Entirely let to Bank of Scotland Plc - part of Lloyds Banking Group Plc
New 15 year lease from 29th December 2016 (No Breaks)
Favourable alienation provisions within the lease
Approximately 9,242 sq ft
Prominent town centre location close to The Paisley Centre and The Piazza Shopping Centre
VAT-free Bank Investment in large Glasgow Suburb
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 24
Auction 30th March 2017
Rent £58,000 per Annum Exclusive
Status Sold
Price £951,000
Sector Bank
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
10 miles west of Glasgow City Centre
Roads
A761, M8
Rail
Paisley/Gilmour Street Railways Station
Air
Glasgow International Airport
Situation
The property is situated in a prominent corner retailing location on the northern side of the
pedestrianised The Cross, at its junction with Gilmour Street, in the heart of Paisley town centre.
The property is situated between both The Paisley Centre and The Piazza Shopping Centre, housing occupiers including Marks & Spencer Outlet, Boots the Chemist, Co-operative supermarket and Cooperative department stores, Peacocks, JD Sports, Iceland and New Look. Nearby occupiers include WH Smith, Sports Direct and branches of Santander and Nationwide banks.
Tenure
Heritable. (Scottish Equivalent of Freehold )
Location
Miles
10 miles west of Glasgow City Centre
Roads
A761, M8
Rail
Paisley/Gilmour Street Railways Station
Air
Glasgow International Airport
Situation
The property is situated in a prominent corner retailing location on the northern side of the
pedestrianised The Cross, at its junction with Gilmour Street, in the heart of Paisley town centre.
The property is situated between both The Paisley Centre and The Piazza Shopping Centre, housing occupiers including Marks & Spencer Outlet, Boots the Chemist, Co-operative supermarket and Cooperative department stores, Peacocks, JD Sports, Iceland and New Look. Nearby occupiers include WH Smith, Sports Direct and branches of Santander and Nationwide banks.
Tenure
Heritable. (Scottish Equivalent of Freehold )
Description
The property comprises a ground floor banking hall with office/ancillary accomodation on the first floor and further ancillary accommodation on the second and third floors. The property benefits from being located on a corner with large frontages to both The Cross and Gilmour Street.
VAT
VAT is not applicable to this lot.
Note
The tenant is only able to assign the lease to the Government, a Local or Public Authority, or a company which has had a Dun & Bradstreet rating of 5A1 or better for the three years preceding the date of any proposed assignment or (where the original tenant is the assignor only) to a group company of the original tenant and if the lease is assigned to a group company of the original tenant then no further assignment is allowed. The landlord can require a guarantee in standard Scottish PSG terms if consenting to an assignation to anyone other than the foregoing.
Completion Period
Six Week Completion Available
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor banking hall with office/ancillary accomodation on the first floor and further ancillary accommodation on the second and third floors. The property benefits from being located on a corner with large frontages to both The Cross and Gilmour Street.
VAT
VAT is not applicable to this lot.
Note
The tenant is only able to assign the lease to the Government, a Local or Public Authority, or a company which has had a Dun & Bradstreet rating of 5A1 or better for the three years preceding the date of any proposed assignment or (where the original tenant is the assignor only) to a group company of the original tenant and if the lease is assigned to a group company of the original tenant then no further assignment is allowed. The landlord can require a guarantee in standard Scottish PSG terms if consenting to an assignation to anyone other than the foregoing.
Completion Period
Six Week Completion Available
EPC
The EPC will be available to view online in the solicitor’s legal pack.
15 years from 29/12/2016 until 28/12/2031 on a full repairing and insuring lease
£58,000
29/12/2021 and 29/12/2026
Totals
858.61 sq m
(9,242 sq ft)
£58,000
(1) Bank of Scotland was founded in 1695 and is Scotland's oldest bank. In 2009, it was acquired by Lloyds TSB, with the new entity named as Lloyds Banking Group. The acquisition created the largest retail bank in the UK. For the year ending 31st December 2015, Bank of Scotland Plc reported pre-tax profits of £2,653,000,000 and a total net worth of £14,692,000,000 (Sources: www.bankofscotland.co.uk and Experian Group 01/03/2017).
