JEWSON SAINT-GOBAIN, 300 CROWNPOINT ROAD, GLASGOW G40 2UJ TRADE COUNTER AND HEADQUARTERS PREMISES INVESTMENT OPPORTUNITY
JEWSON SAINT-GOBAIN, 300 CROWNPOINT ROAD, GLASGOW G40 2UJ INVESTMENT CONSIDERATIONS Strategically located Trade Park and Headquarters Building 2 miles from Glasgow city centre Heritable (Scottish freehold equivalent) Let to Saint-Gobain Building Distribution Limited (Jewsons) for a further 11 years (certain) at a passing rent of 286,246 p.a. ( 3.20 psf) Saint-Gobain Building Distribution Limited are a 5A1 covenant with a reported Turnover of 681,498,000 and net worth of 141,656,000 Five yearly rent reviews based on 2.5% annual increases (compounded) providing a minimum uplift in 2017 to 323,861 p.a. and 366,419 p.a. in 2022 Large site totalling 1.74 ha (4.29 acres) providing a site cover of 43% with long-term redevelopment potential We are instructed to seek offers in excess of 3,800,000 (Three Million Eight Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level provides an attractive net initial yield of 7.1% rising to 8.1% in 2017 (after allowing for standard purchasers costs in Scotland)
O r Street JEWSON TRADE COUNTER AND HEADQUARTERS PREMISES INVESTMENT OPPORTUNITY LOCATION Glasgow is the largest city in Scotland with a resident population of approximately 610,000 people and a wider catchment population in the region of 2.5 million. The City forms the principal commercial area in the central belt and west coast of Scotland with key employment sectors including; industrial, retail, banking, financial services, public administration, education and tourism. The City benefits from excellent transport communications with the M8 motorway providing access to the national motorway networks via the M74 and M77. The City has two main railway stations which link Glasgow to other key cities across the United Kingdom, Glasgow International Airport is located 9 miles to the west of the city centre, accommodating 30 airlines and providing regular domestic, European and transatlantic flights. GLASGOW M77 M80 M73 M74 M9 M8 PERTH EDINBURGH DUNDEE The People s Palace & Winter Garden A749 London Ro ad Glasgow Green A74 Arcadia Street The Green Glasgow Green Football Centre James Street Abercromby Street Tullis Street Bridgeton Main Street Bellgrove A89 Gallowgate Crownpoint Road A749 Brook Street Fordneuk Street Broad Street JEWSON Avenue Street B763 Dunn Street B763 Fielden Street B763 Millerston Street Alma St Barrowfield Street A74 London Road A728 Clyde Gateway A89 Bigger Street Celtic Park A89 Gallowgate Shettleston Roa
JEWSON SAINT-GOBAIN, 300 CROWNPOINT ROAD, GLASGOW G40 2UJ Crown Copyright, ES 100004106 SITUATION DESCRIPTION SITE AREA The Property is situated approximately 1.2 miles east of Glasgow city centre. The Property occupies a prominent corner position on the junction with Crownpoint Road and Fielden Street. The M8 Motorway is located approximately 1.7 miles north of the Property with the M74 approximately 1.8 miles to the south. The property comprises a trade counter with ancillary warehouse and office accommodation arranged over ground and part first floor levels totalling 89,452 sq ft (8,310.3 sq m). The property has been subdivided into two sections with the trade counter and warehouse accommodation to the south and a two storey office building with part warehouse and part trade counter accommodation to the north of the property. The site area totals 1.74 ha (4.29 acres), providing a site cover of 43%. The immediate area forms an established commercial location which includes Forge Retail Park and Shopping Centre 0.1 miles to the north and Celtic Football Club 0.2 miles to the east. Surrounding notable occupiers include; ASDA, Argos, B&Q, Tool Station and Sports Direct. The warehouse accommodation benefits from multiple roller shutter door access and a minimum eaves height of 5 metres. The office accommodation includes predominantly suspended ceilings with fluorescent tube lighting and wall mounted electric heaters. The property benefits from a large secure yard to the south incorporating car parking with open storage. There are a further 105 car spaces to the north of the property. TENURE Heritable AWULT The property provides an unexpired expiry of 11 years (certain).
JEWSON TRADE COUNTER AND HEADQUARTERS PREMISES INVESTMENT OPPORTUNITY COVENANT INFORMATION Saint-Gobian Building Distribution Limited D & B Rating: 5A1 Experian Risk Disk: Very Low Risk Saint-Gobian Building Distribution Limited for the year ending 31/12/2014 reported a turnover of 681,498, a pre-tax profit of 6,640,000 and a total net worth of 141,656. TENANCY: The property is let to Saint-Gobain Building Distribution Ltd for a term of 20 years from 6th April 2007 expiring on 5th April 2027 (11 years unexpired). The current rent passing is 286,246 per annum ( 3.20 psf). The lease is subject to 5 yearly rent reviews based on the higher of 2.5% annual increases (compounded) or OMRV. Therefore, the rent will rise to 323,861 per annum in 2017 and 366,419 per annum in 2022. TENANCY SCHEDULE Tenant Lease Start Lease Expiry Next Review Area (sq ft) Current Income p.a Rent ( psf) Comments Saint-Gobain Building Distribution Ltd 06-Apr-07 05-Apr-27 06-Apr-17 89,452 286,246 3.20 5 yearly rent reviews based on 2.5% annual increases (compounded). Lease is subject to a schedule of condition. Total 89,452 286,246 3.20
VAT The property has been elected for VAT and it is assumed the sale will be conducted via a Transfer of Going Concern (TOGC). EPC Full EPC available upon request. PROPOSAL We are instructed to seek offers in excess of 3,800,000 (Three Million Eight Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level provides an attractive net initial yield of 7.1% rising to 8.1% in 2017 (after allowing for standard purchasers costs in Scotland). For further information or to make arrangements for viewing please contact: Jeremy Hodgson 020 7543 6709 jeremy.hodgson@allsop.co.uk James Salmon 020 7543 6880 james.salmon@allsop.co.uk Mark Dansky 020 7543 6813 mark.dansky@allsop.co.uk www.allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandhq.co.uk 04.16