jewson - Allsop

JEWSON
SAINT-GOBAIN, 300 CROWNPOINT ROAD, GLASGOW G40 2UJ
TRADE COUNTER AND HEADQUARTERS PREMISES INVESTMENT OPPORTUNITY
JEWSON SAINT-GOBAIN, 300 CROWNPOINT ROAD, GLASGOW G40 2UJ
INVESTMENT CONSIDERATIONS
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Strategically located Trade Park and Headquarters Building 2 miles from Glasgow city centre
Heritable (Scottish freehold equivalent)
Let to Saint-Gobain Building Distribution Limited (Jewsons) for a further 11 years (certain)
at a passing rent of £286,246 p.a. (£3.20 psf)
Saint-Gobain Building Distribution Limited are a 5A1 covenant with a reported
Turnover of £681,498,000 and net worth of £141,656,000
Five yearly rent reviews based on 2.5% annual increases (compounded) providing
a minimum uplift in 2017 to £323,861 p.a. and £366,419 p.a. in 2022
Large site totalling 1.74 ha (4.29 acres) providing a site cover of 43% with long-term
redevelopment potential
We are instructed to seek offers in excess of £3,800,000 (Three Million Eight Hundred
Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level provides
an attractive net initial yield of 7.1% rising to 8.1% in 2017 (after allowing for standard
purchasers costs in Scotland)
TRADE COUNTER AND HEADQUARTERS PREMISES INVESTMENT OPPORTUNITY
JEWSON
LOCATION
Duke
Duke Street
Duke Street
Bellgrove
B76
3
A89
Gallo
wg
ate
re
St
Alma St
Barrowfi
eld Street
A74 Lo
ndon Ro
n Street
et
tre
D un
3
B7
6
Tullis Street
et
ad
A728 Cly
de Gatew
ay
rcro
n
ree
Glasgow Green
Football Centre
B763
Fielden Stre
et
Street
adia Stree
Arc
t
k
neu
Ford
e
nu
et
Stre
ger
Big
Shettle
sto
A89
n
Gallo
wga
te
JEWSON
49
A7
S
es
Jam
Main Street
4
ad
Bro
et
Stre
Bridgeton
eG
A7
Road
e
Av
Th
M74
t
tree
ok S
Glasgow
Green
M77
Bro
o
ad
M8
GLASGOW
oint
wnp
Cro
Orr Stre et
The People’s Palace
& Winter Garden
R
on
nd
Lo
M9
M73
EDINBURGH
■
49
Abe
A7
mb
yS
tree
t
A 89
M80
t
M i l le
PERTH
■
Duke Stree
r s ton Street
DUNDEE
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Glasgow is the largest city in Scotland with a resident population of approximately
610,000 people and a wider catchment population in the region of 2.5 million.
The City forms the principal commercial area in the central belt and west coast
of Scotland with key employment sectors including; industrial, retail, banking,
financial services, public administration, education and tourism.
The City benefits from excellent transport communications with the M8 motorway
providing access to the national motorway networks via the M74 and M77.
The City has two main railway stations which link Glasgow to other key cities across
the United Kingdom, Glasgow International Airport is located 9 miles to the west
of the city centre, accommodating 30 airlines and providing regular domestic,
European and transatlantic flights.
Stree
t
Celtic Park
R oa
JEWSON SAINT-GOBAIN, 300 CROWNPOINT ROAD, GLASGOW G40 2UJ
© Crown Copyright, ES 100004106
SITUATION
DESCRIPTION
SITE AREA
The Property is situated approximately 1.2 miles east of Glasgow city
centre. The Property occupies a prominent corner position on the
junction with Crownpoint Road and Fielden Street. The M8 Motorway
is located approximately 1.7 miles north of the Property with the M74
approximately 1.8 miles to the south.
The property comprises a trade counter with ancillary warehouse and
office accommodation arranged over ground and part first floor levels
totalling 89,452 sq ft (8,310.3 sq m). The property has been subdivided
into two sections with the trade counter and warehouse accommodation
to the south and a two storey office building with part warehouse and
part trade counter accommodation to the north of the property.
The site area totals 1.74 ha (4.29 acres), providing a
site cover of 43%.
The immediate area forms an established commercial location which
includes Forge Retail Park and Shopping Centre 0.1 miles to the north
and Celtic Football Club 0.2 miles to the east. Surrounding notable
occupiers include; ASDA, Argos, B&Q, Tool Station and Sports Direct.
The warehouse accommodation benefits from multiple roller shutter
door access and a minimum eaves height of 5 metres. The office
accommodation includes predominantly suspended ceilings with
fluorescent tube lighting and wall mounted electric heaters.
The property benefits from a large secure yard to the south
incorporating car parking with open storage. There are a further
105 car spaces to the north of the property.
TENURE
Heritable
AWULT
The property provides an unexpired expiry of 11 years (certain).
TRADE COUNTER AND HEADQUARTERS PREMISES INVESTMENT OPPORTUNITY
JEWSON
COVENANT INFORMATION
TENANCY:
Saint-Gobian Building Distribution Limited
The property is let to Saint-Gobain Building Distribution Ltd
for a term of 20 years from 6th April 2007 expiring on 5th
April 2027 (11 years unexpired). The current rent passing is
£286,246 per annum (£3.20 psf).
D & B Rating: 5A1
Experian Risk Disk: Very Low Risk
Saint-Gobian Building Distribution Limited for the year
ending 31/12/2014 reported a turnover of £681,498,
a pre-tax profit of £6,640,000 and a total net worth
of £141,656.
The lease is subject to 5 yearly rent reviews based on the
higher of 2.5% annual increases (compounded) or OMRV.
Therefore, the rent will rise to £323,861 per annum in 2017
and £366,419 per annum in 2022.
TENANCY SCHEDULE
Tenant
Lease Start
Lease Expiry
Next Review
Area (sq ft)
Current Income
£p.a
Rent
(£psf)
Comments
Saint-Gobain
Building Distribution Ltd
06-Apr-07
05-Apr-27
06-Apr-17
89,452
£286,246
£3.20
5 yearly rent reviews based on 2.5% annual increases (compounded).
Total
Lease is subject to a schedule of condition.
89,452
£286,246
£3.20
VAT
EPC
The property has been elected for VAT and
it is assumed the sale will be conducted via
a Transfer of Going Concern (TOGC).
Full EPC available
upon request.
PROPOSAL
We are instructed to seek offers in excess of £3,800,000 (Three Million Eight Hundred Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this level provides an attractive net initial yield of 7.1% rising to 8.1% in 2017 (after allowing for standard purchasers costs in Scotland).
For further information or to make arrangements for viewing please contact:
Jeremy Hodgson
020 7543 6709
James Salmon
020 7543 6880
Mark Dansky
020 7543 6813
jeremy.hodgson@allsop.co.uk
james.salmon@allsop.co.uk
mark.dansky@allsop.co.uk
www.allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars
as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the
property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective
purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural
(and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 04.16