Trade Counter Investment
110 Glasgow Road | Rutherglen | G73 1TN
£615,000
offers in excess of
GALLERY
Summary
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Let to ATS Euromaster Limited (part of the Michelin Group)- Shareholders Funds in excess of £29M
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Lease recently extended until November 2026 – over 10 years unexpired
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Low passing rent of £6.00 per sqft - £48,275 per annum
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7.50% net initial yield
Location
The property sits on the boundary of Glasgow City and the Burgh of Rutherglen approximately 5 km (3 miles) south east of Glasgow City Centre. The M74 extension runs past the property with the new Junction 2 allowing easy access to the motorway, both east and west, approximately 1.6 km (1 mile) to the north.
The immediate vicinity has seen large scale commercial and residential redevelopment in recent years and is fast becoming increasingly popular with industrial and commercial occupiers due to its excellent motorway connections and public transport facilities.
The location sits within Clyde Gateway which is Scotland’s biggest and most ambitious regeneration programme. It is a partnership between Glasgow City Council, South Lanarkshire Council and Scottish Enterprise, backed by funding and direct support from the Scottish Government.
Situation
The subjects are situated on the east side of Glasgow Road (A730), which is a principal thoroughfare/arterial route leading from Glasgow City Centre to Rutherglen. The unit occupies a prominent main road position on Glasgow Road and sits at the entrance to Rutherglen Industrial Estate. The surrounding area is a mixture of trade counter outlets and modern industrial units with nearby occupiers including Arnold Clark, Topps Tiles, Halfords, Booker Cash and Carry Jewson, Enterprise Rental Cars and Crown Paints.
Description
The unit is a steel portal frame warehouse with brick/block dado walls and corrugated sheet above. The original corrugated cement sheet roof has been overclad with profile aluminium sheets. There is a single storey office block to the front. The premises sit within a secure regular yard with low site coverage.
The warehouse has steel roller shutters to the gable allowing easy access for vehicles and internally the warehouse is sub-divided to provide workshop area with tyre storage area beyond.
The offices have a large bright reception with private office, toilets and kitchen and are well-fitted.
Accommodation
We are advised the premises has the following gross internal areas:
| Warehouse | 651.48sq m (7,012sq ft) |
| Offices | 96.06sq m (1,033sq ft) |
| TOTAL | 747.54sq m (8,046sq ft) |
Site
We estimate the site area to be approximately 0.31 hectares (0.75 acres).
Tenure
The property is held on a heritable title (Scottish equivalent of English freehold).
Tenancy
The unit is let to ATS Euromaster Ltd (Co No 4303731) on a Full Repairing and Insuring lease. ATS are a long standing tenant of this property and have recently agreed a lease extension to continue trading from these premises for a further 10 years until 22nd November 2026 with no breaks and provision for an open market rent review in November 2021.
The passing rent is £48,275 per annum equivalent to £6.00 per sqft / £64.58 per sqm.
Covenant
Established in 1965, ATS Euromaster Limited is a nationwide tyre retailer and comprehensive tyre service provider with almost 50 years of experience and a network of 345 Service Centres across the UK. ATS Euromaster Limted is part of the Euromaster Group which has 2,300 service centres and 2800 mobile units in 17 European countries and is a wholly owned subsidiary of the Michelin Group.
ATS Euromaster Ltd has reported the following figures:
| Year Ending | 31st December 2014 | 31st December 2013 |
|---|---|---|
| Turnover | £304 million | £305 million |
| Pre-Tax Profits | £7.724 million | £2.799 million |
| Shareholders’ Funds | £29.014 million | £25.440 million |
Proposal
Our client is seeking offers in excess of £615,000 (Six hundred and fifteen thousand pounds), subject to contract, reflecting a net initial yield of 7.50%.
Value Added Tax
Our clients have elected to waive exemption for VAT and accordingly VAT will be payable on the purchase price and we anticipate the sale will be treated as a TOGC.
Investment Considerations
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Let to undoubted covenant of ATS Euromaster Ltd
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Lease extended to November 2026 – over 10 years unexpired
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Prominent main road location
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Low site coverage
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Investment offers secure income
BROCHURE
DOWNLOADS
Contact Us
| Singer Vielle | +44 (0) 207 935 7200 | |
|---|---|---|
| Graham Waddell | graham@singervielle.co.uk | +44 (0) 141 221 4545 |
| Neil Singer | neil@singervielle.co.uk | +44 (0) 203 478 9120 |
| Dale Henry | dale@singervielle.co.uk | +44 (0) 203 701 1356 |
| Richard Wolfryd | richard@singervielle.co.uk | +44 (0) 203 701 1353 |
| Faye Langoulant | faye@singervielle.co.uk | +44 (0) 203 478 9122 |
| Louanne Malan | louanne@singervielle.co.uk | +44 (0) 203 701 1386 |
Vendors Solicitor
| Holmes MacKillop | ||
|---|---|---|
| Kevin Thompson | kthompson@homack.co.uk | +44 (0)141 226 4942 |