Lease for Sale
Prominent City Centre Retail Unit with the Benefit of Class 2 Planning Consent
The property occupies an exceptionally prominent position within Union Street being situated adjacent to one of the main entrances to Glasgow Central Station. Nearby retailers are a mix of multiple and local traders to include Rebel Rebel Hairdressing, Paddy Power, Subway, Co-operative and Poundland.
The property offers accommodation over ground and basement floors within a 4 storey and attic building.
The property has been measured in accordance with the RICS Code of Measuring Practice and exends to the following areas and dimensions:
Gross Frontage: 18’ 9” (5.7 m)
Net Frontage: 10’ 11” (3.32 m)
Ground Floor: 937 ft² (87 m²)
Basement: 907 ft² (84 m²)
Total Area: 1,844 ft² (171 m²)
The property is held on full repairing and insuring terms for a period of 20 years with effect from the 17th May 2017. The lease allows for tenant only break options at the expiry of years 5, 10 and 15 exercisable upon the Tenant giving at least 6 months prior written notice.
The passing rent is £42,500 per annum. The lease is subject to open market rent reviews every 5 years, with the property next being subject to review with effect from the 17th May 2022.
All terms are quoted net of VAT where applicable.
The property is entered in the Valuation Roll as follows:-
Description: Shop
Rateable Value (‘19/’20): £37,500
The property has a rating of 'D'.
A copy of the Certificate is available upon request.
Each party will be responsible for their own legal costs incurred in a transaction. The ingoing party shall be responsible for any LBTT, registration dues and VAT incurred thereon.
To comply with Money Laundering Regulations we are legally required to undertake due diligence on prospective purchasers/tenants which will at a minimum include proof of identity/address and funding. Applicable documentation will therefore be required on agreement of Heads of Terms.
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