• Rare opportunity to purchase entire building

• Situated in prime City Centre location

• Let to Toni & Guy Limited

• Tenant been in occupation since 1995

• Numerous asset management opportunities

• Offers in excess of £1.1M

• 8.02% Net Initial Yield

The property is situated on the north side of St Vincent Street, very close to the junction with Renfield Street in the heart of Glasgow City Centre. The location is a popular mixed use location dominated by numerous multi-storey office buildings having retail and restaurant/ leisure operators on the ground floors.

The building is only 2 minutes walk from both the principal railway stations – Central and Queen Street and is ideally located to benefit from considerable passing traffic and pedestrian flow. Buchanan Street, one of the premier retail locations within the UK is only 2 blocks to the east.

Nearby occupiers include Moss Bros, Costa Coffee, Tesco Metro and numerous bars and restaurants including Bread Meats Bread, Gourmet Burger Company and All Bar One.

The subjects comprise a substantial mid-terraced self-contained building with accommodation provided over basement, ground and 4 upper floors. The front elevation is of dressed sandstone with stone block rear elevation. There is a pitched slate roof with dormer windows at attic level.

Internally the property is fitted out as hairdressing salon over ground and first floors with modern fixtures and fittings. The basement and 2nd floors are fitted and used as a tattoo studio and the 3rd floor was formerly used as a beauty salon. The 4th floor offers good quality storage accommodation. The basement is self-contained and is accessed from St Vincent Street.

There is an eight person passenger lift serving the upper floors with internal stairs allowing access to all floors. Toilet facilities are provided on all floors with the exception of the attic floor.

The building is Category B listed.

Heritable (Scottish equivalent to English freehold). 

Tenancies

The property is let on a Full Repairing and Insuring lease to Toni & Guy Limited for a period of 25 years with effect from 2nd August 1995 until 1st August 2020.

The current passing rental is £93,000pa.

We understand the Tattoo parlour occupies the basement and 2nd floors on an informal arrangement with the tenant and there is no formal sub-lease in place.

Toni & Guy was founded in 1963 by brothers Toni and Guy Mascolo and now has more than 475 salons across 48 countries. They have won numerous awards throughout their trading history and in addition to operating salons have developed a successful product range.

To the year 31st August 2015 the company reported a gross turnover of approximately £8.3M and has Shareholders’ Funds of £1.9M.

For further information on the tenant go to www.toniandguy.com

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

We are instructed to seek offers in excess of £1,100,000 (One million one hundred thousand pounds), subject to contract, which reflects a net initial yield of 8.02%, after allowing for normal purchasers cost of 5.40% and a capital value of £166/sq ft.