The subjects comprise an attractive ground floor and mezzanine retail unit contained within a four-storey blonde sandstone tenement accommodation. Internally the shop is fitted out to a high standard in keeping the tenant’s present business, Bagel Mania.
Location
Glasgow is Scotland’s largest city and benefits from an immediate population of around 660,000 persons and an estimated further catchment in excess of 2,000,000. The subjects occupy a good location in the heart of Glasgow’s West End in the block bounded by Highburgh Road and Dowanhill Road.
Accommodation
Gross Frontage - 15' (4.57m)
Net Frontage - 13'7" (4.13m)
Ground Floor - 529 sq ft (49.16 sq m)
Mezzanine - 201 sq ft (18.68 sq m)
Total Floor Area - 730 sq ft (67.84 sq m
Total ITZA - 489 sq ft (45.44 sq m)
Terms
TENURE - Freehold.
TENANCY - The property is let to Amardip Singh Mann and Rajvinder Kaur Mann as Partners and Trustees of the Firm of the Mann Partnership on a full repairing and insuring lease subject to an internal Schedule of Condition from 5 May 2017 to 4 May 2032 at an annual rent of £30,000 per annum which reflects a Zone A of £61.34 psf.
The rent is subject to a final rent review 5 May 2027. The original lease had a tenant only break option in May 2022 which was not exercised.
RATING - We are advised by the local Assessors Department that the subjects are entered in the current valuation roll as follows:
Rateable Value at April 2023 £26,250
EPC - A copy of the EPC report will be made available on request.
VAT - The property is registered for VAT.
PROPOSAL - We are instructed to seek offers in excess of £400,000 subject to contract and exclusive of VAT for the heritable interest of the subject property.
A purchase at this level would reflect a net initial yield of 7.22% after standard purchasers’ costs based on Land and Building Transaction Tax (LBTT).
LEGAL COSTS - Each party to be responsible for their own legal costs incurred in this transaction with the ingoing tenant being responsible for any Stamp Duty, Land Tax and Registration Dues.
AML - To comply with Anti Money Laundering Regulations we are legally required to undertake due diligence on prospective purchasers which address, and funding. Applicable documentation will therefore be required on agreement of the Heads of Terms.
Specification
- Strong location in the heart of Byres Road’s prime pitch
- Let to Trustees of the firm of the Mann Partnership until 4 May 2032 without breaks
- Next rent review 5 May 2027
- Offers in excess of £400,000
- Attractive net initial yield of 7.22%