Units 1 - 3 West Stewart Street Greenock PA15 1SN

Units 1 - 3 West Stewart Street
Greenock
PA15 1SN

Substantial Retail & Car Park Investment

  • Tenants include Sports Direct and Semi-Chem
  • Multi-Storey Car Park on upper floors.
  • Busy location adjacent to town's bus terminus and opposite the Oak Mall shopping centre
  • Asset Management/Development Potential (subject to consents)
  • Lot
    48
  • Auction
    12th February 2020
  • Rent
    £90,001 per Annum Exclusive
  • Status
    Sold
  • Price
    £275,000
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    Marble Arch
    London W1H 7TN
  • On behalf of a Major Asset Manager
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Substantial Retail & Car Park Investment

  • Tenants include Sports Direct and Semi-Chem
  • Multi-Storey Car Park on upper floors.
  • Busy location adjacent to town's bus terminus and opposite the Oak Mall shopping centre
  • Asset Management/Development Potential (subject to consents)
  • Lot 48
  • Auction 12th February 2020
  • Rent
  • Status Sold
  • Price £275,000
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    Marble Arch
    London W1H 7TN
  • On behalf of a Major Asset Manager

Property Information

Location
Miles
2 miles west of Port Glasgow
25 miles west of Glasgow
Roads
A8, A78
Rail
Greenock Central, Greenock West
Air
Glasgow International Airport
Situation

The property is situated in a prominent position on the south side of West Stewart Street in Greenock Town Centre, close to its junction with Argyll Street. Greenock West and Greenock Central railway stations are within walking distance, providing services to Glasgow some 25 miles to the east. The main bus terminus for the town is located adjacent to the property. The Oak Mall Shopping Centre is located opposite the property which accommodates occupiers including Primark, Wilko and Boots.

Tenure

Long Leasehold. Held on a ground lease from Inverclyde Council for a term of 107 years from 31/08/1993 until 31/07/2100 at a peppercorn rent

Location
Miles
2 miles west of Port Glasgow
25 miles west of Glasgow
Roads
A8, A78
Rail
Greenock Central, Greenock West
Air
Glasgow International Airport
Situation

The property is situated in a prominent position on the south side of West Stewart Street in Greenock Town Centre, close to its junction with Argyll Street. Greenock West and Greenock Central railway stations are within walking distance, providing services to Glasgow some 25 miles to the east. The main bus terminus for the town is located adjacent to the property. The Oak Mall Shopping Centre is located opposite the property which accommodates occupiers including Primark, Wilko and Boots.

Tenure

Long Leasehold. Held on a ground lease from Inverclyde Council for a term of 107 years from 31/08/1993 until 31/07/2100 at a peppercorn rent

Description

The property comprises three retail units at ground floor with a multi storey car park above. The car park is accessed via Kilblain Street to the rear.

VAT

VAT is applicable to this lot.

Viewings

Please contact Mhairi Archibald

Completion Period

Six weeks completion

EPC

Available at acuitus.co.uk

Description

The property comprises three retail units at ground floor with a multi storey car park above. The car park is accessed via Kilblain Street to the rear.

VAT

VAT is applicable to this lot.

Viewings

Please contact Mhairi Archibald

Completion Period

Six weeks completion

EPC

Available at acuitus.co.uk

Tenancy & Accommodation

Unit Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Reversion
Unit 1 Ground/
First
Retail/
Storage
999.26 sq m
(10,756 sq ft)
GREENOCK
ELIM CHURCH
29th November 2017 to
28th January 2018.
Rolling monthly thereafter
£1  
Unit 2 Ground/
First/
Second
Retail/
Ancillary
1,143.07 sq m
(12,304 sq ft)
SPORTSDIRECT
.COM RETAIL
LIMITED (2)
10 years from 05/10/2010 £75,000 04/10/2020
Unit 3 Ground/
Mezzanine
1/2
Retail/
Storage
470.08 sq m
(5,060 sq ft)
SEMI-CHEM
(STORES)
LIMITED (3)
Approximately 28 years
and 11 months from
11/03/1994 (4)
£15,000 10/03/2023
Kilblain
St Car
Park
   
180 spaces
VACANT
POSSESSION
     
Total    
2,612.41 sq m
(28,120 sq ft)
    £90,001  

(1) The licence to occupy held by Greenock Elim Church can be terminated at one month's notice
(2) For the year ending 28 Apr 2019, SPORTSDIRECT.COM RETAIL LIMITED reported a turnover of £2,187,760,000, pre-tax profits of £345,610,000 and a total net worth of £1,374,728,000(Source: Experian Group 16/01/2020).
(3) For the year ending 27 Jan 2019, SCOTTISH MIDLAND CO-OPERATIVE SOCIETY LIMITED reported a turnover of £377,856,000, pre-tax profits of £6,360,000 and a total net worth of £84,405,000 (Source: Experian Group 16/01/2020). The Semi-Chem rent is inclusive of service charge. A guarantee is provided by Scottish Midland Co-operative Society Limited
(4) The lease provides a mutual option to determine on 10/03/2021 or 10/03/2022, subject to 6 months notice

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.

Property Documents

  • Catalogue Page
    Updated Date
    22.01.20
    File Size
    715 KB
    View PDF
  • Site Plan
    Updated Date
    22.01.20
    File Size
    709 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Mhairi ArchibaldMhairi Archibald +44 (0)7718 899 341 Mhairi.archibald@acuitus.co.uk
Seller's Solicitors
Burness Paull 120 Bothwell Street
Glasgow
Glasgow
G2 7JL
Yvonne Byrne 0141 273 6724Yvonne.Byrne@burnesspaull.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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