Prime Investment Opportunity, 87-89 Buchanan Street, Glasgow G1 3HF

Additional Information

Features

• An opportunity to acquire a prominent retail asset on Scotland’s prime retail pitch.
• Excellent Location opposite Princes Square and adjacent to Massimo Dutti and Hugo Boss.
• Net internal area of 6,126 sq.ft. arranged over 4 floors.
• Fully Let to Telefonica UK Ltd on FRI terms expiring 21 December 2027 having been in occupation since 1987.
• Passing rent of £427,500 p.a. reflecting approximately £304 per square foot ZA.
• Offers invited in excess of £6,700,000 reflecting 6% NIY after purchasers costs of 6.6%.

The property is prominently situated on Buchanan Street between Exchange Place and Princess Square and accesses the street via a full width glazed frontage. The property is arranged over ground, basement and two upper floors, the first of which is fitted and used by the tenant as offices. The upper floors also have their own separate on street access. The basement comprises staff facilities and storage.

Tenancy

The property is let in its entirety to Telefonica UK Ltd on a 10 year FRI Lease from 22 December 2017 to 21 December 2027, at a current passing rent of £427,500 (£304 ZA). The property is subject to rent review on 22 December 2022. The tenant is showing a net worth in excess of £1 BN, for their last financial reporting period to the end of December 2018 the company saw a 5% annual increase in turnover to excess of £5.74 BN. This generated a 34% increase in pre-tax profit to £715 M.

Tenure

The property is held by way Heritable Title, Scottish equivalent of English-Free Hold.

Rates

The property has a total rateable value of £295,000 p.a.

Proposal

Offers invited in excess of £6,700,000 reflecting 6% NIY after purchasers costs of 6.6%.

VAT

The property has been elected for VAT.

EPC

The property carries an EPC rating of C42. Certificates are available on request.

Dataroom

A dedicated data room is available. Access details will be made available   on request to named parties.