The subjects comprise a stone built property extending over ground, first and attic levels. The ground floor is in commercial occupation and leased to William Hill (Scotland) Limited, for use as a betting office. Internally the layout is fairly typical for a betting office, configured to provide a main customer area and staff servery to the front section, with staff, tea prep, storage, and staff/customer toilet facilities to the rear. The first and attic levels contain 2No. 1-bed flats each with kitchen, living and bathroom accommodation. Access to the retail unit is taken from a door to the front elevation, whilst access to the flats is taken from the rear via an external first floor patio area. The subjects also include fairly generous garden grounds to the rear. Redevelopment plans, making use of this space, have been discussed and considered in the past.
Location
The subject property is located on the east side of Clarkston Road (B702), between its junctions with Merrylee Road to the north and Brunton Street to the south, in the Muirend district of Glasgow, approximately 4 miles south of the City Centre. Clarkston Road is a popular arterial route linking the south side of Glasgow with the city centre and accordingly, the subjects benefit from reasonably high levels of passing vehicle traffic on a daily basis. The surrounding area is generally mixed in character, with the majority of properties forming high-density tenemental buildings, mostly having commercial outlets at ground floor level, with residential flatted dwellings above. Surrounding retailers are generally of a local independent nature serving both the residential community and passing traffic. Neighbouring occupiers include a hairdressers and an interior design business whilst Scotmid and two hot food takeaways are located to the immediate north within a modern style development including parking. Muirend railway station is within relatively short walking distance of the subject property, whilst regular bus services are provided along Clarkston Road at this point.
Accommodation
According to our calculations, the ground floor retail unit extends to a Net Internal Area of approximately 80.76 sq.m (869 sq.ft). It should be noted that this area calculation excludes staff, customer and disabled toilet accommodation.
Terms
TENANCY DETAILS (COMMERCIAL)
The subjects are let to William Hill (Scotland) Limited on Full Repairing and Insuring terms, for a period of 20 years from 26 July 2002 until 25 July 2022. For the avoidance of doubt, the lease provided for a tenant only option to break the lease on the tenth anniversary, however the notice period for exercising such right has now passed and, accordingly, the lease will now continue uninterrupted until 2022. The passing rent of £XXX per annum reflects a rental rate of £XXX/sq.ft Zone A. The lease provides for an upward only rent reviews to open market rental value on 26 July 2012 and 26 July 2017. Having carried out a review of the rental tone currently applying to this pitch and those nearby, we are of the opinion that there are good prospects of growth at next review. A copy of the occupational lease can be made available to parties on request.
TENANCY DETAILS (RESIDENTIAL)
Flat 1/1 is leased to Miss S Hannah, on the basis of a 6 month “short assured tenancy” agreement from 29 Feb 2012. The passing rent is £XXX per calendar month. Until recently, Flat 1/2 was leased on the basis of a 12 month “short assured tenancy” agreement from 30th March 2011, however the tenant submitted notice to terminate the lease on 30th March 2012. The passing rent was £XXX per calendar month. The flats are currently leased and managed by AVJ Homes Limited, 279 Castlemilk Road, Glasgow, G44 4LE. Contact 0141 649 3948. Copies of the “Short Assured Tenancy” agreements can be made available to genuinely interested parties on request.
SALE TERMS
We are instructed to seek offers in the region of £XXX (THREE HUNDERED AND FIFTY THOUSAND STERLING) exclusive of VAT for our clients heritable interest, subject to and with the benefit of, the existing leases. Dm Hall’s Residential Department have carried out valuations over each of the 2 flats and their opinions of value, asuming vacant posession, are as undernoted;-
Flat 1/1 - £XXX
Flat 1/2 - £XXX
Specification
• Ground floor retail investment plus two 1 bed flats to first and attic floors.
• NIA of retail unit, 80.76 sq.m (869 sq.ft) approximately.
• Opportunity to acquire whole building providing future development potential, given further garden ground to the rear.
• Retail unit let toWilliam Hill (Scotland) Limited for 20 years, expiring on 25 July 2022 - NO FURTHER BREAKS.
• Passing rent of £XXX per annum (£XXX/sq.ft Zone A).
• Flats leased on 6 & 12 month SATs at £XXX p.c.m cumulo
• Offers in the region of £XXX are invited.