Retail premises for sale in St. Vincent Street, Glasgow G2

• Glasgow is Scotland’s largest city and the third largest in the UK
• Rare opportunity to acquire an entire prime mixed-use blockon St Vincent Street, just off Buchanan Street, with secured long income
• Potential to add value by refurbishing and utilising upper floors for alternative use
• Prime location on St Vincent Street, a short distance from Glasgow Central Station, Glasgow Queen Street Station and Buchanan Street Subway Station
• Mixed use investment extending to approximately
• 10,097 sqft, let in its entirety to Five Guys jv Limited
• (T/A Five Guys) until May 2041
• Current passing rent of £220,000 per annum and a long unexpired lease term of 19 years

Location

Glasgow is Scotland’s largest city with a core population of over 600,000 residents. The greater Glasgow Conurbation totals approximately 2.5 million, accounting for more than 40% of Scotland’s population. Glasgow is the UK’s 3rd largest financial centre
Glasgow has a strong reputation as a leading fashion centre and is the UK’s largest retail centre outside of London’s West End. The retail sector in Glasgow generates over £4.2 billion of revenue per annum and supports 17,000 full time jobs

Situation

St Vincent Street is adjacent to Buchanan Street, the prime location for high-end fashion retailers in the city-centre. Buchanan Street is the 2nd busiest high street within the UK with an average hourly footfall of 6,020 people and a vacancy rate of just 3%. St Vincent Street accommodates a mixture of prime office, retail and leisure units, drawing large quantities of footfall from all sectors. St Vincent Street will benefit from the in excess of £100m that has been allocated from within the City Deal to the Avenues Project.

Accommodation

Basement (gia) : 2,829 Sq. Ft., Ground Floor (gia) : 2,516 Sq. Ft., High Level Store (gia) 55 Sq. Ft., First Floor (NIA): 1,787 Sq. Ft. Second Floor (NIA) : 1,302 Sq. Ft. Third Floor (NIA) : 1,608 Sq. Ft., Total : 10,097 Sq. Ft.

Tenancy

Let to Five Guys jv Limited (T/a Five Guys) on a Fri Lease for 30 years from 03/05/2011 at current rent of £220,000 p.a, with no
breaks. Rent Review: 3/5/2021 outstanding. Lease assigned to current tenant in August 2014
Next rent review 3 May 2026 and 5 yearly thereafter. There is a sum of £315,157 held in deposit as a lease guarantee.

Covenant

Five Guys jv Limited Turnover 2021-£237Million, Profit before Tax £26 Million
rent: £220,000 VAT: Applicable tenure: Freehold
price: £3,825,000 – 5.5% Net