stop Prime City Centre Opportunity - Glasgow - Singer Vielle Sales

Prime City Centre Opportunity

96 St Vincent Street | Glasgow | G2 5UB

£1,100,000

Offers in excess of

SOLD

Summary

  • Rare opportunity to purchase entire building

  • Situated in prime City Centre location

  • Let to Toni & Guy Limited

  • Tenant been in occupation since 1995

  • Numerous asset management opportunities

  • Offers in excess of £1.1M

  • 8.02% Net Initial Yield

Location

Glasgow is Scotland’s largest city, with a primary catchment population of 1.86m people. It is the largest city in Scotland and the third largest urban conurbation in the UK; contributing substantially to both the Scottish and UK economies. The city is situated on the River Clyde, some 67 km (42 miles) to the west of Edinburgh. There has been substantial public sector investment in the city centre and central business district and this, combined with the availability of a highly skilled workforce, has attracted a number of high profile international companies to the city.

Glasgow boasts excellent transport links, with the M8 motorway connecting the city centre with Scotland’s wider motorway system. It is well served by 2 major train stations Queen Street and Central) linking the city with Britain’s national rail network. Glasgow Airport is located 15 km (9 miles) west of the city centre. The airport offers regular domestic, European and transatlantic flights with approximately 200 flights daily. There are 358 flights to London per week with an approximate 1-hour journey.

Situation

The property is situated on the north side of St Vincent Street, very close to the junction with Renfield Street in the heart of Glasgow City Centre. The location is a popular mixed use location dominated by numerous multi-storey office buildings having retail and restaurant/ leisure operators on the ground floors.

The building is only 2 minutes walk from both the principal railway stations – Central and Queen Street and is ideally located to benefit from considerable passing traffic and pedestrian flow. Buchanan Street, one of the premier retail locations within the UK is only 2 blocks to the east.

Nearby occupiers include Moss Bros, Costa Coffee, Tesco Metro and numerous bars and restaurants including Bread Meats Bread, Gourmet Burger Company and All Bar One.

Description

The subjects comprise a substantial mid-terraced self-contained building with accommodation provided over basement, ground and 4 upper floors. The front elevation is of dressed sandstone with stone block rear elevation. There is a pitched slate roof with dormer windows at attic level.

Internally the property is fitted out as hairdressing salon over ground and first floors with modern fixtures and fittings. The basement and 2nd floors are fitted and used as a tattoo studio and the 3rd floor was formerly used as a beauty salon. The 4th floor offers good quality storage accommodation. The basement is self-contained and is accessed from St Vincent Street.

There is an eight person passenger lift serving the upper floors with internal stairs allowing access to all floors. Toilet facilities are provided on all floors with the exception of the attic floor.

The building is Category B listed.

Accommodation

 A copy of a measured survey is available to download and we have been provided with the following net internal floor areas:-

  SQ M SQ FT
Basement 99.80 1,074
Ground Floor 108.40 1,167
First Floor 105.10 1,131
Second Floor 104.40 1,124
Third Floor 93.30 1,004
Fourth Floor 104.70 1,127
Total 615.70sq m 6,627sq ft

 

Rateable Value

£71,000 with effect from 1st April 2017.

Tenure

Heritable (Scottish equivalent to English freehold). 

Tenancies

The property is let on a Full Repairing and Insuring lease to Toni & Guy Limited for a period of 25 years with effect from 2nd August 1995 until 1st August 2020.

The current passing rental is £93,000pa.

We understand the Tattoo parlour occupies the basement and 2nd floors on an informal arrangement with the tenant and there is no formal sub-lease in place.

Covenant

Toni & Guy was founded in 1963 by brothers Toni and Guy Mascolo and now has more than 475 salons across 48 countries. They have won numerous awards throughout their trading history and in addition to operating salons have developed a successful product range.

To the year 31st August 2015 the company reported a gross turnover of approximately £8.3M and has Shareholders’ Funds of £1.9M.

For further information on the tenant go to www.toniandguy.com

Asset Management

The opportunity offers a purchaser an opportunity to acquire a very interesting and well located investment in the business heart of one of the United Kingdom’s major cities.

The property offers numerous asset management prospects including;

  • Renew and re-gear lease with existing tenant

  • Seek change of use to restaurant

  • Re-configure the building to provide retail/leisure on lower floors and self-contained offices above

  • Purchase for owner occupation

Value Added Tax

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

Proposal

We are instructed to seek offers in excess of £1,100,000 (One million one hundred thousand pounds), subject to contract, which reflects a net initial yield of 8.02%, after allowing for normal purchasers cost of 5.40% and a capital value of £166/sq ft.

Investment Considerations

  1. Rare opportunity to purchase entire single-let building in Glasgow City Centre

  2. B Listed building ensuring no vacant rates payable

  3. Prime City Centre location

  4. Opportunity for both investors and owner occupiers

  5. Attractive initial yield of 8.02%

Contact us

Singer Vielle   +44 (0) 207 935 7200
Graham Waddell graham@singervielle.co.uk +44 (0) 141 221 4545
Neil Singer neil@singervielle.co.uk  +44 (0) 203 478 9120
Dale Henry dale@singervielle.co.uk +44 (0) 203 701 1356
Richard Wolfryd richard@singervielle.co.uk +44 (0) 203 701 1353
Faye Langoulant faye@singervielle.co.uk +44 (0) 203 478 9122
Louanne Malan louanne@singervielle.co.uk +44 (0) 203 701 1386

 

 

Vendor's Solicitor

Brodies LLP +44 (0) 131 656 0234
Nick Scott nick.scott@brodies.com
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