• Prominent corner location

• Multi-let to a variety of occupiers

• Upper floor offices with ground floor/lower ground floor pub and convenience store

• B listed building ensuring no vacant rates

• Asset management opportunities

• Offers in excess of £1,350,000

• 9.06% net initial yield

The building occupies a prominent position within the City Centre and sits at the corner of West Regent Street and Wellington Street. Surrounding properties are predominantly multi-let office buildings. Sauchiehall Street lies approximately 2 minutes’ walk to the north of the subjects and is one of the strongest retailing pitches in Glasgow city centre. Characterised by its attractive pedestrianised section, the street boasts a number of key retail occupiers such as TK Maxx, Primark, Marks & Spencer, Boots, WH Smith and Sainsbury’s, as well as numerous other national multiples.

There is a 24 hour Q Park located 1 minute walk from the building providing 372 car spaces with metered parking on West Regent Street and Wellington Street. In addition to the numerous office occupiers nearby, the surrounding properties provide a mix of commercial uses including hotels - Hampton by Hilton, Apex and Abode Glasgow, bars and restaurants.

The building comprises a B-listed corner sandstone building with hipped slate covered roof incorporating timber dormers. The upper floors are laid out as a variety of office suites all with good natural light and comprising a mix of open plan and cellular office accommodation. There is a modern door entry security system with a 5 person passenger lift and common stairwell providing access to the upper floors. All the suites, with the exception of the ground floor, have self-contained toilets and tea prep/kitchen areas.

The ground/lower ground floor comprises fully fitted bar/restaurant and lock-up retail unit trading as a convenience store.

Heritable (Scottish equivalent to English freehold).

The property is multi-let to 10 tenants in accordance with the tenancy schedule which is available to download.

The total passing rent is £129,149 per annum.

The management of the building is currently undertaken by Land & Property Management who are responsible for collecting rents and the service charge as well as maintaining the day to day running of the property.

A copy of the current Service Charge Budget is available to download.

The Service Charge for the year to February 2018 is £27,870 equating to £2.84/sq ft and is fully recoverable. The agents also charge a separate management fee.

The property offers numerous asset management prospects including;

• Renew and re-gear lease to The United Reformed Church (existing tenant)

• Increase headline rental levels

• Let vacant 3rd floor suite

• Refurbish common areas and lift car

Our client is seeking offers in excess of £1,350,000 (One Million Three Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 9.06%, a reversionary yield of 9.48% in September 2017 and 11.04% after letting of the vacant office suites, assuming standard purchaser’s costs of 5.28%.

1. Opportunity to acquire a whole building in Glasgow City Centre;

2. The property is let to 10 tenants providing an investor with a diverse and low risk spread of income;

3. Clear opportunity to enhance value and income through asset management strategies;

4. A purchase at the asking price reflects a highly attractive net initial yield and potential reversionary yield.