Let to Fourworks Limited (ultimately partly owned by Sports Direct) on a 10 year lease until 2025 (no breaks)
Tenant in occupation for over 9 years
Open Market Rent review March 2020
City Centre Location
Nearby occupiers in the Merchant City include Hugo Boss, Bang and Olufsen, Bose, Ralph Lauren and Belstaff
Lot 35
Auction 11th December 2019
Rent £65,000 per Annum Exclusive
Status Sold
Price £670,000
Sector High Street Retail
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
Property Information
Location
Miles
47 miles west of Edinburgh
Roads
M8
Rail
Glasgow Central Station, Glasgow Queen Street Station
Air
Glasgow International Airport (9 miles west)
Situation
The property is located on the east side of Montrose Street at the junction of Cochrane Street in the fashionable Merchant City District of Glasgow City Centre, some 700 metres east of Glasgow Central Railway Station. Merchant City is home to luxury brands such as Versace, Emporio Armani, Hugo Boss, Bang and Olufsen, Bose, Ralph Lauren, Mulberry and Agent Provocateur.
Tenure
Heritable. (Scottish equivalent of Freehold)
Location
Miles
47 miles west of Edinburgh
Roads
M8
Rail
Glasgow Central Station, Glasgow Queen Street Station
Air
Glasgow International Airport (9 miles west)
Situation
The property is located on the east side of Montrose Street at the junction of Cochrane Street in the fashionable Merchant City District of Glasgow City Centre, some 700 metres east of Glasgow Central Railway Station. Merchant City is home to luxury brands such as Versace, Emporio Armani, Hugo Boss, Bang and Olufsen, Bose, Ralph Lauren, Mulberry and Agent Provocateur.
Tenure
Heritable. (Scottish equivalent of Freehold)
Description
The property comprises ground floor and lower ground floor retail accommodation which forms part of a larger building.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Available from the legal pack at acuitus.co.uk
Description
The property comprises ground floor and lower ground floor retail accommodation which forms part of a larger building.
10 years from 19/03/2015 on a full repairing and insuring lease
£65,000
19/03/2020 (18/03/2025)
Totals
369.11 sq m
(3,973 sq ft)
£65,000
(1) Fourworks Limited (CRN 04072928) are owned by Four (Holdings) Limited (CRN 04225618) who are in turn, partly owned by Sports Direct. ***Charles please confirm precise name and CRN of the sports direct ownership*** For the year ending 31st December 2018, Fourworks Limited reported a turnover of £19,862,347, a pre-tax profit of negative £1,024,094 and a net worth of £2,388,721 (Source: Experian Group 05/11/2019). Current management accounts are available to inspect within the legal pack which is available at acuitus.co.uk.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
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