Glasgow, G12 8UD
- Investments , Retail
- Size: 1,285 sq ft.
- Date Available: Immediately
FOR SALE – PRIME RETAIL INVESTMENT
- Superb trading location in sought after Byres Road
- Let to long established & expanding covenant
- Current FRI lease to 31 December 2018
- Recently extended into basement
- Attractively fitted out as ice cream parlour
- Net Internal Area:
- Ground Floor: 63.66 sq m (685 sq ft)
- Basement: 55.76 sq m (600 sq ft)
- Rent – £49,500 per annum
- Price – offers in excess of £700,000
- Net initial yield of 6.74% after deduction of costs
- Reversionary prospects at end of lease
The subjects are prominently situated in one of the prime sections of Byres Road between Dowanside Road and Ruthven Street in close proximity to Hillhead Underground Station in the West End of the City.
Byres Road benefits from high pedestrianised footfall due to its location close to Glasgow University Campus. The surrounding area forms part of one of the most popular and affluent residential areas in Glasgow with a high proportion of young professionals and students.
Nearby traders include Oliver Bonas, Pret a Manger, Ryman, Bank of Scotland, Pizza Express and many other national and local traders. The above location and traders plans show the approximate location of the subjects and some of the surrounding occupiers.
The subjects comprise a double fronted shop contained on the ground floor of a four storey and basement stone built and slated tenement property.
The ground floor provides a main counter/servery area with fixed and moveable tables and chairs with a disabled toilet to the rear.
The basement floor is accessed via a full staircase at the rear of the shop and provides an attractive additional seating area, male and female toilets and a storage area.
The subjects are shown in the current Valuation Roll with a rating assessment of £45,250.
From measurements taken on site we calculate the Net Internal Floor Area as defined in the RICS Code of Measuring Practice (6th Edition) to be approximately:-
Ground Floor 63.66 sq m (685 sq ft)
Basement 55.76 sq m (600 sq ft)
The subjects are currently leased to The Crolla Ice Cream Co Limited on a full repairing and insuring lease until 31st December 2018. The current passing rent is £49,500 per annum.
Crolla have been making traditional ice cream in Glasgow for over 100 years with the business now in the fourth generation of the family – further details can be found at www.crollasicecream.co.uk.
Unless otherwise stated, all prices, premiums and rentals are quoted exclusive of VAT.
The property has been assessed for energy performance and has a ‘F’ rating.
Our clients are seeking offers in excess of £700,000 for their investment interest in the subjects.