388 Byres Road comprises an attractive terraced retail unit, providing retailing space over ground floor with ancillary and storage space to the basement.
Location
The property is located on Byres Road, the main retailing pitch in Glasgow’s popular West End, around 2 miles west of Glasgow city centre and in close proximity to the University of Glasgow.
The property is situated on the east side of Byres Road, on the most northern block towards the junction with Great Western Road, the main road leading from Glasgow city centre to the northwest. Nearby occupiers include Vision Express, Waitrose, Waterstones and Papyrus.
Accommodation
The property extends to 1,312 sq ft with a breakdown of areas as follows, providing an ITZA of 591 sq ft.
Ground floor - 585 sq ft (54.35 sq m)
Basement - 727 sq ft (67.54 sq m)
Total - 1,312 sq ft (121.89 sq m)
Terms
Tenancy - The property is let to Walter Shearer Limited on a Full Repairing and Insuring lease until 5 October 2025, subject to a tenant break option on 1 October 2021. The current rent is £XXX pa, reflecting a Zone A of £XXX per sq ft. The rent is subject to an upwards only open market rent review on 5 October 2020. There is a photographic schedule of condition attached to the lease.
Tenant Covenant - Shearer Candles was founded in 1897 on the outskirts of Glasgow, and today sells high quality candles to leading retailers, hotels and restaurants, as well as to the public via its four shops in Glasgow. Walter Shearer Limited has a Dun & Bradstreet rating of 1A2, reflecting a lower than average risk of business failure.
Tenure - Heritable interest (Scottish equivalent of English freehold).
EPC - EPCs available on request
VAT - The property is elected for VAT however, it is anticipated that the transaction will qualify as a Transfer of a Going Concern (TOGC).
Proposal - We are instructed to seek offers in excess of £XXX (Four Hundred and Twelve Thousand Pounds Sterling) subject to contract and exclusive of VAT for the Heritable Interest in the subject property. A purchase at this level would reflect a Net Initial Yield of 7.01% after standard purchaser’s costs based on Land and Buildings Transaction Tax (LBTT).
Specification
- Strong location to north end of popular retail and leisure location, Byres Road
- Let to Walter Shearer Limited until October 2025, subject to a tenant break option in October 2021.
- Offers in excess of £XXX
- Attractive net initial yield of 7.01%