The former 3 storey B Listed Wellpark School is of traditional sandstone construction under a pitched and slated roof. There is a feature corner tower rising two stories with a domed octagonal top stage. Good natural daylight is provided at ground and first floors from timber-framed sash casement windows and within the attic offices from modern louver windows. Wellpark is connected to Kirkhaven via a steelframed extension with glazed curtain walling under a mono pitched and steel-framed glazed roof. The redevelopment includes the use of glazed curtain walling to connect the buildings.
The A listed Kirkhaven Church is an imposing property over two floors with a mezzanine being constructed internally. The northern elevation to Duke Street contains fantastic ornate stonework in the style of a temple with a pair of giant Corinthian columns, together with a large central doorway. The roof over the property is pitched and slate covered.
The on-site courtyard parking is accessed via a secure steel gate. Within the grounds, there is the outdoor play area for the nursery and an area of landscaped ground at the corner of Duke Street and Melbourne Street (north east elevation).
The principle access for the subjects is from Wellpark at 120 Sydney Street to a staffed reception area with the stairs to the upper floors and a lift operating to all floors. The reception area and staircases are attractively designed incorporating exposed stonework and glass. The children’s nursery has its own designated entrance from Wellpark Street.
Internally, the premises have been refurbished to provide office suites of various sizes throughout. On each floor, there are male and female toilets and tea prep facilities. The Kirkhaven accommodation is arranged around a central atrium where there are breakout facilities for the tenants within the open plan ground floor core area. There is fantastic ornate ceiling detail and cornicing design.
Location
Overlooking Duke Street to the north and Wellpark Street to the south, the premises are located around 0.5 miles east of Glasgow City Centre. Directly opposite is the Wellpark Brewery and the Drygate Brewery Bar and Restaurant. Collegelands, a significant development at the junction of High Street and Duke Street, comprising 102,000 sq ft of offices together with a 1,220 space multi-storey car park is located a short distance to the west.
The subjects are located close to J15 of the M8 motorway. J1 of the M74 is also a short drive away to the south. Glasgow International Airport lies 10 miles to the west. Bellgrove train station is located within close walking distance and regular bus services to the Greater Glasgow area operate on Duke Street.
There are 23 secure on-site car spaces, including two disabled spaces. The vendor also leases a car park immediately to the east of the subjects for overspill parking and there is also Pay & Display on-street parking locally.
Accommodation
FLOOR AREAS:
Wellpark - 6,936 sq ft (644.61 sq m)
Kirkhaven - 5,337 sq ft (496.00 sq m)
Total - 12,273 sq ft (1,140.61 sq m)
Terms
RATEABLE VALUE - All parts of the property are individually assessed for business rates and have Rateable Values under £15,000 and qualify for 100% rates relief under the Small Business Bonus Scheme. The rateable values are based on a tone rate of £110 psm, (£10.22 psf).
PLANNING AND STATUTORY NOTICES - The property is situated within an area as Mixed Development – DEV 8 in the context of the City Plan 3. Any enquiries regarding an alternative use should be directed to the Planning Department at Glasgow City Council.
ENERGY PERFORMANCE CERTIFICATE - Available upon request.
PRICE - We are seeking offers in excess £1,000,000 exclusive of VAT, which represents an attractive capital rate of £81 psf, net initial yield of 7.51% and an equivalent yield of 7.51% allowing for purchasers costs as standard.
RENTS - Gross rents amount to £134,844 pa (£10.99 psf). Deducting the buildings service charges, the net rent is £71,119 pa (£5.79 psf) and is considered highly reversionary. We estimate the Net ERV to be £127,228 pa (£10.37 psf). A copy of the tenancy schedule can be provided upon request.