Heritable Retail Investment in Prime City Centre Location
Ground and basement let to Cath Kidston until 2021
Prominent corner unit within 50 metres of Buchanan Street, Glasgow's prime retailing thoroughfare
Nearby occupiers include All Saints, Hobbs, Dune and The White Company
Six Week Completion Period Available
Lot 5
Auction 7th July 2011
Rent £165,000 per Annum Exclusive
Status Sold Post
Price
Sector High Street Retail
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On behalf of Barclays
Property Information
Location
Miles
45 miles west of Edinburgh
Roads
M8, M74, M77
Rail
Glasgow Central and Queen Street Railway Stations
Air
Glasgow International Airport
Situation
The property occupies a prime position on Gordon Street close to its junction with Buchanan Street, Scotland's premier shopping thoroughfare. The unit is situated in a prominent corner position on the pedestrianised stretch of Gordon Street and benefits from significant return frontage onto West Nile Street. Nearby occupiers include All Saints, Hobbs, Dune and The White Company.
Tenure
Heritable. (Scottish equivalent to English Freehold)
Location
Miles
45 miles west of Edinburgh
Roads
M8, M74, M77
Rail
Glasgow Central and Queen Street Railway Stations
Air
Glasgow International Airport
Situation
The property occupies a prime position on Gordon Street close to its junction with Buchanan Street, Scotland's premier shopping thoroughfare. The unit is situated in a prominent corner position on the pedestrianised stretch of Gordon Street and benefits from significant return frontage onto West Nile Street. Nearby occupiers include All Saints, Hobbs, Dune and The White Company.
Tenure
Heritable. (Scottish equivalent to English Freehold)
Description
The property, part of an impressive period building, comprises a substantial ground floor retail unit with ancillary basement accommodation.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, part of an impressive period building, comprises a substantial ground floor retail unit with ancillary basement accommodation.
VAT
VAT is not 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
Reviews
Ground Basement
Retail Ancillary
148.55 sq m 40.04 sq m
(1,599 sq ft) (431 sq ft)
CATH KIDSTON LIMITED (1)
10 years from 28/02/2011 until 27/02/2021 on a full repairing and insuring lease
£165,000
28/02/2016
Totals
188.59 sq m
(2,030 sq ft)
£165,000
(1) For the year ending 28th March 2010, Cath Kidston Limited reported a turnover of £50,369,000, pre-tax profits of £7,632,000 and a total net worth of £9,156,000. (Source: www.riskdisk.com 27/05/2011) Founded in 1993 with a shop in London's Holland Park, Cath Kidston now trades from 41 shops and concessions across the UK, two shops in the Republic of Ireland, eleven in Japan and three in Korea. The most recent shop openings include Cardiff and Canterbury. Cath Kidston Ltd is one of the most influential design companies to emerge from the UK. Global private equity firm TA Associates recently acquired a majority stake in the company to support the business in its future growth. TA Associates is one of the oldest and largest private equity firms in the world. Cath Kidston remains Creative Director of Cath Kidston Limited and was awarded an MBE for services to business in February 2010 as part of the Queen's New Year Honours List. (Source: www.cathkidston.co.uk) (2) Under the terms of the lease the tenant currently benefits from a rent free period which will expire on 27th November 2011. The seller has agreed to top-up the rent so that the property will effectively produce £165,000 p.a.x. from completion of the sale until the expiry of the rent free period.
