FOR SALE 273-275 KILMARNOCK ROAD GLASGOW G41 3JF PROMINENT VAT FREE RETAIL INVESTMENT OFFERS IN EXCESS OF 215,000 (7.93% NIY) Sheridan Property Consultants
Executive Summary: Prominent, extensively glazed retail investment; Passing rent of 17,500 per annum ( 23.74/sqft Zone A); Let to Creative Kitchen Solutions Limited trading as Dream Doors until March 2027 (TBO 2022); Situated in an established retail thoroughfare in the Shawlands suburb of Glasgow; Extensive fit out undertaken by the tenant; VAT Free Investment; Excellent opportunity to acquire a small lot size investment in Glasgow; We are instructed to seek offers in excess of 215,000 (TWO HUNDRED & FIFTEEN THOUSAND POUNDS STERLING) exclusive of VAT. A purchase at this level would show an attractive Net Initial Yield of 7.93% after allowing for purchaser s costs of 2.71% including LBTT. 273-275 KILMARNOCK ROAD, GLASGOW G41 3JF P1
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 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. Situation: The subjects are located on the east side of Kilmarnock Road close to the junction of Regwood Street. Kilmarnock Road is in the Shawlands suburb of Glasgow. Shawlands is a vibrant location as it is the main retail, leisure and cultural centre on the south side of Glasgow. The subjects are located in close proximity to a number of retailers and estate agents which include Shepherd Surveyors, Docherty Chemist, Pacitti Jones, Allied Surveyors Scotland and Clyde Property Estate Agents. 273-275 KILMARNOCK ROAD, GLASGOW G41 3JF P2
DOMINOS PIZZA HUGH GREENS COFFEE HOUSE DREAM DOORS LOVE THESE LASHES RETTIES BLOW HAIRDRESSERS TAX ACCOUNTANT Description: The subjects comprise a double fronted, ground floor retail premises within a four storey building under a pitched and slated roof. Internally, the premises have recently been fitted out in the corporate style of the tenant, Dream Doors. Accommodation: We have measured the subject premises in accordance with the RICS Code of Measuring Practice (Sixth Edition) and would estimate that the subjects extend to the following approximate areas and dimensions: REDUCED FLOOR AREA FLOOR/ZONE SQ FT SQ M RED FAC SQ FT SQ M Zone A 408 37.92 1 408 37.92 Zone A1 359 33.35 0.85 305 28.34 Rear of shop 95 8.83 0.25 24 2.23 TOTAL NET INTERNAL AREA 862 80.08 TOTAL REDUCED AREA 737 68.49 Tenure: The property is held on a Heritable title (Scottish equivalent of English Freehold). 273-275 KILMARNOCK ROAD, GLASGOW G41 3JF P3
Tenancy Information: The subject property is let to Creative Kitchen Solutions Limited t/a Dream Doors on a Lease from 14 March 2017 expiring 14 March 2027 subject to a Photographic Schedule of Condition at a current passing rent of 17,500 per annum ( 23.74/sqft Zone A). The tenant benefits from a break option on the fifth anniversary of the Date of Entry. In terms of the Lease there is a rent review on 14 March 2022. The Landlords holds a 6-month deposit ( 8,750) which is transferrable to the purchaser. The deposit will be returned to the tenant 3 years after the Date of Entry, provided the tenant adheres to their lease obligations. Covenant Information: Dream Doors is an award-winning franchise that was established in 1999. It has more than 70 successful showrooms. Further information can be found at www.dreamdoorsfranchising.co.uk. EPC: The subjects have an EPC rating of G. Proposal: We are instructed to seek offers in excess of 215,000 (TWO HUNDRED & FIFTEEN THOUSAND POUNDS STERLING) exclusive of VAT. A purchase at this level would show an attractive Net Initial Yield of 7.93% after allowing for purchaser s costs of 2.71% including LBTT. Further Information: Sheridan Property Consultants 37 One 37 George Street Edinburgh EH2 2HN Sheridan Property Consultants VAT: This is a VAT free investment and therefore there is no VAT payable on the purchase price. Legal Costs: Each party will be responsible for their own legal costs incurred in connection with the transaction. Tel 0131 300 0296 Stewart Sheridan 07740 940898 stewart@sheridanproperty.co.uk Cathal Keane 07808 627224 cathal@sheridanproperty.co.uk Graeme Millar 07523 512804 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: November 2018