinburgh in the east and Glasgow International Airport 8 miles to the west. In addition, the new M74 extension immediately to the south of the Kingston Bridge offers direct access south to Carlisle and the M6 via the M73 and north via the M80 to Stirling and the north of Scotland. Glasgow Airport offers regular domestic, European and transatlantic flights with current annual passenger numbers of 8.1 million. In addition, the city benefits from two main railway stations, Central Station and Queen Street Station. These both provide rail services throughout Central Scotland with National Express and Virgin operating regular services to other main UK cities. Glasgow is also served by an underground and low level rail system linking the city centre to outlying suburbs. The Glasgow city centre office market is one of the key centres in the UK with major corporate occupiers including J P Morgan, Scottish Power, RBS, O2, Lloyds, Barclays, Shell, Santander, Tesco Bank and Direct Line. Glasgow is widely regarded as the UK s strongest shopping destination outside London. City centre retail floor space is estimated at 3 million sq ft and the city ranks number 1 on the PMA Retail Provision score out of 200 retail centres. There are 2.24 million people within a 45 minute drive of the city and the prime thoroughfare of Buchanan Street (150 metres from the subject) attracts an estimated 1 million shoppers weekly. Glasgow also sits at the top tier of the comparison spend and at 2.56 billion is ranked second only behind London s West End. Situation The property is located on the north side of Argyle Street in Glasgow city centre. The building is located at the end of the terrace within the block bounded by Miller Street to the west and Virginia Street to the east. The area surrounding the subject comprises mainly retail use. Nearby occupiers include TK Maxx, WH Smith, Sportsdirect.com, Poundworld, Card Factory, American Candy, Superdrug, Primark, Debenhams, HMV, Marks & Spencer and Barclays. The front elevation of the building is to Argyle Street and the property also has one elevation (west) to Miller Street. The subject is bounded by neighbouring buildings to the east and north elevations. The main entrance to the unit is from Argyle Street.

4 Description The subject comprise the basement and ground floors within a four storey building of steel framed construction with concrete floors and a flat concrete roof which has been overlaid with a bituminous felt. The building was originally constructed in the 1950s however was extensively refurbished in The elevations to Argyle Street and Miller Street comprise polished reconstituted sandstone on the upper floors and the smaller windows are modern double glazed units. The display windows on the ground floor are single glazed units which are largely floor to ceiling height. The main entrance to the retail unit comprises a sliding double door and the entrances from Miller Street comprise double modern aluminium framed units with double glazing. The service yard to the rear is accessed through a vertical galvanised steel roller shutter with a clear height of approximately 3 meters. The subject property is finished to the tenants standard finish to include fluorescent strip lighting, suspended ceilings, plastered and painted walls and glazed shop front. The basement level largely comprises an open plan area accessed by a passenger lift and a goods lift. Accommodation From measurements taken on site we calculate that the property provides the following approximate accommodation, measured in accordance with the RICS Code of Measuring Practice (6th Edition):- Unit Floor Sq M Sq Ft 2 Basement ,490 2 Ground ,589 Total ,079 The property provides for a total reduced area of 1,949 sq ft in terms of Zone A.

5 Tenancy The property is let in its entirety to Yours Clothing Limited on a new 10 year lease from 14 September 2015 at an initial rent of 185,000 per annum which is subject to a rent review to open market value at the end of year five and a tenant only break option. The lease is drawn on full repairing and insuring terms with the tenant responsible for a service charge contribution for the up keep of common parts. The property has a service charge shortfall for the current financial year of 26,176 per annum. Consequently, the current net passing rent is therefore 158,824 per annum. Covenant Yours Clothing Limited is a Plus Size Ladies Fashion retailer with over 70 stores across the United Kingdom as well as a presence in the Middle East. Summary accounts information are as follows:- Year Ending 01/02/15 Year Ending 02/02/14 Year Ending 03/02/13 Net Worth 5,302,851 3,515,000 1,395,000 Turnover 48,707,051 32,098,000 26,620,000 Pre- Tax Profit 2,624,286 2,268,000 1,434,000 Source: Experian (November 2015) Tenure The property is held under a long leasehold title of 149 years commencing 22 June 2011 at an annual rent 1 if demanded.

6 EPC The property provides for an energy rating of E76. Full copies of the certificates can be provided upon request. VAT The property is elected for VAT and we anticipate that this transaction will be treated as a Transfer of a Going Concern. Proposal We have been instructed to seek offers over 1,936,000 (One Million, Nine Hundred and Thirty Six Thousand Pounds) exclusive of VAT and subject to contract. An offer at this level would reflect a net initial yield of 7.75% after allowing for standard purchasers costs including LBTT. Further Information For further information, please contact:- Ewen White Martin McCloy ewhite@lsh.co.uk mmccloy@lsh.co.uk Glasgow Office Lambert Smith Hampton Belfast Office Lambert Smith Hampton 227 West George Street 4/10 May Street Glasgow G2 2ND Belfast BT1 4NJ Subject to Contract and Exclusive of VAT Lambert Smith Hampton January 2015 Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any ( LSH ) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists impressions or architects drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.