Commercial development for sale

Guide Price £1,900,000 Plus Fees
For sale by unconditional online auction, registration is now open. 29/01/2025 10:00 29/01/2025 15:00

For sale by online auction on 29 January 2025
Bidding opens at 10:00am and closes from 12:00 noon
11.05% Yield at the Guide Price
Over 15,700 sq ft of Serviced Office Space
Circa £210,000 income pa when fully let
Prime City Centre Location
Landmark Investment

Town & Country Property Auctions are pleased to present this landmark category A Listed building which was designed by the famous Glasgow architect James Salmon Jr. The property is currently let to multiple tenants and when fully let will return circa £210,000 per annum, which is a 11.05% yield of the current guide price.

It is arranged over the ground and seven upper floors to provide serviced office accommodation. The property benefits from two 8-person passenger lifts which serve all office floors, whilst WC and tea preparation facilities are also on each floor. The lower ground floor caf and bar are not included in the sale. The vendors have completed a high-level refurbishment of the building-both exterior brickwork and interiors, providing a turn-key investment for the new owner.

The property is centrally located some 250 yards northwest of Glasgow Central Railway Station and some 500 yards south-west of Queen Street Railway Station, Occupiers close by include RBS, Santander, KPMG, HBOS and Jones Lang LaSalle amongst many others. The City of Glasgow has a population in excess of 660,000 and is the largest city in Scotland, being located on the River Clyde, 41miles west of Edinburgh. The city is a major port, commercial and administrative centre and is served by the M8, M74 and M77 Motorways and has its own international airport.

* Category A Listed building

ACCOMMODATION & TENANCY: See schedule in the legal pack
TOTAL RENT: TBC

Tenure
Heritable-Scottish equivalent of English Freehold

Terms

Legal Pack

To review the legal documents and to view the auction information click on the buttons at the bottom of this advert or visit our website tcpa.co.uk

UNCONDITIONAL LOT Exchange and administration fee information: (plus fees)
Buyers Administration Fee Applies upon the fall of the hammer, the Purchaser shall pay a 10% deposit (subject to minimum of £5,000, whichever is the greater) and a Buyers Administration Fee of £1200 + VAT and contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot. The auction conditions require a full legal completion 28 days following the auction (unless otherwise stated in the legal pack or on the sales details).
In addition to the purchase price, buyers may be required to pay additional fees, costs and charges - please refer to the legal pack.

Registration Process
To register to bid on the property, find the property on the Town & Country Property Auctions website. Click onto the property, follow the link to “Log in/ register to bid”. You will then be directed to create an auction passport account with our online-bidding platform provider Essential Information Group.