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Citypoint 2, 25 Tyndrum Street, Glasgow

Investment Property For Sale by Best Bids
of

Price Offers in Excess of £2,500,000

Features

  • An opportunity to acquire a prominent city centre office building with asset management potential.
  • Net internal area of 38,836 sq.ft. arranged over ground and 4 upper floors on a self-contained site.
  • Let to Aecom (not in occupation) and the recently renewed, Hardie Caldwell.
  • Reversionary potential on letting vacant floor.
  • Net passing rent of £500,222 pa which reflects a low average rent of c. £18 psf.
  • Heritable interest for sale (Scottish equivalent of English freehold).
  • Superb location on northern edge of Glasgow city centre on a highly prominent site overlooking the M8, Scotland’s busiest motorway.
  • 44 car parking spaces.
  • Offers invited in excess of £2,500,000 reflecting a low capital value per square foot of £64.

Location

Glasgow is situated approximately 396 miles north of London and approximately 44 miles west ofGlasgow is situated approximately 396 miles north of London and approximately 44 miles west of Scotland’s capital city, Edinburgh.

 

Glasgow is Scotland’s largest city with a core population ofover 600,000 people (2016)and over 2.5 million people inthe wider catchment area.

 

Glasgow acts as the economic powerhouse of the Scottish economy being the largest city, generating agross value added of approximately £20bn per annum which represents 16% of Scotland’s total output. 

 

It is the largest employment centre in Scotland with 13,000 firms having representation in the city 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 accountsfor 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.

 

Full Description

The property comprises a modern detached office building arranged over ground and 4 upper floors, constructed c. 2002 on a self-contained site with generous parking for over 40 cars.

 

The building is of steel frame construction with a mix of block, profile metal sheet and curtain wallglazing to the elevations. The large car park is a mixture of tarmac, pavers and grass infill.

 

The main entrance leads to an attractive double height atrium which accesses the main core of the building.

 

There is a central staircase accessing each floor, which has male and female WC facilities and disabled WC. The building has 2no. glazed passenger lifts each capable of accommodating 10 people. There are 2 additional stair cores used for emergency egress purposes.

 

The office suites are finished to a good standard, with raised access flooring, suspended ceilings, plastered and painted walls and carpet flooring. The building has excellent floor to ceiling heights and abundant levels of natural light.  There are also two veranda areas accessed from the fourth floor. 

 

A detailed description of the building and associated M&E is available by way of a vendors building survey which is included in the dataroom.

 

Viewing Details

By special appointment with the sole selling agent, Lisney.

Accommodation

    Floor Size (sq ft) Rateable Value (£) Service Charge (£)
    Ground 8,102 99,500 68,197*
    First 8,284 96,000 68,989
    Second 8,284 96,000 68,989
    Third 8,284 96,000 59,983
    Fourth 5,882 72,000 49,157

    *Subject to service charge cap resulting in a shortfall of £14,000.

    The unified business rate in Scotland for the financial year 20/21 is 49.8 pence per pound. For properties with a rateable value in excess of £51,000 there is supplemental charge of 1.3 pence per pound and for those with a rateable value in excess of £95,000 a supplement of 2.6 pence per pound.

Contact Details

Address: Montgomery House, 29-33 Montgomery Street, Belfast BT1 4NX
Telephone: +44-2890-501501 or you can also email us at property@lisney-belfast.com

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.