The property has a prominent position within a 1980s building which houses Hillhead Underground Station. The tenant trades from ground and first floors with staff facilities and storage at second floor.
Location
Byres Road the main retailing location in Glasgow’s popular West End, located around 2 miles west of Glasgow city centre and close to the University of Glasgow. Byres Road is occupied by a mix of local and national retailers.
The property is located on the west side of Byres Road, close to the junction of food and beverage destination Ashton Lane and well positioned to capture footfall from the adjacent Hillhead subway station. Nearby occupiers include Iceland, Oliver Bonas and Pret a Manger.
Accommodation
The provides the following areas, with an ITZA of 995 sq ft.
Ground Floor - 1,485 sq ft (137.96 sq m)
First Floor - 1,066 sq ft (99.03 sq m)
Second Floor - 645 sq ft (59.92 sq m)
TOTAL - 3,196 sq ft (296.92 sq m)
Terms
Tenancy - The property is let in its entirety to Starbucks Coffee Company (UK) Limited on a Full Repairing and Insuring lease until 22 June 2025 following the original lease being extended by 5 years in 2015 to facilitate a refit of the premises. The current rent is £XXX pa, reflecting a Zone A of £XXX per sq. ft.
Tenant Covenant - Starbucks is an American coffeehouse with over 890 stores throughout the UK. Starbucks Coffee Company (UK) Limited reported turnover of £XXX million for the year to 2 October 2016 with a profit after tax of £XXX
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 (One Million, Two Hundred 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 6.25% after standard purchaser’s costs based on Land and Buildings Transaction Tax (LBTT).
Specification
- Popular West End location
- Prominent position in a very busy commuter location
- Let to Starbucks Coffee Company (UK) Ltd with an unexpired lease term of 8.00 years
- Offers in excess of £XXX
- Attractive net initial yield of 6.25%