Property Description
A secondary Class 1A retail investment that incorporates a self contained bakery premises which is formed on the ground floor of a traditional four storey corner tenement building and is currently let to a third party.
The unit holds a central position on a retail parade that extends over several adjoining tenements with residential dwellings found on the upper levels.
Location
The subjects are located within the Firhill area of Glasgow which lies a couple of miles north west of the city centre. The property holds a central position on an established retail parade on the southwest side of Maryhill Road serving an immediate area that is relatively densely populated. Maryhill Road forms part of the arterial A81 road which is a principal thoroughfare connecting the city centre and the motorway network to the affluent areas of Bearsden and Milngavie to the northwest of the city. It therefore carries significant volumes of traffic on a daily basis with free on-street parking afforded immediately in front of the premises allowing occupiers to draw upon further passing trade. Public bus stops are found nearby on either side of the carriageway while Kelvinbridge and St George’s Cross Subway Stations are both within walking distance. Dunard Primary School and Nursery lies a short distance to the south with Woodside Health & Care Centre to the east and Partick Thistle Football Club to the north east.
Further Information
ACCOMMODATION
The subjects have a main open plan retail area with a small rear food prep / staff area and staff toilet to the rear.
FLOOR AREA
The approximate net internal area is 31.40 sq m (338 sq ft) in accordance with the RICS Code of Measuring Practice (6th) Edition.
TENANCY
The subjects are currently let to a third party on full repairing terms with the lease renewing on the basis of tacit relocation on the 2nd of August of each year. The passing rent has not been reviewed in several years and therefore sits well below current market levels which presents excellent asset management potential. Full lease documentation can be provided to genuinely interested parties.
Alternatively vacant possession could be sought for an owner occupier.
ASKING PRICE
On application.
RATEABLE VALUE
According to the Scottish Assessor’s website (www.saa.gov.uk) the subjects have a Rateable Value of £3,700 effective 1st April 2023. The uniform business rate for the current year is £0.498 pence in the pound.
Occupiers therefore may be eligible for 100% rates relief through the current Small Business Bonus Scheme.
ENERGY PERFORMANCE CERTIFICATE
The Energy Performance Certificate rating is a C.
OFFERS
In the normal Scottish form addressed to this office.
ACQUISITION COSTS
Each party shall be responsible for their own legal costs incurred in connection with the eventual tenant/purchaser liable for any Land Building and Transaction Tax (LBTT) and VAT thereon.
DATE OF ENTRY
To be mutually agreed.
VAT
We have been advised that the subjects are not currently elected for VAT purposes.
ANTI-MONEY LAUNDERING
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 26th June 2017. This now requires us to conduct due diligence not only on our client but also on any purchasers or occupiers. Once an offer has been accepted, the prospective purchaser(s)/ occupier(s) will need to provide, as a minimum, proof of identity and residence and proof of funds for the purchase, before any transaction can proceed.
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