FOR SALE · 2021. 7. 15. · Dr Tejaswini Murthy 2,233 1,004 28/08/1991 27/08/2051 30.22yrs £5,939...
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FOR SALE UNBROKEN RETAIL PARADE INVESTMENT 148-158 BATTLEFIELD ROAD, GLASGOW, G42 9JT OFFERS OVER £900,000 (8.52% NIY)
Transcript of FOR SALE · 2021. 7. 15. · Dr Tejaswini Murthy 2,233 1,004 28/08/1991 27/08/2051 30.22yrs £5,939...
FOR SALE
UNBROKEN RETAIL PARADE INVESTMENT148-158 BATTLEFIELD ROAD, GLASGOW, G42 9JT
OFFERS OVER £900,000 (8.52% NIY)
P1 | 148-158 BATTLEFIELD ROAD, GLASGOW, G42 9JT
UNBROKEN RETAIL PARADE INVESTMENT
Rare opportunity to acquire an unbroken, mixed use parade in a prominent Glasgow suburb;
Long WAULT of 17.66 years to expiry;
Fully let over ground and first floor levels extending to a total net internal area of 8,923 sqft;
Total rental income of £80,939 per annum;
Let to a mix of private individuals and local trading occupiers;
We are instructed to seek offers over £900,000 (NINE HUNDRED THOUSAND POUNDS STERLING) exclusive of VAT. A purchase at this level would show a net initial yield of 8.52% after allowing for purchaser’s costs of 5.52% including LBTT (Land Building and Transactions Tax).
EXECUTIVE SUMMMARY
A803
1A
22
1
20
19
18
15
A804
A814
M74
M74
B763
B766
A728
A728
B767
A77
A77
B762
A89
A749
A730
A8
M8
A74
P2 | 148-158 BATTLEFIELD ROAD, GLASGOW, G42 9JT
UNBROKEN RETAIL PARADE INVESTMENT
LOCATIONGlasgow is the largest city in Scotland, the commercial and industrial capital of the country and the administrative centre for the West of Scotland, with an urban population of approximately 1.1 million people and a total catchment population of over 2.3 million people within a 40-minute drive, making Glasgow the third largest urban centre in the UK.
Glasgow boasts a strong, vibrant and growing economy and hosts the headquarters for a number of Plc companies including Scottish Power, Clydesdale Bank, Weir Group and Scottish Mutual Insurance.
Situated approximately 4 miles south of Glasgow City Centre, Battlefield Road is one of the main arterial car and bus routes within the south side of Glasgow. The Mount Florida Railway Station is a short walk to the east of Battlefield Road.
Towns & Cities Glasgow City Centre 17 mins / 4 miles Paisley 22 mins / 8 miles East Kilbride 17 mins / 7 miles Hamilton 16 mins / 6 miles
Motorways M74 / Junction 3 7 mins / 2 miles
Train Station Mount Florida Station 6 mins / 0.2 mile
TIME & DISTANCES
B768
B768
King's Park Avenue
Prospecthill Road
Prospecthill Road
Prospecthill Road
King's Park Road
Battlefield Road
Battlefield Road
Battlefield Roado
Langside Avenue
Carmunnock Road
Carmunnock Road
Carmunnock
Road
Langside Place
Queen's Drive
Queen's Drive
Newlands Road
M orley Street
Millbra
e Roa
d
Langside Road
Lang
side
Roa
d
Cathcart Road
Cathcart Road
Cath
cart
Roa
d
Cathcart Road
Holm
lea Road
Holm
lea Road
Holm
lea
Road
Algie Stre
et
Ledard Road
Ledard Road
Gran
ge R
oad
Grang
e Roa
d
Grange Road
Queen's Park Avenue
Queens Park Street
Que
ens
Park
Str
eet
Pros
evorG llihtcep
Old Castle Gardens
Old
Cas
tle G
arde
ns
Invergordon Avenue
Battl
efield
Ave
nue
Man
sionh
ouse
Road
Greenholme Street
Cathkinview Place
Cartsi
de Quad
rant
Valeview
Terra
ce
Somerville Drive
Ove
rdal
e Ga
rden
s
Lock
erbi
e Ave
nue
Langside Gardens
Inve
rlair
Aven
ue
Flo rida Crescent
Earlspark Avenue
Crosshill Avenue
Craigmillar Road
Cathkinview Road
Carm
ichae
l Pla
ce
Overdale Street
Ove
rdal
e Av
enue
Old Castle Gate
McLennan Street
Lindores Street
Kingsley Avenue
Inve
rlair D
rive
Hampden Terrace
Dundrennan Road
Cromarty Avenue
Cordiner Street
Cartside Street
Cartside Street
Carnwath Avenue
Brownlie Street
Brisb
ane S
treet
Brisb
ane S
treet
Blairb eth Drive
Tulloch Street
Sinc
lair
Drive
Rannoch Street
Nutberry Court
Loch
leve
n Ro
ad
Letherby Drive
Florida Street
Florida Squa re
Florida Avenue
Brae
mar
Stre
et
Stanmore Road
Second Avenue
HoC
ael
mlo
urt
Gryffe Street
Flor
ida
Driv
e
Cumming Drive
Clincart Road
Cartvale Road
Ballogie Road
Arun
del D
rive
Spean Street
Spean Street
Spean Street
Orchy Street
Kintore Road
Kint
ore R
oad
Holmlea Road
Garry Street
Fallo
ch R
oad
Cathkin
Road
Bolton Drive
Ruel Street
May Terrace
Manse Brae
Second Avenue Lane
Cast
lebr
ae G
arde
ns
Kings Park Lane
Lochleven Lane
Cordiner Lane
Hampden Lane
Hampden Lane
Cathcart North Curve
Cathcart Circle
Cathcart Circl
e
Cathcart Circle
Cathcart Circle
Cath
cart
Circ
le
Cath
cart
Circ
le
Cathcart Circle
Kirkhill Line
QueensPark Recreation
Grounds
GlasgowClyde College
- LangsideCampus
FormerVictoria
Infirmary
Albert Park
New VictoriaHospital
HolmleaPark
Lesser Hampden
HamdenBowling
Club
LangsideLibrary
GlasgowSouth
ChristadelphianChurch
WestStand
CathcartHouse
BattlefieldPrimarySchool Langside
Court
16-18
White Cart W
ater
BATTLEFIELD ROAD
PROSPECTHILL ROAD
PROSPECTHILL ROAD
BATTLEFIELD ROAD BATTLEFIELD ROAD
KIN
G’S PARK ROAD
BATTLEFIELD ROAD
B766
B762
B768B768
NEW VISTORIA HOSPITAL
GLASGOW CLYDE
COLLEGE
HAMPDEN PARK
MOUNT FLORIDASTATION
P3 | 148-158 BATTLEFIELD ROAD, GLASGOW, G42 9JT
UNBROKEN RETAIL PARADE INVESTMENT
SITUATIONThe subjects are situated in a prominent location on the south side of Battlefield Road opposite Langside College, which benefits from around 5,000 students.
Nearby occupiers within the immediate area include Sainsbury’s, Greggs, Domino’s, Subway and many more local and national occupiers.
DESCRIPTIONThe premises are arranged over ground and first floor with a combination of occupiers which include a surgery, gift shop, retail units and yoga studio.
Glasgow is the largest city in Scotland, the commercial and industrial capital of the country
P4 | 148-158 BATTLEFIELD ROAD, GLASGOW, G42 9JT
Nearby occupiers include Sainsbury’s, Greggs, Domino’s and Subway
P5 | 148-158 BATTLEFIELD ROAD, GLASGOW, G42 9JT
UNBROKEN RETAIL PARADE INVESTMENT
TENANCY SCHEDULE
TENUREThe subject properties are held on a heritable title (Scottish equivalent to English Freehold).
DEMISE TENANT / SUB-TENANT
SIZE SQ FT (NIA)
SIZE SQ FT (ITZA)
ENTRY EXPIRY BREAKWAULT TO
EXPIRY (TO BREAK)
RENT (P/A)
RENTAL RATE
(PER SQ FT)
RENT REVIEW REPAIR COMMENTS
148 Battlefield Road
Dr Carol McGivern & Dr Tejaswini Murthy 2,233 1,004 28/08/1991 27/08/2051 30.22yrs £5,939 £2.66 N/A FRI The rent is fixed for the
duration of the lease.
150 Battlefield Road
The Candy Rooms Glasgow Limited 645 549 10/11/2020 09/11/2025 10/11/2023 4.41 yrs
(2.41yrs) £12,500 £19.38 FRI
152-158 Battlefield Road (Ground)
Kinder Handl Community
Enterprises CIC (SC 583026)
3,635 1,721 12/04/2021 11/04/2041 19.84yrs £40,000 £11.00 12/04/2026 & 5 yearly thereafter
FRI (SoC)
There is a deposit held for 3 years from the date nof entry
which equates to £3,333.33.
There is a schedule of condition attached to the
lease.
The rent reviews are 5 yearly to the higher of the rent
payable prior to the review date and market rent.
152-158 Battlefield Road (First)
Hot Yoga South Side Ltd (SC 442887)
2,410 N/A 17/04/2019 16/04/2039 17/04/2034 17.85yrs (12.85yrs)
£22,500 £9.34 10/11/2024 & 5 yearly thereafter
FRI (SoC)
There is a service charge cap at £1,000 in any one year.
The rent reviews are 5 yearly, to the greater of the rent
payable prior to review, Open Market Value and CPI over a 5 year period to the review date, subject to a cap and
collar of 4% & 1% respectively.
TOTAL 8,923 £80,939
P6 | 148-158 BATTLEFIELD ROAD, GLASGOW, G42 9JT
Glasgow boasts a strong, vibrant and growing economy and hosts the headquarters for a number of Plc companies
The subjects are situated in a prominent location on the south side of Battlefield Road
SERVICE CHARGEThere is a service charge budget which operates from 28 February 2021 to 27 February 2022 at a total anticipated expenditure of £3,400.
This is currently fully recoverable from the tenants and breaks back to £0.38 psf.
EPCAvailable on request.
VATOur clients have elected to waive their exemption for VAT and accordingly VAT will be payable on the purchase price, although we anticipate the sale will be dealt with by way of a Transfer of Going Concern (TOGC).
LEGAL COSTSEach party will be responsible for their own legal costs incurred in connection with the transaction.
VIEWING & FURTHER INFORMATIONFor further information or to arrange an accompanied inspection, please contact the joint selling agents:
Sheridan Property Consultants
Stewart Sheridan: Tel: 07740 940898 Email: [email protected]
Cathal Keane: Tel: 07808 627224 Email: [email protected]
Graeme Millar:Tel: 07523 512804 Email: [email protected]
John Conroy: Tel: 07979 494915 Email: [email protected]
37 ONE37 George Street Edinburgh EH2 2HN
Tel: 0131 300 0296
130 St Vincent StreetGlasgow G2 5HF
Tel: 0141 204 3838
Neither Sheridan Property Consultants nor Ryden for themselves and for the vendors or lessors of this property whose agents they are, give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, reference to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them and are advised to do so; (iii) no person in the employment of Sheridan Property Consultants or Ryden have any authority to give representation or warranty whatever in relation to this property; (iv) all prices, rents and premiums quoted are exclusive of VAT at current rate.
July 2021
PROPOSALWe are instructed to seek offers over £900,000 (NINE HUNDRED THOUSAND POUNDS STERLING) exclusive of VAT.
A purchase at this level would show a net initial yield of 8.52% after allowing for purchaser’s costs of 5.52% including LBTT (Land Building and Transactions Tax).
