Reith Lambert have been appointed to market a prime block of real estate in Glasgow City Centre
We will be bringing to the market 20-40 Gordon Street / 3 West Nile Street. The property comprises five ground floor retail units with office accommodation above. The main salient details are as follows:
- Prominent corner block in the heart of Glasgow city centre, adjacent to the prime section of Buchanan Street
- Glasgow is established as Scotland’s premier retail location and the most important retail centre in the UK outside London.
- The retail units extend to a total net internal area of 454.75 sq m (4,895 sq. ft.).
- 79% of the income is secured on the retail element which has an weighted average unexpired lease term of 8.41 years (7.04 years with break options).
- The retail rents equate to £70.26 psf ITZA – £140.60 psf ITZA.
- The office rents equate to £8.15 psf – £13.57 psf.
- Total annual net rent of £307,361 pa compares to an ERV of £404,820 pa.
We have been instructed to seek offers in excess of £3.9m (Three Million, Nine Hundred Thousand Pounds Sterling) exclusive of VAT. A purchase at this level will provide a net initial yield of 7.45% and a reversionary yield of 9.81%, after allowing for standard purchase costs of 5.8%.