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Atlantic Quay 1

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1, Robertson Street
G2 8JB Glasgow
Ref: 12706

  • 121,737.00 ft² (11,309.73 m²)
  • 48,000,000
  • 5.70 Initial Yield

Description

Description

• Prime City Centre Office Investment With Long Term Government Income

Investment Summary

  • 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.

Energy Rating

Energy Rating

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Contact

Contact
Janey Douglas
Colin Finlayson
  Details

JLL for themselves and for the vendors or lessors of this property whose agents they are, give notice that:

  1. The particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract;
  2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise;
  3. No person in the employment of JLL has any authority to make or give any representation or warranty whatever in relation to the property;
  4. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken.

For properties in Scotland:

  1. This correspondence is expressly subject to completion of formal legal missives in accordance with Scots Law.

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