Claremont House is a five storey office building dating from around 1970 and is of concrete frame construction with brickwork and dressed stone-block external walls. A large, recently refurbished, entrance lobby is accessed from North Claremont Street – which provides access to two ground floor units. A passenger lift and main stairwell are formed around a central services core – providing access to all upper levels. 16 under-croft car parking spaces are provided and accessed from the rear.
We are of the opinion that the subjects would lend themselves to existing commercial or residential conversion. We also understand that it may be possible to add an additional floor to the building. Any proposed redevelopment or change of use in relation to this property will be subject to planning and we would suggest that any enquires are directed towards Glasgow City Council.
• Significant Asset Management & Redevelopment Opportunity
• 7 Tenancies
• Current Passing Rentals – £232,XXXa
• Offers in Region of £2,400,000 (Net Initial Yield – 9.15%)
Location
The property is situated at the junction of North Claremont Street and La Bella Place overlooking Kelvingrove Park within the popular Park area of Glasgow. The Park area is an established business location within Glasgow and remains popular with office occupiers. In addition, the renowned University of Glasgow is within close walking distance to the property.
Accommodation
Ground Floor (South): 119 sq m (1,282 sq ft)
Ground Floor (North): 101 sq m (1,084 sq ft)
First Floor: 420 sq m (4,521 sq ft)
Second Floor: 503 sq m (5,414 sq ft)
Third Floor: 505 sq m (5,436 sq ft)
Fourth Floor: 419 sq m (4,510 sq ft)
Total: 2,067 sq m (22,247 sq ft)
Terms
We are instructed to seek offers in the region of £2,400,000 exclusive of VAT for our clients’ heritable interest, subject to and with the benefit of the existing lease. A purchase at this level would show an attractive Net Initial Yield of 9.15% after allowing for purchaser’s costs of 5.75%.