Warning - This property listing has now expired.

Any changes made to the content of this listing WILL NOT BE SAVED. However, you can still change the property status (i.e. available/sold/let etc).

To renew this property or for further assistance please call 01767 313380 or email renewals@novaloca.com.

Property unavailable

This property advert is no longer active. It is possible that the same property has been re-advertised under a separate listing, click below to view any replacement or similar listings.

Please note we do not have names or contact details of anyone currently occupying this building we are also unable to provide details of the agents that posted the original advert with us.

If you are the owner of the building and would like to re-post this advert please email renewals@novaloca.com

If you would like to know if this, or any similar property comes back or on to the market please click here to get updates by email.

Multi Let Industrial Investment, 259 Summerlee Street, Queenslie Park, Queenslie, Glasgow, G33 4DB

96,228 Sq Ft / Industrial / Investment

Sold - Last updated: 07 February 2024

The subjects comprises a substantial self contained 2 storey property and extensive yard. The external elevations are brick over the lower level and profile sheeting above.
 
The roofs over the property are a mix of a sequence of mono pitched and flat roofs.
 
The lower floor comprises two substantial industrial units let to Johnsons Stalbridge and Tots Bots.
 
Units 1/3, occupied by Johnsons Textile Services Ltd, are accessed from two 5m high by 4m wide loading bays at the rear and loading access from the front (Shotts Lane). There is a glazed staff / visitor entrance at the northern elevation leading to modern offices.
 
Unit 2, occupied by Tots Bots Ltd, benefits from twin loading access from 6m high by 5m wide bi-folding doors. A smaller loading bay is located at the front elevation where there is also a staff / visitor entrance leading to office accommodation.
 
The upper floor is accessed from a walkway at street level at the front elevation leading to a well presented reception area. The accommodation at this level provides offices and historically manufacturing space now utilised by Aabsolute Self Storage.
 
The offices are positioned around the perimeter of the upper floor with the secure storage being located in the core, though continuing to expand into the office areas. There is a loading area at the northern elevation where there is a lift providing goods delivery access.
 
There is a substantial self contained secure yard. There is a lapsed planning consent (Ref 10/01285/DC) for the construction of light industrial units. The site is secured by 2m high palisade steel fencing with gate access.

Location

The subjects occupy a prominent corner position within Queenslie Park, an established business location in the west of Scotland, and is situated at one of the main entrances to the estate from Edinburgh Road (A8) / Bartiebeith Road.
 
Queenslie Park lies approximately 5 miles to the east of Glasgow City Centre and is accessed via Junctions 10 and 11 of the M8, lying immediately to the north. Glasgow is Scotland’s largest city having a population of 650,000 and a catchment population of approximately 1.5m or thereby.  The property occupies an island site bounded by Shotts Lane (east), Summerlee Street (south), Mossend Street (west) and Coltness Lane (north).
 
The Park enjoys good public transport links with multiple bus routes operating nearby and a railway station within 10 minutes’ drive. Queenslie Park boasts many nationally and internationally established tenants include Siemens, Soapworks, Everest, Celesio, City Building and Bupa. 

Accommodation

Upper Floor:

Offices - 8,136 sq ft
 
Aabsolute Storage - 34,140 sq ft
 
Lower Floor:
 
Units 1&3: Johnsons Textile Services - 35,514 sq ft
 
Unit 2: Tots Bots - 18,439 sq ft
 
Total - 96,228 sq ft
 
Site Area: 2.96 acres (1.2 ha)

Terms

Investment Proposal - Seeking offers over £XXXM, which on the net income, reflects a very attractive Net Initial Yield of 12% and rising to 13.45% as at 29/04/24. A purchase price of £XXXm reflects a very attractive capital value rate of £XXX psf. Upon letting of the 5 vacant office suites at our opinion of ERV, the yield on a fully let basis will reflect 14.05%.
 
Development Options - Full Planning Consent (ref 10/01285/DC) for the development of 1,601 sq m (17,233 sq ft) of light industrial units with associated shared yard and car parking was granted on 12 August 2010 and has now lapsed. For further information on revisiting the planning application please contact GCC planning.
 
EPC Rating - Band E.
 
Service Charge - The service charge budget for the year ending December 2023 is £XXX reflecting a rate of £XXX psf overall.
 
VAT - We understand that the property is not elected for VAT. Therefore, VAT is not applicable to the sale price.

Specification

  • Well located within Queenslie Park at Junctions 10 and 11 of the M8
  • Total accommodation of 96,228 sq ft (8,943 sq m) on a site of 2.96 acres (1.2 ha)
  • Johnsons Textile Services Limited have committed to 15 year extension of Units 1 & 3 until April 2039
  • Johnsons rent to increase from £XXX pa (£XXX psf) to £XXX pa (£XXX psf)
  • Glasgow Storage are committing to a new 10 year FRI Lease at a rent of £XXX pa increasing to £XXX pa (£XXX psf) at year 5
  • Glasgow Storage have committed to a new 10 year FRI Lease
  • Total gross rent to increase from £XXX pa to £XXX pa (e/f 29/4/24)
  • The total fully let income upon letting of the 5 vacant office suites is estimated to be £XXX pa


Email me updates about similar new properties


Show similar properties

Contact agents

Thank you for your enquiry

The agent for this property will get back to you as soon as possible.

Would you like to view similar properties now?

Many thanks, your enquiry has been sent to the agent

In response to the boxes you ticked, we'd like to send you emails about new & updated properties based on the following (please amend as required):


Please note, NovaLoca will only contact you about commercial property & you can unsubscribe at any time. Your information will not be given to third parties without your permission. For more information please refer to our privacy policy.