494 Sauchiehall Street
Glasgow
G2 3LW

Heritable Retail Investment

  • Let to Boots UK Limited until 2023 (no breaks)
  • Fixed 1.5% annual rental increases rising to £59,892 in 2022 (3)
  • 2020 break option removed
  • Tenant in occupation since 1968
  • Nearby occupiers include Pizza Express, Tesco, Ladbrokes and Mango
  • Lot
    21
  • Auction
    28/Mar/2018
  • Rent
    £56,429 per Annum Exclusive
  • Status
    Sold
  • Price*
    £750,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of Trustees
Important Property Update
  • 494  Sauchiehall Street<br>Glasgow<br>G2 3LW
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Property Information

Location
Miles
47 miles west of Edinburgh
Roads
M8
Rail
Glasgow Central Station, Glasgow Queens Street Station
Air
Glasgow International Airport (9 miles west)
Situation

Glasgow is the largest city in Scotland, benefiting from excellent communication links via the M8 motorway network, and is well served by two major train stations, a bus station and Glasgow International Airport. Sauchiehall Street is one of Glasgow’s principal retail and leisure destinations, catering predominantly to the needs of the student and young professional. The property is located at west end of the street near Charing Cross. Nearby occupiers include Pizza Express, Tesco, Ladbrokes and Mango.

Tenure

Heritable. (Scottish equivalent of an English freehold).

Description

The property comprises a ground floor retail unit with extensive storage and offices to the rear and further office/ancillary accommodation at first floor. The tenant operates an NHS licensed pharmacy from the unit.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

Tenancy & Accomodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReversion
Ground

First
Retail/Office/
Ancillary
Office/Ancillary
273.79 sq m

58.78 sq m
(1,947 sq ft)

(633 sq ft)
BOOTS UK
LIMITED (1)
10 years & 3 days from
29/03/2013 on a full
repairing and insuring
lease
£56,429.94
(2) with
annual
increases (3)
31/03/2023
Total
332.57 sq m
(2,580 sq ft)
  £56,429.94 

(1) For the year ending 31st August 2016, Boots UK Limited reported a turnover of £6,876,000,000, pre-tax profits of £523,000,000 and a total net worth of £1,204,000,000 beauty retailer, with around 2,500 stores in the UK, ranging from local community pharmacies to large destination health and beauty stores. Boots UK is part of the Retail Pharmacy International Division of Walgreens Boots Alliance, Inc, the first global pharmacy led health and wellbeing enterprise (Source: www.boots-uk.com 17/01/2018).
(2) The tenant is currently benefitting from a rent free period expiring 31/03/2019 in exchange for removing the 2020 break option. The seller has agreed to adjust the completion monies so that the unit effectively produces £56,429.94 from the completion of the sale.
(3) The lease provides for annual fixed rental increases of 1.5%. The rent will therefore increase to £57,276.38 p.a.x on 01/04/2019, £58,135.53 p.a.x on 01/04/2020, £59,007.56 on 01/04/2021 and £59,892 on 01/04/2022.

Property Documents

  • Catalogue Page
    Updated Date
    06.03.18
    File Size
    688 KB
    View PDF
  • Site Plan
    Updated Date
    06.03.18
    File Size
    2 MB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Mhairi JarvisMhairi Jarvis +44 (0)131 552 5191 +44 (0)7718 899 341mhairi.jarvis@acuitus.co.uk
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863georgina.roberts@acuitus.co.uk
Seller's Solicitors
Burness Paull 120 Bothwell Street
Glasgow
G2 7JL
Donald Findlay 0131 473 6901Donald.Findlay@burnesspaull.com

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