FOR SALE. Sheridan Property Consultants CITY CENTRE TOWNHOUSE OFFICE INVESTMENT OFFERS OVER 575,000 (6.63% NIY)

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1 FOR SALE WEST REGENT STREET GLASGOW G2 1RW CITY CENTRE TOWNHOUSE OFFICE INVESTMENT OFFERS OVER 575,000 (6.63% NIY) Sheridan Property Consultants

2 Executive Summary: Prime Townhouse Office Investment in the heart of Glasgow s City Centre; Rare opportunity to acquire a two storey, traditional office with its own main door entrance; And, a self-contained lower ground floor office; Category B Listed; Secured gated car park to the rear of the property; Exciting development planned within the immediate vicinity; Total passing rent of 39,850 per annum; We are instructed to seek offers in excess of 575,000 (FIVE HUNDRED AND SEVENTY FIVE THOUSAND POUNDS STERLING) exclusive of VAT. A purchase at this level would show a net initial yield of 6.63% after allowing for purchaser s costs of 4.60% including LBTT (Land Building and Transactions Tax) 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, with an urban population of approximately 1.1 million people and a total catchment population of over 2.3 million people within a 40-minute drive, making Glasgow the third largest urban centre in the UK. Glasgow boasts a strong, vibrant and growing economy and hosts the headquarters for a number of Plc companies including Scottish Power, Clydesdale Bank, Weir Group and Scottish Mutual Insurance WEST REGENT STREET, GLASGOW G2 1RW P1

3 Situation: The subject property is situated in a prominent location on the North-East side of West Regent Street within Glasgow s City Centre. West Regent Street forms part of the one-way system on to West Nile Street and also forms part of Glasgow s exclusive Blythswood Square. Nearby occupiers include Redpath Bruce, Keppie Design, Aviva, Unite & Dakota Hotel. There is currently an exciting, ongoing planning application for the erection of a brand new, purpose built 8 storey serviced apartment block for 50 apartments together with ground floor restaurant premises at 141 West Regent Street. Description: The subjects comprise a lower ground, ground and first floor, mid-terraced traditional sandstone building held under a pitched and slated roof. The ground and lower ground benefit from their own private entrance. Internally, the subjects are traditionally cellular in nature which have been refurbished to an extremely high standard. The subject property has been fully sub-divided offering strong redevelopment/conversion to residential potential. Accommodation: We have measured the subject premises in accordance with the RICS Code of Measuring Practice 2007 (Sixth Edition) and the subject extends to the following net internal areas and dimensions: FLOOR TENANT SIZE SQ M SIZE SQ FT First Lincoln IP Ground Lincoln IP Lower Ground M Q Estate Agency TOTAL ,564 In addition to the internal demise there is a secure gated car park to the rear of the property accessed via Bath Lane that can accommodate up to 5 vehicles in tandem WEST REGENT STREET, GLASGOW G2 1RW P2

4 Tenure: The property is held on a Heritable title (Scottish equivalent of English Freehold). Tenancy Information: 148 West Regent Street MQ Estate Agency occupy the lower ground floor from 14 January 2012 with expiry due 14 October 2019 at a passing rent of 14,250 per annum on Full Repairing & Insuring terms. 150 West Regent Street Lincoln IP occupy the ground and first floors together with the rear car park from 15 October 2014 with expiry due 14 October 2019 at a passing rent of 25,600 per annum on Full Repairing & Insuring terms, subject to a photographic schedule of condition. Both leases run co-terminus with one another and the total combined rent is 39,850 per annum WEST REGENT STREET, GLASGOW G2 1RW P3

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7 Covenant: Lincoln IP Ltd are a firm of attorneys focused on Intellectual Property Services focusing on trademarks and patents. The firm has been established for over 10 years with a further office in Aberdeen. They have an A1 Dun + Bradstreet Credit Rating showing minimal risk of business failure with a Tangible Net Worth 685,522. MQ Estate Agents Ltd since inception 6 years ago have developed into one of Scotland s top Estate Agencies. In their first year they were shortlisted by The Sunday Times and Times newspapers as one of the top new Estate Agencies in the United Kingdom. They have 11 satellite offices across Scotland serving the Borders, Central Belt and Highlands & Islands. VAT: Our clients have elected to waive exemption for VAT and accordingly VAT will be payable on the purchase price, although we anticipate the sale will be treated as a TOGC. Legal Costs: Each party will be responsible for their own legal costs incurred in connection with the transaction. EPC: The subjects have an EPC rating as follows; 148 West Regent Street: G 150 West Regent Street: E Proposal: We are instructed to seek offers in excess of 575,000 (FIVE HUNDRED AND SEVENTY FIVE THOUSAND POUNDS STERLING) exclusive of VAT. A purchase at this level would show an attractive net initial yield of 6.63% after allowing for purchaser s costs of 4.60% including LBTT (Land Building and Transactions Tax). Further Information Sheridan Property Consultants Sheridan Property Consultants 37 One, 37 George Street, Edinburgh EH2 2HN Tel Stewart Sheridan stewart@sheridanproperty.co.uk Cathal Keane cathal@sheridanproperty.co.uk Graeme Millar graeme@sheridanproperty.co.uk 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, reference to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them and are advised to do so; (iii) no person in the employment of Sheridan Property Consultants has any authority to give representation or warranty whatever in relation to this property; (iv) all prices, rents and premiums quoted are exclusive of VAT at current rate. Date of publication: February 2018