THE OPPORTUNITY
This is a rarely available licensed investment opportunity. New long term leases are in place with a Weighted Average Unexpired Lease Term of 14.5 years, from three different complimentary concepts, providing a spread of businesses. This is a superb investment opportunity with longevity with the added benefits of the tenants’ first-class fitouts and the rental deposits that are in place. In addition, there is a good prospect of increasing rentals at rent review, given the comparatively low rental rates per sq. ft.
RATEABLE VALUE
The premises have the following Rateable Values:
| FLOOR | RATEABLE VALIE AS AT 1ST APRIL 2023 |
| Basement | £40,000 |
| Ground | £52,500 |
| First | £60,000 |
Location
The Glasshouse Complex is situated within the Merchant City, Glasgow’s most historic and cultural district. The premises lie only minutes’ walk from George Square, Strathclyde University and the main retailing facilities serving the city along Argyle Street and Buchanan Street. This is an excellent trading location for a licensed venue situated within the heart of the city centre.
Glasgow is Scotland’s largest city with a population of around 600,000 persons and is the UK’s largest retail centre after London. Glasgow is one of Europe’s top 20 financial centres, with many company headquarters located within the core city centre.
Glasgow’s popularity for retail, leisure and tourism continues to expand, assisted greatly with the highly successful 2014 Commonwealth Games and the Glasgow Hydro Conference / Entertainment venue, which is now recognised as one of the top 5 events venues in the world. The student market also provides valuable additional income to licensed venues within the city. Glasgow has a student population of around 45,000, contributing around £500 million per year to the Glasgow economy.
The Glasshouse Complex is situated within a first class trading location, able to draw trade from a variety of sectors including shoppers, tourists, office workers and students.
Accommodation
THE COMPLEX
The premises provide a multi-faceted licensed investment. There is a sports bar arranged over the ground floor, music venue over the basement, and ten pin bowling concept with bar over the first floor. The three licensed concepts are subject to separate lease agreements.
The premises themselves are arranged over the ground floor, first floor and basement of a modern, multi storey, steel frame building, with attractive glass frontage. Adjacent occupiers, which form part of the building, include an NCP car park and the highly successful Grosvenor Casino.
Terms
PRICE
Offers Over £1,650,000 are invited for the investment, representing a net initial yield of 11.61% after deduction of purchaser’s costs at 5.75%.
Specification
EPC
The full Energy Performance Certificate will be available on request.
ANTI MONEY LAUNDERING
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on the 26th June 2017. This now requires us to conduct due diligence not only on our client but also on any purchasers or occupiers. Once an offer has been accepted, the prospective purchaser(s)/occupier(s) will need to provide, as a minimum, proof of identity and residence and proof of funds for the purchase before the transaction can proceed.