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

Offers over £6,700,000

Commercial Property For Sale

Offers over £6,700,000

Commercial Property For Sale

Price Offers over £6,700,000
Style Commercial Property
Status For sale
  • Additional Information
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  • Personal Notes

Additional Information

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.

 

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Property Statistics

Total Views

(since advertised)

571

Listing Views

Date Views Unique Views Featured Published Bumped
30th Jan 34 34 No Yes No
31st Jan 26 26 No Yes No
1st Feb 49 49 No Yes No
2nd Feb 27 27 No Yes No
3rd Feb 21 21 No Yes No
4th Feb 17 17 No Yes No
5th Feb 13 13 No Yes No
6th Feb 6 6 No Yes No
7th Feb 14 14 No Yes No
8th Feb 16 16 No Yes No
9th Feb 18 18 No Yes No
10th Feb 13 13 No Yes No
11th Feb 9 9 No Yes No
12th Feb 10 10 No Yes No
13th Feb 16 16 No Yes No
14th Feb 3 3 No Yes No
15th Feb 9 9 No Yes No
16th Feb 16 16 No Yes No
17th Feb 8 8 No Yes No
18th Feb 8 8 No Yes No
19th Feb 7 7 No Yes No
20th Feb 6 6 No Yes No
21st Feb 7 7 No Yes No
22nd Feb 9 9 No Yes No
23rd Feb 3 3 No Yes No
24th Feb 18 18 No Yes No
25th Feb 9 9 No Yes No
26th Feb 15 15 No Yes No
27th Feb 5 5 No Yes No
28th Feb 6 6 No Yes No

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