Unit 2b, 22 Stockwell Street
Glasgow
G1 4RT

Heritable City Centre Retail Investment

  • Entirely let to British Heart Foundation
  • Lease being extended for 10 years to expire October 2029 (subject to option) (2)
  • Tenant to occupy entire first floor following works undertaken by the landlord
  • Large shop comprising over 10,000 sq ft
  • Prominent city centre location with nearby occupiers including Marks & Spencer, Sainsbury's Local, Tesco Express, Caffè Nero, WHSmith, Specsavers, JD Sports, Superdry and Argos
  • Lot
    35
  • Auction
    24/Oct/2019
  • Rent
    £79,500 per Annum Exclusive
  • Status
    Sold Prior
  • Price*
     
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
Important Auction & Property Update
  • Unit 2b, 22 Stockwell Street<br>Glasgow<br>G1 4RT
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* More information on the term "price" can be found here

Property Information

Location
Miles
Roads
A74, M8, M74, M77
Rail
Argyle Street, Glasgow Queen Street,
Glasgow Central
Air
Glasgow Airport
Situation

Glasgow is the largest city in Scotland, benefiting from excellent communication links via the M8, M74 and M77 motorway network, as well as major train stations. The property is located in the heart of Glasgow city centre on Stockwell Street, close to its junction with Trongate and the pedestrianised Argyle Street. The property is located approximately 150 metres from St Enoch Shopping Centre (currently undergoing a £40 million refurbishment to include new Vue cinema) with retailers including Caffè Nero, WHSmith, JD Sports and Superdry. Other nearby occupiers on Stockwell Street include Marks & Spencer, Tesco Express, Argos and Sainsbury's Local.

Tenure

Heritable. (Scottish equivalent of English Freehold).

Description

The property is arranged as a two storey building comprising ground and first floor retail accommodation. The tenant currently occupies part only of the first floor, but on completion of the lease extension, the tenant will occupy the whole of that floor, the landlord having undertaken works to allow use of the entire first floor by the tenant.

VAT

VAT is applicable to this lot.

EPC

Band B. See legal pack at acuitus.co.uk

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReview
Ground
First
Retail
Retail
466.36 sq m
487.73 sq m
(5,020 sq ft)
(5,250 sq ft)
BRITISH HEART
FOUNDATION (1)
A term of years from 28/08/2012 (2) on a full repairing and
insuring lease
£79,500October 2024
Total 
954.09 sq m
(10,270 sq ft)
  £79,500 

(1) For the year ending 31st March 2018, British Heart Foundation reported a pre-tax loss of £2,000,000 and a total net worth of £82,900,000 (Source: Experian 06/09/2019).
(2) The tenant has agreed to extend the lease for a term of 10 years expiring in October 2029 subject to a tenant only option to determine at the end of year 7. The commencing rent under the term of the new lease is £77,500 per annum, rising by £500 per annum until year 5 when the rent will be £79,500 per annum, subject to an upwards only rent review at the end of year 5. The Seller has agreed to adjust the completion monies so that the purchaser will receive £79,500 per annum from completion of the sale. The new lease is full repairing and insuring and demised over the entire ground and first floor with the landlord undertaking works to allow use of the entire first floor by the tenant.

Property Documents

  • Catalogue Page
    Updated Date
    02.10.19
    File Size
    736 KB
    View PDF
  • Site Plan
    Updated Date
    02.10.19
    File Size
    2 MB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    19.09.19
    File Size
    36 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Mhairi JarvisMhairi Jarvis +44 (0)7718 899 341mhairi.jarvis@acuitus.co.uk
Associate Auctioneers
Graham + Sibbald 4 Andross Street
Inverness
IV3 5NN
John Macbean 01463 236 977john.macbean@g-s.co.uk
Seller's Solicitors
TLT LLP 140 West George Street
Glasgow
G2 2HG
Andrew McCowan 0333 006 1036andrew.mccowan@tltsolicitors.com

Useful Links

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