The property is located on the east side of Renfield Street in Glasgow City Centre. Adjacent occupiers include Yorkshire Building Society, Greggs, Taco Mazama, Burger King, Admiral Amusements and the Drum & Monkey Public House.
The property is situated just off of Gordon Street, the main pedestrian thoroughfare linking Central Station through to prime Buchanan Street.
The premises comprise a ground floor and basement unit within a traditional tenement building.
From our inspection we calculate the premises to provide the following areas and dimensions:
Gross Frontage: 21’ 2” (6.45m)
Net Frontage: 18’ 8” (5.69m)
Ground Floor Sales: 1,193ft² (110.83m²)
Basement Storage: 1,102ft² (102.38m²)
ITZA 948 units
The premises are let as an unlicenced convenience store to Renfield Convenience Ltd for a term of 15 years commencing 20th May 2024 on an FRI basis subject to 5 yearly rent reviews and a tenant break option in year 10.
The lease is supported by a Personal Guarantee for the entire term. The commencing rent of £35,000 pax equates to £36.92/A based on our areas.
Offers in excess of £350,000 exclusive are sought for our clients heritable interest. A purchase at this level would represent a yield of 9.3% assuming purchasers costs of 6.75%.
VAT will be payable on the purchase price.
Each party will be responsible for their own legal costs. Entry on completion.
We understand from the Assessors website the property is entered in the Valuation Roll as follows: -
Rateable Value (25/26): £28,250
Estimated Rates Payable (25/26): £13,814
The subjects have a rating of ‘E’ a copy of the Certificate is available upon request.
To comply with Money Laundering Regulations, we are legally required to undertake due diligence on prospective purchasers which will at a minimum include proof of identity/address and funding. Applicable documentation will therefore be required on agreement of Heads of Terms.
For further information please contact this office.
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| Glasgow - 8 Renfield Street.pdf |