• Stunning former department store building• Substantial redevelopment opportunity

FOR SALESAUCHIEHALL STREET GLASGOW

On behalf of the Joint Administrators of Watt Brothers (Glasgow & Edinburgh) Limited

BUCHANANBUS STATION

QUEEN STREET STATION

GLASGOW CENTRAL STATION

SAUCHIEHALL STREET

APEX

CITIZEN M

PREMIER INN

GRANDCENTRALHOTEL

ABODE

BUCHANAN STREET

ARGYLE STREET

BUCHANAN STREET SUBWAY

BUCHANAN GALLERIES

BUCHANAN QUARTER

GEORGESQUARE

ST ENOCHCENTRE

ST ENOCH SUBWAY

CBRE are delighted to offer this unique flagship development opportunity to the market.

The subjects comprise an iconic department store building occupying a block on Glasgow’s busiest pedestrian thoroughfare.

Unique Development Opportunity

HAMPTON BY HILTON

PARK INN BY RADISSON

HOLIDAY INN EXPRESS

Glasgow is Scotland’s largest city, with a population of approximately 660,000, and an estimated shopping catchment of two million within a 20 minute drive time. The city is well served by public transport with two mainline train stations, an underground network and a number of bus routes which run through the city centre.

Location

WEST REGENT ST

WEST GEORGE ST

ST VINCENT ST

ST VINCENT PL

GORDON STCADOGAN ST

BL

YT

HS

WO

OD

ST

PIT

T S

TEL

MB

AN

K S

T

WATERLOO ST

WE

LL

ING

TO

N S

T

WE

ST

NIL

E S

T

UN

ION

ST

SAUCHIEHALL ST

BU

CH

AN

AN

ST

QU

EE

N S

TARGYLE ST

BR

OW

N S

T

RIVER CLYDE

BATH ST

WE

ST C

AM

PB

ELL

ST

HO

PE

ST

BOTHWELL ST

DO

UG

LA

S S

T

RE

NF

IEL

D S

T

CHARINGCROSSSTATION

ST ENOCHSUBWAY ST ENOCH

CENTRE

BUCHANANGALLERIES

BUCHANANSTREET

SUBWAY

CENTRALSTATION

PRINCESSQUARE

QUEENSTREETSTATION

M8

The subjects are located in the heart of Glasgow city centre and occupy a highly prominent corner position at the junction of Sauchiehall Street and Hope Street and further benefit from extensive frontages to both Sauchiehall Street and Hope Street and also to Bath Street. Located on the pedestrianised section of Sauchiehall Street, the property benefits from high levels of footfall which exceed that of Buchanan Street. Glasgow city centre is widely regarded as the 2nd ranked retail centre in the UK after central London in terms of CACI ranking. Sauchiehall Street comprises a well established mix of retail and leisure operators with nearby occupiers that include Tesco, Primark, Boots, Marks & Spencer, Waterstones, TK Maxx and Sports Direct.

In addition, there are a number of hotels in close proximity including Hampton by Hilton, Abode, Apex and Point A.

The subjects comprise the former Watt Bros department store, arranged over basement, ground and four upper floors.

The north building is a classical design developed over 4 floors with twin Italianate towers to the front elevation. The lower floors are finished primarily with glass curtain walling with red sandstone to the upper floors. The roof is multipitched with slate finish, with a central glass apex.

The south building is an Art Deco design over 4 floors, of red sandstone construction beneath a flat synthetic roof. The third aspect is linked to the south building internally and has roller shutter access from Sauchiehall Lane. It is developed over 3 floors, beneath a flat synthetic roof.

Internally, all three buildings are interlinked and subdivided to provide plant and storage space at basement and extensive retail floor space across the upper levels. There are a number of manager offices throughout the building as well as a cash room and staff facilities including a canteen.

The northern end of the building was initially constructed in 1914 (Alec S Heathcote) and latterly extended into the southern building (Graham Hamilton 1929), which fronts Bath Street, linked at 2nd and 3rd floors by an archway over Sauchiehall Lane. A 3rd building on Sauchiehall Lane was added to the ownership in the 1980s. The property has been in department store use since initial construction. The building is Category B Listed and located within the Central Area Conservation Area.

The subjects are arranged over 4 floors and extend to the following approximate gross internal areas:

Floor Sq Ft Sq M

Roof 1,734 161.1

Third 6,995 649.7

Second 13,294 1,235.0

First 15,498 1,439.9

Mezzanine 8,827 820.1

Ground 19,616 1,822.4

Basement 14,751 1,370.2

TOTAL 80,714 7,498.4

Description

Accommodation

Floor Plans

RETAILSPACE

RETAILSPACE

RETAILSPACE

RETAILSPACE

STORESTORE

STORE

WOR

KSHO

P /

PLAN

T

STORE

STORE

HALL

PLAN

T

PLAN

T

STORE

STORE

STORE

STOR

E

STORE

STORE

STORE

STORE STORE

STORE

STAFFCHANGING

LIFT LIFT

LIFT LIFTLIFT

LIFT

BASEMENT

GROUND FLOOR

VOID

RETAIL SPACE RETAIL SPACE

RETAIL SPACE

OFFI

CE

OFFI

CE

STOR

EST

ORE

LIFT

LIFTLIFTLIFTLIFT

STORE

STORE

MEZZANINE

STORE

OFFICE

STOREST

ORE

STORE

PLANT

ROOF

VOID

RETAIL SPACE RETAIL SPACE

RETAIL SPACE

OFFI

CE

OFFI

CE

STOR

EST

ORE

LIFT

LIFTLIFTLIFTLIFT

STORE

STORE

FIRST FLOOR

RETAIL SPACE

RETAIL SPACE

WCLIFT LIFT WC

OFFICE OFFICE

OFFICE

STOR

E

STORE

STOR

E

STORE

OFFICE OFFICE OFFICE

STOR

E

OFFICE OFFICESTAFFROOM

STOR

E

LIFTLIFT

LIFT

SECOND FLOOR

RETAIL SPACE

RETAIL SPACE

WCLIFT LIFT WC

OFFICE OFFICE

OFFICE

STOR

E

STORE

STOR

E

STORE

OFFICE OFFICE OFFICE

STOR

E

OFFICE OFFICESTAFFROOM

STOR

E

LIFTLIFT

LIFT

THIRD FLOOR

Floor Plans

Our clients have instructed the creation of a Data Room, which includes a measured survey report, building survey report, reinstatement cost assessment, Title Documents and planning report. For access to the Data Room, please contact the sole selling agents.

The subjects are entered in the current Valuation Roll at a Rateable Value of £250,000. The property will require to be reassessed following any reconfiguration or development.

Each party will be responsible for their own legal costs incurred in the transaction. The purchaser will be responsible for any LBTT incurred.

Data Room

Rating

Legal Costs

Offers are invited in respect of our client’s Heritable interest. It is likely that a closing date will be set in due course and as such, interested parties are advised to note their interest in writing with the Sole Selling Agents.

It is anticipated that the marketing will result in interest for a range of different end uses and designs. A planning report is included in the Data Room for guidance, however interested parties are advised to seek their own independent planning advice.

The property has an EPC rating of E (69).

This is a rare opportunity to acquire a strategic building in the heart of Glasgow City Centre that could lend itself to a variety of uses.

Strictly by contacting the Sole Selling Agents:

Sutherland House149 St Vincent StreetGlasgow G2 5NW

CBRE for themselves and for the vendors of this property whose agent they are, give notice that: These particulars do not constitute, nor constitute any part of, an offer or a contract. All statements contained in these particulars as to this property are made without responsibility on the part of CBRE or the vendors or lessors. None of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact. Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. The vendors do not make or give and neither CBRE nor any person in their employment has an authority to give any representation or warranty in relation to this property. January 2020.

Terms

Viewing & Further Information

Planning

EPC

The Opportunity

Kevin Simskevin.sims@cbre.com0141 204 7708

Blair Nimmo and Alistair McAlinden were appointed as Joint Administrators of Watt Brothers (Glasgow & Edinburgh) Limited on 18 October 2019. The affairs, business and property of the Company are being managed by the Joint Administrators. The Joint Administrators act as agents of the Company and contract without personal liability. Blair Nimmo and Alistair McAlinden are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in Scotland.