69-71 Queen Street, Glasgow, G1 3BZ, UK

69-71 Queen Street

Asset Description

69-71 Queen Street is situated on a busy throughfare in Glasgow's prime retail core.
Buchanan Street and and Glasgow's two principal Rail Stations are located within short walking distance.
The property comprises a well configured category B-listed retail unit arranged over ground and basement levels.
The ground floor provides a retail trading area, with storage space, staff toilets and a break room accessible on the basement level.
The property has been measured in accordance with the RICS Code of Measuring Practice (6th addition), extending to a Net Internal Area (NIA) of approximately 3,250 sq ft.
The unit benefits from an EPC rating of A15 (a copy of the certificate is available upon request).

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Asking price

NZ$1,773,000

Cap rate

7.99%

Occupancy

100%

Remaining lease term

5.5 years

Building area net

302 m²

We are instructed to seek offers in excess of £825,000 (Eight Hundred and Twenty-Five Thousand Pounds Sterling), subject to contract and exclusive of VAT, for our client's Heritable Interest in the property (Scottish equivalent of English Freehold).
A purchase at this level reflects an attractive Net Initial Yield of 7.99%, assuming purchaser’s costs of 5.41%.
The property is let on fully repairing and insuring terms to Cancer Research UK (04325234) from 21 October 2019 to 20 October 2029.
The current passing rent is £69,500 p.a.
There is an upwards only rent review on 20 October 2024 to Open Market Rental Value.
A tenant only break option on 20 October 2024 has not been exercised, demonstrating Cancer Research's commitment to the unit.
Cancer Research offer exceptional covenant, with a Tangible Net Worth of £512.6m and a Dun & Bradstreet rating of 5A1.