Onyx 215 Bothwell St, Glasgow, City of Glasgow, G2 7EZ, UK

Onyx, Glasgow

Description

Glasgow is the largest city in Scotland with a population of 635,000, increasing to 1.84 million people within the Greater Glasgow conurbation.

Located on Bothwell Street, which is renowned as Glasgow’s premier office address, featuring a concentration of quality office stock, with excellent surrounding amenities and transport connectivity.

The property comprises a 62,915 sq ft modern office building arranged over sub-basement, basement, ground and ten upper floors.

Landlord capital expenditure of more than £9,000,000 has positioned the asset as one of Glasgow’s most prestigious offices.

Grade A open-plan floor plates offer exceptional natural light and easy subdivision, catering for both corporate and local occupier requirements.

ONYX offers 26,344 sq ft of fully fitted ‘Let Ready’ accommodation, providing an unrivalled tenant offering and flexibility.

ONYX was awarded BCO’s Best Refurbished/Recycled Workplace in Scotland – 2022 and operates on electricity from 100% renewable sources with an EPC A Rating.

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Attributes

Building area

62,915

Asking price

£16,000,000

NOI

£1,656,038

Cap rate

9.7%

WAULT to expiries

4 years

EPC

Grade A

Media

Investment Highlights

Well diversified and established tenant line-up includes Diageo, Currie & Brown, and Cooper Cromar Group.

Total passing rent of £1,656,038 per annum, reflecting an average rate of £33.29 per sq ft.

Weighted average unexpired lease term of 4.0 years to expiries and 1.9 years to break options.

Prime office rents in Glasgow stand at £41.50 per sq ft providing the opportunity to capture reversion through asset management, rent reviews and letting the remaining vacant suites to achieve an Estimated Rental Value of £2,095,829 per annum upon 100% occupancy.

Heritable Interest (Scottish equivalent of English freehold).

Offers are invited in excess of £16,000,000 (Sixteen Million Pounds Sterling) exclusive of VAT.

A purchase at this level would reflect a net initial yield of 9.70%, a reversionary yield of 12.27% (based upon our opinion of ERV) and a capital rate of £254.31 per sq ft, allowing for standard purchaser’s costs based on LBTT.