* Excellent Asset Management Potential
* 48. 50% of the Current Income Underpinned by Screwfix Direct Ltd
* Long Established Operating History
* Future Redevelopment Potential
* Quoting Price Reflects a Net Initial Yield of 9. 29%.
**Location
**
The property is located in Clydebank, a prospering town situated approximately
6 miles northwest of Glasgow city centre. The town has enjoyed significant
investment in the past 15 years regenerating the Clyde waterfront and
improving the towns strategic access and streetscapes, along with investment
in a newly sited college, offices, housing and leisure facilities. This
investment has delivered a prolonged period of economic growth which has
strengthened the local commercial property market.
Occupying a visible location overlooking Clyde Shopping Centre, the property
fronts Whitecrook Street/Argyll Road and returns onto Stanford Street. It
forms part of a traditional industrial pocket, although lies next to a settled
residential area and now neighbours land which has been rezoned for housing.
**Property
**
The property comprises a large three storey commercial building containing a
trade counter/retail unit located on the ground floor and 33 office suites
mostly on the two upper levels currently operating as Whitecrook Business
Centre. The building sits on a generous site offering excellent car parking
provision to the rear. On street car parking is also available.
The ground floor is occupied by Screwfix Direct Ltd on a recently negotiated
lease extension with the upper floors being in multiple occupation.
**Floor areas
**
We have assessed the net internal floor areas as follows:
Ground Floor (Retail): 781. 87 sq m (8, 416 sq ft)
Ground Floor Office: 71. 30 sq m ( 767 sq ft)
First Floor: 660. 07 sq m (7, 105 sq ft)
Second Floor: 719. 25 sq m (7, 742 sq ft)
total 2, 232. 49 sq m (24, 030 sq ft)
**Site area
**
We have calculated the area of the site at 0. 338 ha (0. 835 acres)
**
Planning
**
The current West Dunbartonshire ldp indicates that the property is in an
existing Industrial and Business area. However, the brownfield site lying to
the immediate east has been identified as a future residential site and the
former Clydebank Play Drome, lying to the west, is currently being promoted
for residential use.
**Rental income
**
Screwfix Direct Ltd has been in occupation for 9 years at a rent of £75, 600
p. a. They have just extended their lease from 1st April 2024 by 10 years with
a tbo at year 5. The agreed rent from this date will be £68, 040 p. a. The
office suites are currently 85% occupied generating a rent roll of £79, 896
p. a. Although a number of the suites have been modernised, there still remains
opportunity to renovate the older suites as and when they fall vacant.
Refurbished suites can secure £7. 75 per sq ft with the older suites currently
achieving £6. 50 - £7. 00 per sq ft. This investment therefore provides excellent
asset management potential.
The suites are occupied under licence agreements with the licensees being
directly responsible for utilities together with a proportionate share of the
buildings management costs. A detailed tenancy schedule will be provided to
genuinely interested parties.
**Proposal
**
Our client has operated Whitecrook Business Centre for over 30 years. This
well managed investment has consistently performed well offering competitively
priced accommodation to the local business community. This highly visible
building with excellent car parking also benefits from being in close
proximity of strong local amenities and public transport links. Screwfix’s
renewed commitment to the site reaffirms the attributes of this property
enjoyed by its many tenants.
**Price
**
Our client is seeking offers in excess of £1, 425, 000. Allowing for purchaser
costs at 6. 00%, this reflects a net initial yield of 9. 29% based on Screwfix
Direct Ltd’s revised rent. On a simple capital rate basis, the quoting price
reflects a low rate of £59. 30 per sq ft.
This property is elected for VAT. It is therefore anticipated this sale will
be treated as a Transfer of a Going Concern (togc).
**Energy performance certificate
**
EPC Certificates are available on request.
**Date of entry
**
Upon completion of a formal missive under Scots Law.

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