Heritable Office Investment with Asset Management Opportunities
Landmark city centre office building in Glasgow
Category A listed building ensuring no vacant rates payable
Close to Glasgow Central Station and M8 motorway
Well let with asset management opportunities
Office accommodation totalling 15,673 sq ft
Upper ground and 7 upper floors
Lot 38
Auction 23rd October 2014
Rent £73,319 per Annum Exclusive
Status Sold Prior
Price
Sector Office
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On behalf of Peter Welborn and Elaine Tooke of Knight Frank acting as Joint LPA Receivers
Property Information
Location
Miles
46 miles west of Edinburgh
Roads
M8, M74
Situation
Glasgow is Scotland’s largest city with a resident population of over 630,000 people. The Hatrack is located on the north side of St Vincent Street close to its junction with Hope Street. St Vincent Street is a prime location for offices in the city centre with occupiers including RBS, Santander, KPMG and HBoS. The property is very close to both railway stations in the city centre (Central and Queen’s Street) together with Buchanan Street Bus Station. Junction 19 of the M8 motorway is also in close proximity.
Tenure
Heritable. (Scottish Equivalent of English Freehold).
Location
Miles
46 miles west of Edinburgh
Roads
M8, M74
Situation
Glasgow is Scotland’s largest city with a resident population of over 630,000 people. The Hatrack is located on the north side of St Vincent Street close to its junction with Hope Street. St Vincent Street is a prime location for offices in the city centre with occupiers including RBS, Santander, KPMG and HBoS. The property is very close to both railway stations in the city centre (Central and Queen’s Street) together with Buchanan Street Bus Station. Junction 19 of the M8 motorway is also in close proximity.
Tenure
Heritable. (Scottish Equivalent of English Freehold).
Description
The property was designed by Glasgow architect James Salmon Jr and completed in 1902. The red sandstone building is Grade A listed and is planned over upper ground and 7 upper floors. The floorplates comprise interconnecting front and rear suites which can be let as one or individually. The building benefits from two 8-person passenger lifts, central heating and raised access floors.
Note:
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property was designed by Glasgow architect James Salmon Jr and completed in 1902. The red sandstone building is Grade A listed and is planned over upper ground and 7 upper floors. The floorplates comprise interconnecting front and rear suites which can be let as one or individually. The building benefits from two 8-person passenger lifts, central heating and raised access floors.
Note:
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/(Reversion)
Ground (Front)
Office
71.44 sq m
(769 sq ft))
APTUS PERSONNEL LIMITED
18 years from 18/02/2011 until 17/02/2029
£9,228
Next review 18/02/2016, Break options 18/02/2017, 18/02/2020, 18/02/2023, 18/02/2026
Ground (Rear)
Office
94.76 sq m
(1,020 sq ft)
VACANT
First Floor (Front)
Office
83.05 sq m
(894 sq ft)
VACANT
First Floor (Rear)
Office
103.21 sq m
(1,111 sq ft)
VACANT
Second Floor (Front)
Office
83.05 sq m
(894 sq ft)
AUTOPORTO LIMITED (1)
5 years from 28/06/2013
£7,368
Second Floor (Rear)
Office
103.21 sq m
(1,111 sq ft)
VACANT
Third Floor
Office
183.39 sq m
(1,974 sq ft)
L&G LEARNING (SCOTLAND) LIMITED (2)
12 months from 09/07/2014
£16,864
(08/07/2015)
Fourth Floor (Front)
Office
83.70 sq m
(901 sq ft)
SEVENFIVE CREATIVE LIMITED (3)
5 years from 01/09/2012
£3,829
(31/08/2017)
Fourth Floor (Rear)
Office
107.02 sq m
(1,152 sq ft)
VACANT
Fifth Floor
Office
191.10 sq m
(2,057 sq ft)
CHAMBERS TRAVEL MANAGEMENT LIMITED
10 years from 12/06/2006
£29,830
(11/06/2016)
Sixth Floor
Office
178.47 sq m
(1,921 sq ft)
VACANT
Seventh Floor (Front)
Office
66.98 sq m
(721 sq ft)
IME CONSULTING LIMITED (4)
3 years from 21/03/2014
£6,200
(20/03/2017)
Seventh Floor (Rear)
Office
106.65 sq m
(1,148 sq ft)
Totals
1,456.06 sq m
(15,673 sq ft)
£73,319 (5)
(1), (2), (3), (4) Each lease has a Schedule of Condition attached. Please see the legal pack for further information. (5) The service charge budget for the year to 27/05/2015 equates to £3.93 per sq ft. A full budget can be provided on request.
