Price Offers in Excess of £8,900,000
- An opportunity to acquire a prominent retail asset on Scotland's prime retail pitch
- Net internal area of 6,126 sq ft arranged over 4 floors
- Fully let to Telefonica UK Ltd on FRI terms expiring 21 December 2027 having been in occupation since 1987
- Passing rent of £427,500 p.a. reflecting approximately £304 per square foot ZA
- Excellent location opposite Princes Square and adjacent to Massimo Dutti and Hugo Boss
- Offers invited in excess of £8,900,000 reflecting 4.5% after purchasers costs of 6.67%
Glasgow is Scotland’s largest city with a core population of over 600,000 people (2016) and over 2.5 million people in the greater Glasgow conurbation. Glasgow is situated approximately 396 miles north of London and approximately 44 miles west of Scotland’s capital city, Edinburgh.
Glasgow acts as the economic powerhouse of the Scottish economy being the largest city, generating a gross value added of approximately £20bn per annum which represents 16% of Scotland’s total output. It is the largest employment centre in Scotland with 54,000 companies having representation in the city region supporting c. 850,000 jobs and was ranked in the top 15 European Financial Centres according to the Global Financial Services Index 2018. The city is the 3rd largest in the UK and the wider catchment accounts for 40% of Scotland’s population making it the 5th largest urban area in the UK.
Glasgow is a globally recognised education base and with more than135,000 students from 135 countries currently studying in the city. The city has 5 universities and 3 super colleges, it has one of the most highly skilled and flexible workforces in Europe, with 46% of the current working age population educated to degree level or above. The city is home to an impressive list of blue chip companies and major global organisations including Barclays Wealth, Santander, HSBC, Morgan Stanley, Direct Line, The Student Loans Company, Ministry of Defence, O2, Atos, Tesco Bank, Dell and J.P Morgan.
Four main motorways give Glasgow high speedRoad Four main motorways give Glasgow high speedroad access to cities throughout the UK. The M8 motorway provides direct access into the city via six junctions located on the periphery of the CBD and lies at the heart of Scotland’s integrated motorway network, connecting directly to Edinburgh. It links with the M74 and the M73 motorways at Junction 4, offering access to Carlisle and Northern England. It also provides access to Stirling and Northern Scotland through its connection to the M80 / A80 at Junction 13. There are also over 170 daily bus services across over 100 routes in and out of Glasgow.
Glasgow has the largest sub urban rail network outsideof London and benefits from having two main railway stations;Glasgow Central Station and Glasgow Queen Street. These stations provide both local services and regular intercity transport to all major cities throughout the UK. Glasgow is also served by a subway and a local rail system which links the city centre to the suburban areas, making it very accessible for commuters.
Glasgow benefits from having three international airportswithin 45 minutes of the city centre (Glasgow International,Prestwick and Edinburgh) linking Glasgow to all major UK, European and International destinations. Glasgow International, only 15 minutes’ drive from the city centre, is one of the busiest airports in the UK, hosting c. 200 flights day and serving 9.9 million passengers annually.
Buchanan street is the prime Buchanan Street is the prime retail street in scotland and is widely regarded as the strongest retailing street outside of Oxford Street in London. It is anchored by the 660,000 sq ft Buchanan Galleries to the north and the 540,000 sq ft St Enoch centre to the south and forms the central part of Glasgow’s‘Golden Z’ of retail.
Glasgow receives more than 90 million shoppers per year with 6,600 people passing through Buchanan Street every hour. Glasgow benefits from a wide retail catchment with over 2.2m people within a 45 minute drive of the city centre which creates a comparison spend of £2.56billion, 2nd only to London in the UK according to CACI.
Glasgow’s City Centre is to receive abudget of £115.5 million out of the £1.13 billion Glasgow City Region City Deal,with the specific aim of developing improved infrastructure, including there surfacing of streets and pavements,improving underground facilities and reducing vehicle traffic in the city centre.Retailers on the street include Apple, Hugo Boss, Massimo Dutti, Ted Baker, Levi’s, Nike and Zara.
The property is prominently situated on Buchanan Street between Exchange Place and Princess Square and accesses the street via a full width glazed frontage. The property is arranged over ground, basement and two upper floors, the first of which is fitted and used by the tenant as offices. The upper floors also have their own separate on street access. The basement comprises staff facilities and storage.
|Floor||NIA (sq ft)|
|Total Reduced Area||1,405|
The property is let in its entirety to Telefonica UK Ltd on a 10 year FRI Lease from 22 December 2017 to 21 December 2027, at a current passing rent of £427,500 (£304 ZA). The property is subject to rent review on 22 December 2022. The tenant is showing a net worth in excess of £1 BN, for their last financial reporting period to the end of December 2018 the company saw a 5% annual increase in turnover to excess of £5.74 BN. This generated a 34% increase in pre-tax profit to £715 M.
Buchanan Street continues to see Buchanan Street continues to see strong levels of occupier demand which has led to consistent primerental growth to see ZA’s current sit in excess of £320 per sq.ft.
|Address||Tenant||Date||Transaction||Zone A Psf|
|55 Buchanan Street||Omega||2019||Assignation||£320|
|111 Buchanan Street||Kiehls||2019||Rent Review||£314|
|55-79 Buchanan Street||Hugo Boss||2019||Renewal||£317|
|61-79 Buchanan Street||Ted Baker||2018||Rent Review||£314|
|54 Buchanan Street||Three Store||2018||Assignation/Rent Review||£314|
|84-90 Buchanan Street||Vodafone||2017||Regear||£320|
|36 Buchanan Street||Levi||2017||New Letting||£321|
|50 Buchanan Street||Office Shoes||2017||Rent Review||£314|
|131 Buchanan Street||T2||2017||New Letting||£317|
|122-124 Buchanan Street||Scribbler||2017||New Letting||£329|
A selection of recent investment comparables in the vicinity are outlined below;
|122-128 Buchanan Street||Scribbler and Swatch||2018||£9.36m||4.2%|
|130-140 Buchanan Street||Starbucks and Pringle||2018||£14m||4.1%|
|164 Buchanan Street||Clarks||2017||£4.07m||4.4%|
|55-59 Buchanan Street||Kiko, Russel & Bromley and Molton Brown||2017||£22.15m||3.99%|
|106-112 Buchanan Street (IVY)||The Ivy, Edinburgh Woolen Mill, Thomas Pink and Nationwide (Office)||2019||£17.2m||4.75%|
The property is held by way Heritable Title, Scottish equivalent of English Freehold.
The property has a total rateable value of £295,000 p.a.
Offers invited in excess of £8,900,000 reflecting 4.5% after purchasers costs of 6.67%.
The property has been elected for VAT.
The property carries an EPC rating of C42. Certificates are available onrequest.
A dedicated data room is available. Access details will be made available on request to named parties.
Address: Montgomery House, 29-33 Montgomery Street, Belfast BT1 4NX
Telephone: +44-2890-501501 or you can also email us at firstname.lastname@example.org
Lisney for themselves and the Vendor/Lessor whose Agents they are give notice that:
1. These particulars do not constitute any part of an offer or contract.
2. All statements contained in these particulars as to this property are made without responsibility on the part of the Agents or the Vendor/Lessor and none of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact.
3. The particulars, various plans, photographs, dimensions, references to condition and permissions for use and occupation are given in good faith and are believed to be correct but their accuracy is not guaranteed and any intending Purchasers or Tenants shall satisfy themselves by inspection or otherwise as to correctness of each of them. No omission, accidental error or misdescription shall be ground for a claim for compensation or for the rescission of the contract by either the Vendor/Lessor or the Purchaser/Tenant.
4. Neither the Vendor/Lessor nor Lisney nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to the property. 5. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT arising on the transaction. PSRA No. 001848.
Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.