Prime Long Let Leisure Investment

59 Sauchiehall Street & 108 – 112 Renfield Street | Glasgow | G2 3DA


offers in excess of



  • 4th Largest City in the UK

  • Glasgow 1st for total retail spend available (PROMIS)

  • Prime prominent corner position on pedestrianised section of Sauchiehall Street

  • Strong micro location for leisure and fast food

  • Heritable Interest (Scottish equivalent of English Freehold)

  • £175,000 per annum to one of the UK’s largest Burger King Franchisees, with two guarantors

  • 13.5 years unexpired

  • £2,990,000, subject to contract

  • 5.50% Net Initial Yield



Glasgow is located in the West of Scotland, 40 miles west of Edinburgh. It is the 4th largest city in the UK and the largest in Scotland. The current population is estimated to be over 560,000 people but within a 30 minute drive time there are in excess of 1,650,000 residents. Glasgow ranks 1st in the UK in terms of the volume of total retail spend available within the Primary Retail Market Areas (PROMIS 2018).

Road communications are excellent with the M8 providing the direct link to Edinburgh and the M74 linking Glasgow with the M6 at the border and subsequently the wider UK motorway network.

Glasgow’s two central stations, Glasgow Central and Glasgow Queen Street, provide regular and direct services to Edinburgh, Manchester and London with fastest journey times of 45min, 3hrs 15min and 4hrs 30min respectively.

Glasgow International Airport is 9 miles to the west of the city centre with direct flights to over 50 international destinations and 7 domestic airports. There are over 180 inbound flights from London every week.


The subject property is situated in a prime and prominent location on the pedestrianised section of Sauchiehall Street. Sauchiehall Street forms part of the famous ‘Golden Z’ with Buchanan Street and Argyle Street as the main shopping streets in the city. High footfall is generated on Sauchiehall Street being central to the retail and leisure district, the office and CBD core, and forming an entry point into the city particularly by students and those who live in the western and north western suburbs of Glasgow.

Major occupiers on Sauchiehall Street include; Marks & Spencer, Primark, Cineworld, Sainsbury’s and in close proximity to the subject property include; Specsavers, Three, Dr Marten’s, Pret A Manger, Schuh and KFC.

Whilst historically retail centric, Sauchiehall Street has become a key leisure location in Glasgow. The Cineworld is one of the busiest cinemas in the UK and can hold 4,300 customers in its 18 screens. The Glasgow Royal Concert Hall Theatre forms a centre piece to the eastern end of the street. In addition the area has attracted a high number of bars and nightclubs targeting the student market, making the micro location a prime pitch for fast-food operators. Burger King is open until 11pm every night to benefit from the constant bustle the area generates.


Local Investment

Works are nearing completion on the Sauchiehall Street Avenue project, a £7.2m landscaping and public realm project providing widened pavements and cycle lanes between Charing Cross and Rose Street. The work includes making the thoroughfare tree lined to create an improved shopping environment and to provide social/environmental and economic benefits to the area.

The former BHS building directly opposite the subject property has now had plans submitted for a £75m redevelopment. Proposals include a 12 storey scheme comprising ground floor retail and 130,000 sq ft of Grade A office space. This development will enhance the micro location


The property comprises a well-configured and prominent corner retail/leisure unit over ground, first floor and basement. The building is not listed.



The commercial element of the property has been measured in accordance with the RICS Property Measurement, 2nd Edition (2018) and has the following Net Internal Floor areas:

Ground Floor Sales 1,685 sq ft 156.5 sq m
ITZA 1,695.6 blended  
First Floor 2,130 sq ft 197.9 sq m
Basement 1,485 sq ft 138.0 sq m
Total 5,300 sq ft 488.4 sq m

A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £995 excl Vat.


Heritable Interest (Scottish equivalent of English Freehold).



The property is let to Caspian Food Retailers Limited (trading as Burger King and one of the larger UK Franchises) on a full repairing and insuring lease for a term of 20 years from 2nd April 2013, expiring 1st April 2033 (13.5 years unexpired) at a passing rent of £175,000 per annum. The lease is effectively guaranteed by two companies. The original guarantor, Caspian UK Group will remain a guarantor until the ‘new’ guarantor Royale Holdco Limited is of an equivalent covenant strength.

The current rent on the subject property can be analysed to reflect £103.21 Zone A using A/10 on Basement and A/12 on 1st Floor and appropriate adjustments on the ground floor.


Caspian Food Retailers Limited (Company number 07523162) was incorporated in 2011 and forms part of one of the largest Burger King Franchisees with over 70 restaurants in the UK. The lease is guaranteed by both Caspian UK Group and Royale Holdco Limited. Caspian UK Group were purchased by international private equity group Bridgepoint in November 2017.

Caspian Food Retailers Ltd posted a pre-tax loss in their most recent accounts of £3.18m which was due to £4.57m of ‘exceptional charges’ following the acquisition.

The most recently available financial information for both Caspian Food Retailers Limited and Caspian UK Group are set out below:

Caspian Food Retailers Ltd  
Year Ending 31st December 2017 1st January 2017
Turnover £76,016,000 £74,498,000
Pre-Tax Profits -£3,180,000 £2,660,000
Net Assets £3,135,000 £2,087,000


Caspian UK Group  
Year Ending  31st December 2017 1st January 2017
Turnover £4,460,000 £5,632,000
Pre-Tax Profits £7,612,000 £1,151,000
Net Assets £7,403,000 £139,000


The property is elected for VAT and as such it is anticipated that the sale will be treated by way of a TOGC.


We are instructed to seek offers in excess of £2,990,000 (Two Million, Nine Hundred and Ninety Thousand Pounds), subject to contract & exclusive of VAT. A purchase at this price would equate to a net initial yield of 5.50% (reflecting purchaser’s costs of 6.35%).

Please note that a purchaser will be re-charged the costs of the surveys and searches which are provided in the data room.


Investment Considerations

  1. The property is located in the 4th Largest City in the UK;

  2. Glasgow 1st for total retail spend available (PROMIS);

  3. The property occupies a prime prominent corner position on the pedestrianised section of Sauchiehall Street;

  4. Strong micro location for leisure and fast food;

  5. Heritable Interest (Scottish equivalent of English Freehold)

  6. A passing rent of £175,000 per annum to one of the UK’s largest Burger King Franchisees, with two guarantors;

  7. 13.5 years unexpired lease term;


We have partnered with a leading finance adviser to provide loan services. To learn more, please visit our “Finance” section.


Contact Us

Singer Vielle   +44 (0) 207 935 7200
Neil Singer +44 (0) 203 701 1356
Dale Henry +44 (0) 203 478 9120
Graham Waddell +44 (0) 141 221 4545

Vendors Solicitor

Shepherd and Wedderburn LLP +44 (0) 131 473 5761
Scott Ritchie +44 (0) 117 930 9537

Joint Agent

James Pearson +44 (0) 20 7647 4817
Jack Firminger +44 (0) 20 7647 4827