Retail Property (High Street) in Glasgow

15 Millbrae Road, Glasgow, G42 9UA
  • Lot No: 2
  • Property Type: Retail Property (High Street)
  • Contract Type: Unconditional
Shepherd Commercial Auctions

Guide Price* £990,000+ plus fees

Property Description

The subjects consist of part of the ground floor of a Category ‘C’ listed building with dedicated parking for 8 cars. Internally, the property extends to a main sales area with storage and dedicated staff space to the rear. The condition and decoration of the subjects is in keeping with the current tenants corporate fit out and includes the incorporation of an ATM.

Location

Located within the Battlefield area, a popular and affluent suburb within the South Side of Glasgow. The subjects occupy a prominent position on Millbrae Road, which serves as a main arterial route within the South Side. As such the subjects benefit from high volumes of passing footfall and vehicular traffic. The subjects are situated adjacent to Sanctuary Housing’s new residential development which will provide more than 200 residential homes to the local area.


Tenancy

The property is let to Tesco Stores Ltd on a 15 year Full Repairing and Insuring lease from 26/10/10 until 25/10/2025. The current passing rent is £69,556 per annum.


Covenant

The tenant benefits from a 5A1 covenant. For the year ending February 2018 Tesco Stores Limited reported a turnover in excess of £41.36bn, a pre-tax profit of £1.66bn and a net worth of £4.07bn.


Rating

The subjects are currently entered into the Valuation Roll as follows: Ground Floor Retail - £37,250 ATM – £11,375 The rate poundage for 2020/2021 is £0.498 to the pound.


Accommodation

Ground Floor: 396.14 sq m (4264 sq ft) The forgoing areas have been calculated on a gross internal area basis in accordance with the code of measuring practice (6th edition) as prepared by the RICS.


Planning

We understand that the property has Planning Consent for Class 1. The property may suit alternative uses subject to obtaining all necessary planning consents. It will be incumbent upon any tenant to satisfy themselves in this respect.


Note:

The buyers fee on this lot is £1074 inc VAT


Rights of Way, Wayleaves, Easements, Restrictive Covenants Etc.

The site is sold subject to or with the benefit of any Rights of Way, Wayleaves, Easements, Restrictive Covenants, which may exist whether mentioned in these particulars or not. For further information in relation to these matters please refer to the legal pack.


Tenure

See Legal Pack


Conditions of Sale The Conditions of Sale will be deposited at the offices of the auctioneers and vendors solicitors/licensed conveyancers prior to the auction and the purchaser shall be deemed to have knowledge of same whether inspected or not. Any questions relating to them must be raised prior to the auction. Prospective purchasers are advised to check with the auctioneers before the sale that the property is neither sold nor withdrawn.   The purchaser will also be deemed to have read and understood the auction conduct notes printed within the sale catalogue.   A 10% deposit is payable on the fall of the gavel, subject to a minimum of £5,000.   *Guide Prices and Reserve Prices Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction. For a full definition of the Guide Price and the Reserve Price click here.   Energy Performance Certificates EPCs can be viewed in full in the lot information section at the top of this page or in the legal pack.   Note Prospective purchasers will need to register within the auction room before the sale commences. Two items of identity will be required together with an indication of how a contractual deposit will be paid. We do not take cash or cheque deposits. Remote bidding facilities are also available.   Auction Fees The sale of each lot is subject to a buyer’s fee of £1,074 inc VAT (£895 + VAT) (unless otherwise stated in the important notices), payable on the fall of the hammer.   The purchase of this property may include associated fees not listed here. Any additional fees will be confirmed in the legal pack which can be downloaded from our website from the lot information section above. Or to find out more about any additional fees associated with this property please contact the auction office.