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Guildhall, Glasgow

Office for sale

£35,000,000 145,690 sq ft

CuthbertWhite

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Guildhall, Glasgow

£35,000,000 145,690 sq ft

Highlights
  • The lifts, atrium, reception and common parts have all recently been extensively refurbished
  • The SPV is available to buy and a bid on this basis will be looked upon favourably
  • Secure underground car park with 26 spaces and extensive cycle storage facilities
Property type

Office for sale Search all

Full address
45-67 Queen St, Glasgow G1 3EN – Glasgow
Asking price
£35,000,000
Available space range
There is 1 space available. This measures 145,690 sq ft.
Features
24 hour access, Raised floor, Energy Performance Rating - D, Roller shutters, Atrium, Bicycle storage, Common parts WC facilities, Dda compliant, Lift access, Reception, Suspended ceilings
Brochure
Download the brochure

Sale details

Sale unit Available

145,690 sq ft, £240.24 per sq ft, available now

Unit Sale unit
Address 45-67 Queen St, Glasgow, Glasgow City, G1 3EN, GB
Size 145,690 sq ft
Price £35,000,000
Price per unit £240.24 per sq ft
  • 128,299 sq ft of office space over ground and 7 upper floors, together with 17,091 sq ft of retail/leisure space in 6 well configured units with frontage to Queen Street Secure underground car park with 26 spaces and extensive cycle storage facilities Flexible Grade A specified office floor plates capable of being subdivided into 4 and offering exceptional occupational density of 1:75 per sq ft The Grade B listed building (vacant rates exempt) was extensively redeveloped behind a traditional red sandstone façade and is arranged around a generous central atrium Centrally located, Guildhall is situated close to all key public transport hubs including both rail stations, Queen Street and Glasgow Central, and Buchanan Bus Station.
  • It benefits from unrivalled amenities including George Square, the shopping experiences of Buchanan Street and Princes Square galleries all within minutes walking distance.
  • There are a wide variety of cafés and bars within the immediate vicinity The lifts, atrium, reception and common parts have all recently been extensively refurbished Heritable interest (Scottish equivalent to English Freehold) Annual rental income £2,620,420, reflecting a low average of £17.84 psf on the offices and £18.78 psf overall on the retail/leisure accommodation.
  • The income is split 12.6% from the retail and 87.4% from the offices' Low service charge of £3.50 psf, significantly reducing tenants overall occupational costs £20 psf has been established on part 5th and 6th floors and £19.56 psf, with a further uplift to £21.57 psf, has been achieved on the 7th floor, thus offering significant potential for rental growth The property is let to 10 different tenants including Clydesdale Bank PLC, Post Office Ltd, News Corp UK & Ireland Ltd and Shuropody Ltd offering a diverse well-secured spread of income with an average weighted unexpired term of 5.5 years to expiry and 5 years to breaks.
  • 84% of the income is secured by tenants with a Dun & Bradstreet rating of 5A1 The SPV is available to buy and a bid on this basis will be looked upon favourably Offers in excess of £35m (Thirty-Five Million Pounds Sterling), representing attractive net initial, reversionary and equivalent yields of 7.05%, 8.18% and 7.96% respectively.
  • This reflects a low capital value of £241 psf.
  • All figures quoted assume a property purchase and adopt the usual purchaser's costs including LBTT.
Sale type Investment
Tenure Freehold
More building details Less building details

Property facts for Guildhall, Glasgow

Glasgow is the largest city in Scotland and the fourth largest in the UK with a population of approximately 600,000. The greater Glasgow conurbation totals approximately 2.3 million people, which is more than 40% of Scotland’s population. Glasgow is Scotland’s largest economy, producing a Gross Value Added (GVA) of £19.3 billion, representing 16% of Scotland’s output and the highest contribution of any Scottish City. The City’s GVA per capita is £32,308 per person compared to the UK average of £25,351. Glasgow has performed well economically and is currently within the top 20 of Europe’s best performing financial centres. Over the past few decades, the City has transformed itself into a service sector based economy, which has been encouraged by substantial public sector investment with initiatives such as International Financial Services District, Technology Innovation. Centre and Innovation Districts. This, together with the availability of a skilled workforce, has attracted high profile companies to the City including JP Morgan, BNP Paribas, Barclays Wealth and Tesco Personal Finance PLC. Greater Glasgow has an enviable education base with 5 world-renowned universities and 7 colleges. The area is Scotland’s biggest centre of Education and ranks 3rd in the UK for sheer size. Glasgow is the only UK City ranked in Europe’s top 10 for qualified staff. Glasgow is home to a student population in excess of 133,000. Queen Street runs parallel to the city’s main shopping thoroughfare Buchanan Street, which is anchored by Buchanan Galleries at the north end and St Enoch Centre at the southern end, both just a minutes walk from Guildhall. In addition to some of the best shopping in Scotland, Queen Street also enjoys close proximity to an excellent selection of restaurants, cafés and bars. The civic and cultural areas of George Square and Royal Exchange Square are situated directly off Queen Street within a few moments’ walk of the subjects.

Number of storeys
9
Parking ratio
0.17
Rentable building area
145,690 sq ft
Year built
1903
Year renovated
2011
Utilities
Lighting
Parking
Covered tandem, Reserved, Covered: 26, Surface tandem, Surface

Attachments

PDF #1 Marketing brochure/flyer Download

This office for sale is located in Glasgow.

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Disclaimer. Property descriptions, images and related information displayed on this page are based on marketing materials found on the website registered to CuthbertWhite. Realla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions or related information provided here and they do not constitute property particulars. Please contact CuthbertWhite for full details and further information. 7956512