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Prominent Retail Investment, 15-20 Greenock Road, Bishopton, PA7 5JW

991 to 4,211 Sq Ft / Retail / General Retail

For Sale - £650,000.00

Available - Last updated: 21 July 2020

The subjects form a modern, terraced, single storey retrial development which appears to have been constructed in the early 1990’s. The subjects front onto Greenock Road,  (A8), the main arterial route through the village.

The parade appears to be of traditional construction, with walls noted to be of cavity brock construction incorporating a facing brock external leaf. The subjects are surmounted by a timber pitched design roof, which is overlaid in interlocking concrete tiles. The individual retail units have modern display frontages overlooking Greenock Road and comprise single aluminium framed and glazed windows set on low stall risers. Both the display windows and entrance doors are served by steel roller shutter security screens. Internally, the various retail units generally appear to be of a modern design and layout, arranged to meet the occupational requirements of the various tenants.

Location

The property is located in the village of Bishopton, approximately 15 miles west of Glasgow. Bishopton is an affluent village popular with commuters to Glasgow, Paisley and  other West Coast towns. The village has good access to the M8 motorway and is home to an immediate population of approximately 5,100 people, with a significantly larger  catchment population using the village retail facilities.

Glasgow Airport is located some 5.8 miles to the west and is accessible by motorway.  Additionally, Bishopton benefits from a railway station, being on the Glasgow to Gourock line.

The nearby development at Dargavel Village is one of the largest privately funded regeneration projects in the UK. Upon completion in 2034, the Dargavel village development will provide the local area with around 4,000 homes. 

Accommodation

We have measured the subjects in accordance with RICS Code of Measure Practice 2007 (6th Edition) and evaluate the undernoted approximate floor areas:-

Unit 1 & 2 - 205.99 sq.m. (2,217 sq.ft.)

Unit 3 - 93.25 sq.m. (1,003 sq.ft.)

Unit 4 - 92.09 sq.m. (991 sq.ft.) 

Terms

RATES - Reference to the assessors website has shown that the subjects are entered in the current Valuation Roll with a Rateable Value with the following;

Units 1 & 2 - £27,000

Unit 3 - £13,750

Unit 4 - £8,400

Please note that a new occupier has the right to appeal the current assessment.

VAT - The property has been elected for VAT purposes and VAT is charged on the rent. VAT therefore is payable on the purchase price, however we envisage that any sale will be conducted by way of a Transfer of Going Concern (TOGC).

EPC - A copy of the Energy Performance Certificate is available upon request.

ENTRY - Entry is available upon completion of legal formalities.

PROPOSAL - We are instructed to seek offers in excess of £650,000 (Six Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level  would reflect a net initial yield of 8.06% after taking account of acquisition costs and LBTT.

LEGAL COSTS - Each party to be responsible for their own legal costs incurred during the transaction.  

Specification

  • Prime position within affluent town of Bishopton
  • Located close to Dargavel Village, one of the largest private housing developments in
  • Scotland with 1,000 new homes already completed and another 3,000 planned
  • Fully let to an attractive mix of local operators
  • Held on Renfrewshire Council ground lease with 100 years remaining
  • Net Rental Income of £54,900 per annum
  • Net Initial Yield of 8.06%
  • Offers in excess of £650,000 ex VAT are invited

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
Offers in excess of For Sale Leasehold £650,000.00 NA

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Contact agents

Alister Gibson

DM Hall

0141 432 0873

Graeme Todd

DM Hall

0141 432 0877



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