The Grosvenor Building, Glasgow_Property for Sale

Grosvenor Building 72 Gordon Street, Glasgow, City of Glasgow, G1 3RS, UK

The Grosvenor Building, 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 in Glasgow City Centre, the property is directly opposite the main entrance to Glasgow Central Station, Scotland's largest rail station.
Landmark office and convenience store retail asset in a 100% prime location, in Glasgow's Central Business District.
The property itself comprises a multi-let, mixed-use asset with modern Grade A office accommodation behind a striking Alexander 'Greek' Thomson A-listed façade.
Comprehensively refurbished in 2010.
Reception, 2nd, 4th and 5th floors underwent further refurbishment between 2021 and 2022 at a cost of £1.5m.
Includes 22 car parking spaces, bicycle racks and lockers.
Two fully refurbished vacant floors offering potential to sub-divide to drive value.
Total area of 56,929 sq ft, arranged across the ground floor retail unit and 6 upper level office floors.
EPC A rating.

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Attributes

Asking price

€10,983,000

Building area gross

5,289 m²

WAULT to breaks

4.23 years

WAULT to expiries

7.44 years

Total Annual Rent

€1,179,392.10

EPC

Grade A

Number of floors

Media

Investment Highlights

Prime mixed-use Glasgow city centre investment opportunity.
Excellent tenant covenant, multi-let to to Sainsbury's, Idox, BDP and Cigna.
Total Passing Rent of £1,020,167 p.a.
WAULT of 7.44 years to expiry and 4.23 years to break.
Sainsbury's term certain of 6.96 years, with an RPI linked rent review in March 2027 - collared and capped at 1.5% and 3%.
Vendor to provide an 18 months rates and service charge guarantee on the vacant office floors.

We are instructed to seek offers in excess of £9,500,000 (Nine Million Five Hundred Thousand Pounds Sterling) exclusive of VAT. A purchase of this level would reflect a Net Initial Yield of 10.07%, allowing for standard purchaser's costs based on LBTT.