- No Commission
Atlantic Quay 1Favourite
1, Robertson Street
G2 8JB Glasgow
121,737.00 ft² (11,309.73 m²)
5.70 Initial Yield
- A rare opportunity to acquire a prime long income office investment majority let to the Government;
- Modern, comprehensively refurbished, Grade A office building extending to 121,737 sq ft with 84 car parking spaces (1:1,449 sq ft);
- Prime position within Atlantic Quay, in the heart of Glasgow’s International Financial Services District (IFSD);
- Fully let to exceptionally strong covenants of the Secretary of State (majority occupancy - 86%) and MacTaggart and Mickel Ltd(occupancy - 14%);
- WAULT of 12.2 years to expiry and 11.8 years to break;
- Current passing rent of £2,908,893 per annum, reflecting a low average passing rate of £22.54 per sq ft (excluding car parking spaces);
- Ideally situated for Glasgow’s transport links, being only a few minutes’ walk away from Glasgow Central Railway Station and Glasgow Queen Street Station;
- Atlantic Quay is going through a transformation, with numerous significant developments having been announced recently or already on site;
- Atlantic Quay is fast becoming the go to location for Government occupiers in Glasgow with the GPU and Scottish Courts committing to 350,000 sq ft in the past 6 months.
- Heritable interest (Scottish Equivalent of English Freehold).
We are seeking offers in excess of £48,000,000 (Forty Eight Million Pounds Sterling), exclusive of VAT, for our client’s heritable interest in the property.
This reflects a net initial yield of 5.70%, allowing for purchaser’s costs of 6.28% and a capital rate of £394 per sq ft.