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70 Wellington Street, Glasgow, G2 6UA
For Sale
-
Tenure
For Sale -
Type
Investment -
Price
Offers in Excess Of £9,275,000 -
Size
49,185 Sq Ft -
Ref No
16940
Property Highlights
- Core plus, refurbished office building situated in the heart of Glasgow CBD.
- The property is rated EPC 'A' and extends to 49,185 sq ft over basement ground and six upper floors.
- Comprehensive refurbishment and capex spend in excess of £2.55m.
- Multi-let to occupiers including Thompsons Solicitors, Big Lottery Fund, Levy & McRae Solicitors, Ernst & Young and Scottish Rail Holdings (SRH).
- Net income of £965,634 per annum.
- Heritable interest (Scottish equivalent of English Freehold).
- Blended WAULT of 3.08 years to the lease breaks and 5.19 years to the lease expiries.
- Offers are sought in excess of £9,275,000 (Nine Million, Two Hundred and Seventy Five Thousand Pounds) exclusive of VAT. A purchase at this level will reflect a net initial yield of 9.75%, based on standard purchaser's costs of 6.68% and an attractive capital value of £189 per sq ft. The running yield will improve to 13.00% upon letting the first floor.
Overview
High quality landmark office investment in Glasgow City Centre.
Following an extensive refurbishment, with environmental credentials at its heart, 70 Wellington Street has arrived. The building's carbon reduction concept, 70 Sourced, is the key driver in delivering sustainable, modern workspace and welfare amenity to attract today's discerning office occupier.