for sale the toll clarkston, busby road, glasgow toll, clarkston.pdffor sale the toll clarkston,...

SAVE EMAIL PRINT PDFWWW.OSBORNEKING.COM CLOSE PDF

FOR SALETHE TOLLCLARKSTON, BUSBY ROAD, GLASGOW

NEXT

PROPERTYPROPERTY SUMMARY LOCATION SITUATION PROPOSAL & CONTACTINCOMETENANCYDESCRIPTION

WELL LET RETAIL PARADE INVESTMENT SALE

http://www.osborneking.com



NEXTPREV

PROPERTYPROPERTY SITUATION PROPOSAL & CONTACTTENANCYDESCRIPTIONSUMMARY LOCATION INCOME

OPPORTUNITYThe Toll offers an opportunity to acquire a substantial centrally located retail parade within Clarkston, an established and affluent suburb of Glasgow.

INVESTMENT CONSIDERATIONS• GlasgowisScotland’slargestcityandthirdlargest intheUK.• Clarkstonisanaffluentandextremelypopular retaillocation.• Strongsuburbanretailparade.• Tenantline-upthatincludesanumberofnational multipleretailersincludingBoots,Greggs,PizzaHut, ThomasCookandWilliamHill.• Strongincomestream.• Totalrentreceivableincludingvendortop-upsless non-recoverablecostsequatestoanetincomeof- £409,907p.a• We are instructed to seek offers in excess of £4,000,000 subject to contract and exclusive of VAT. A purchase at this level will reflect a net initial yield of 9.69% and a reversionary yield of 11.56%, after deduction of purchasers acquisition costs at 5.80%.




NEXTPREV

PROPERTYPROPERTY SITUATION PROPOSAL & CONTACTTENANCYDESCRIPTIONSUMMARY LOCATION INCOME

GlasgowisScotland’slargestcityandthethirdlargestintheUKwithapopulationofapproximately610,000andanestimatedcatchmentinexcessof2.523million,approximately40%ofScotland’spopulation.

ThecityiswidelyregardedasthecommercialcapitalofScotlandcontributingathirdofScotland’sGDPandbenefitingfromadiverseeconomicbase.

ThecitybenefitsfromexcellenttransportcommunicationswiththeM8runningthroughthecityandconnectingwiththeM74,M80andM77accessingtherestoftheUK.Thecityhas2mainlinerailstationsaccessingthesuburbsofthecity,majornearbytownsandothercitiesthroughouttheUK.

GlasgowInternationalAirportliesapproximately15milesfromClarkstonprovidingregulardomesticandinternationalservices.

LOCATION

VIEW IN GOOGLE MAPS

For indicative purposes only, not to scale

TRAVEL DISTANCES

DESTINATION ROAD DISTANCE TRAVEL TIME

Glasgow City Centre 7miles 20minutes

East Kilbride 4.1miles 10minutes

Motherwell 14.8miles 27minutesKilmarnock 18.7miles 31minutes

(Source: www.bing.com/maps)


http://maps.google.co.uk/maps?q=The+Toll+Clarkston,+Clarkston,+Glasgow&hl=en&sll=47.73855,12.508828&sspn=49.522412,114.169922&oq=THE+TOLL+&hnear=The+Toll+Clarkston,+Clarkston,+The+Toll,+Glasgow+G76+7BG,+United+Kingdom&t=m&z=16



PROPERTYPROPERTY SITUATION PROPOSAL & CONTACTTENANCYDESCRIPTION

NEXTPREV

SUMMARY LOCATION INCOME

ClarkstonisanaffluentsuburbofGlasgowlyingapproximately7milestothesouthofthecitycentre.

TheTollformspartoftheA727(BusbyRoad),themainroutebetweenPaisleyandEastKilbrideandalsothemainarteriallinktoGlasgowCityCentre.

TheSchemeisalsoservedbyClarkstontrainstationlocatedimmediatelyadjacenttotheparade.AvarietyofbusrouteslinkClarkstontoneighbouringtownssuchasPaisley,EastKilbrideandHamilton.

Thesubjectsformthemainretailingpitchfortheareaandcaterforanextensivelocalcatchment.

SITUATION




SITUATION PROPOSAL & CONTACTTENANCYDESCRIPTIONPROPERTY

NEXTPREV


AnEnergyPerformanceCertificatewillbemadeavailabletoapurchaser.Furtherinformationuponrequest.

WehavebeenadvisedthepropertyisheldbywayofaHeritableTitle.(ScottishequivalentofEnglishFreehold)

TENURE

EPC

Thesubjectscompriseanuninterruptedparadeof17no.retailunitswithassociatedcarparkingatrooflevelforapproximately77spacesabove.

Theparadeprovidesaccommodationovergroundandbasementfloorswithservicingprovidedtotherear.

NationalretailersintheparadeincludeBoots,Greggs,WilliamHill,ThomasCookandPizzaHut.

DESCRIPTION

SERVICE CHARGEThetotalservicechargebudgetfortheyearendingMarch2012was£44,750amountingto£2,240perunitexclusiveofinsuranceandVAT.TheservicechargeyearendisMarch2013.





NEXTPREV


UNIT TENANT SIZE(SQFT)

ITZA LEASE START LEASE END TERM BREAKOPTION

CURRENT RENT (P.A.)

ERV COMMENTS

1 The Firm of Messsrs Burnside McPhee t/a Burnside McPhee Opticians

661 503 20 Oct 1988 28 Sep 2011 23 yrs - £18,900 £20,120 Tenant Over Holding

2 Retail Travel Ltd t/a Thomas Cook 999 654 29 Sep 2011 28 Sep 2016 5 yrs - £26,000 £26,160

3 & 4 Designer Home Improvements (UK) Ltd t/a Waterfall

2,161 1,320 5 Mar 2010 4 Mar 2020 10 yrs 5 Mar 2015 £48,800 £52,800

5 Greggs Plc 919 624 15 Mar 2004 14 Mar 2019 15 yrs 15 Mar 2014 £24,300 £24,960 Tenant has an option to extend lease for a further five years from lease expiry.

6 Lamond Enterprises Ltd s/l Your Move 895 592 19 Jul 1991 23 Jun 2016 25 yrs - £23,600 £23,680 Your Move is a sub tenant

7 Camerons Ltd t/a Camerons Shoes 866 581 6 Aug 2004 5 Aug 2019 15 yrs 5 Aug 2014 £23,000 £23,640

8 Capability Scotland 885 581 13 Mar 1996 24 Mar 2016 20 yrs - £23,250 £23,250

9 & 10 Vacant 1,942 1,263 - - - - - £48,000 Vacant rates, service charge and Insurance c. £14,146 pa exc

11 Boots UK Ltd 1,388 635 25 Dec 1986 24 Dec 2011 25 yrs - £24,720 £25,400 Tenant Over Holding. Renewal negotiations on-going.

12 & 15 Oxfam 2,350 1,245 7 Jan 2005 6 Jan 2020 15 yrs 7 Jan 2015 £46,000 £49,800

16 Eat Eat Co t/a Eat Deli 994 635 19 Feb 2002 18 Feb 2022 20 yrs 19 Feb 2017 £25,400 £25,400

17 Pizza Hut (UK) Ltd 1,017 631 23 May 1994 24 Mar 2019 27.5 yrs - £24,565 £25,240

18 P & L Advance Ltd t/a Café Crema 881 629 11 May 2012 11 May 2022 10 years 11 May 2015 £28,500 £25,160 New lease to Café Crema 4 months rent free.

19 William Hill Organization Ltd 1,130 662 14 Jun 2011 13 Jul 2031 20 yrs 14-Jun-1616-Jun-21

£28,500 £26,480

20 Under Offer 1,114 673 - - - - - £26,920 Terms agreed subject to planning. Vacant rates, service charge and Insurance c. £8,942 pa exc. 4 months rent free.

21 Shelter 1,074 646 8 Jun 2012 7 Jun 2022 10 yrs 8 Jun 2017 £26,000 £25,840 Service charge capped at £2,200pa exc. for 5 years but subject to RPI increases.

22 Barnardos 1,096 654 8 Jan 2007 7 Jan 2017 10 yrs - £25,460 £26,160

- Town & City Parking Ltd (CarParkTheToll)

- - 8 Apr 2011 7 Apr 2016 5 yrs - £16,000 £16,000 Rent review to the higher of OMRV or RPI

- East Renfrewshire Council (WaitingRoom&WC’s)

- - 25 May 1966 24 May 2065 - - - -

20,343 £432,995 £514,760TOTALNET* £409,907

*Allareasbeingapproximate**TotalNETofLandlordsShortfalls





NEXTPREV


INCOME

• TermsagreedonUnit20.Furtherinformationuponrequest.

• Securenewlettings,onunits9&10.

• SeektosecureWCsfromEastRenfrewshireCouncil toredevelopintoanotherretailunit.

• Undertakerefurbishmentplantoimprovefrontfaçadeofscheme,seeking supportfrom‘BID’scheme.

• SecurenewleaseswithBurnsideMcPheeOpticiansandBootstheChemist whoarecurrentlyoverholding.

ASSET MANAGEMENT OPPORTUNITIES

The subject property is part of the Clarkson business led initiative. A (BID) is a business led initiative where businesses work together and invest collectively in local improvements to their own environment.

The objectives of the Clarkston (BID) include:-

• Raise awareness and drive more footfall.• Making the shopping experience more friendly.• Enhance overall look and feel of the area.

Further information can be found at www.iloveclarkston.com

CLARKSTON BUSINESS IMPROVEMENT DISTRICT (BID)

Thetotalcontractedgrossincomeincludingvendortopupsonunexpiredrentfreeperiodsis£432,995perannum.

Afterdeductionofnon-recoverablecoststhecurrentnetincomeis£409,907perannum.Ouropinionofestimatedrentvaluefortheschemeis£514,760pa.Thisisbasedonarentaltoneof£40persquarefootzoneA.A5%quantumreductionhasbeenappliedtothelargerunits.

LocalTenant22%

NationalMultiple46%

RegionalMultiple32%

Source: Osborne King





PREV


ANDREW COGGINS

T: 02890 270022M: 07764 [email protected]

Weareinstructedtoseekoffersinexcessof£4,000,000subjecttocontractandexclusiveofVAT.

Apurchaseatthislevelwouldrepresentaninitialyieldof9.69%andarevisionaryyieldof11.56%afterdeductionofpurchasecostsat5.8%.

PROPOSAL

WeunderstandthepropertyhasbeenoptedtotaxforVATpurposes,therefore,VATwillbepayableonthepurchasepriceunlesstransactedasaTOGC.

VAT

Forfurtherinformationortoarrangeaninspectionoftheproperty,pleasecontact:

MISREPRESENTATION ACTMisrepresentationAct1967.Thepremisesareofferedsubjecttocontract,availabilityandconfirmationofdetails.Theparticularsdonotformpartofanycontractandwhilstbelievedtobecorrect,noresponsibilitycanbeacceptedforanyerrors.Noneofthestatementscontainedintheparticularsaretoberelieduponasstatementsoffactanyattendingpurchasersorlesseesmustsatisfythemselvesbyinspectionorotherwiseastothecorrectnessofthosestatements.ThevendorsorlessorsdonotmakeorgiveOsborneKingandHamiltonCharteredSurveyorsoranypersoninitsemployment,anyauthoritytomakeorgiveanyrepresentationorwarrantywhatsoeverinrelationtothisproperty.Unlessotherwisestated,allpricesandrentalsquotedareexclusiveofanyValueAddedTaxtowhichtheymaybesubject.Theseparticularsareissuedontheunderstandingthatallnegotiationsareconductedthroughthiscompany.OsborneKing&HamiltonCharteredSurveyors.RegisteredinNorthernIrelandNo.27969.RegisteredOffice:TheMetroBuilding,6-9DonegallSquareSouth,Belfast,BT15JA.Anymaps/PlansbasedontheOrdnanceSurveyMapwiththesanctionofthecontrollerofH.M.StationeryOfficeCrownCopyrightReservedLicenceNo.CS369.Thisplanisforconvenienceonly.Itsaccuracyisnotguaranteedandshallnotbedeemedtoformpartofanycontract..ReproducedwiththeconsentofGoadCartographersLtd,OldHatfield.ThiscommunicationisnotintendedtoformpartofalegallybindingcontractandthecorrespondenceofwhichitformspartisexpresslysubjecttocompletionofformallegaldocumentationinaccordancewithScottishlaw.

DesignbyPositive.

HARRY CROSBY

T: 02890 270019M: 07587 [email protected]

OSBORNE KING THE METRO BUILDING, 6-9 DONEGALL SQUARE SOUTH, BELFAST, BT1 5JA HAMILTON CHARTERED SURVEYORS 211/213 WEST GEORGE STREET, GLASGOW G2 2LW

PAUL HAMILTON

T: 0141 222 2777M: 07752 [email protected]


mailto:andrew.coggins%40osborneking.com?subject=

http://www.positivedesign.co.uk

mailto:robert.ditty%40osborneking.com?subject=

mailto:paul.hamilton%40hamiltoncharteredsurveyors.com?subject=

for sale the toll clarkston, busby road, glasgow toll, clarkston.pdffor sale the toll clarkston,...

Documents