By browsing our site you agree to the installation and use of cookies on your computer, Learn more. Close.

Favourite
Register Your Requirement
Our offers
Back To Navigation
Share
  • No Commission
  • Updated
  • New
Share

4 Atlantic Quay

Favourite

70, York Street
G2 8JX Glasgow
Ref: 13623

  • 73,323.00 ft² (6,811.93 m²)
  • 14,250,000
  • 5.59 Initial Yield

Description

Description

• Prime City Centre Office Investment Opportunity with Asset Management Initiatives

Investment Summary

A rare opportunity to acquire a core office building occupying a prime position within Atlantic Quay, in the heart of Glasgow’s International Financial Services District

4 Atlantic Quay comprises a modern, refurbished office building extending to 73,323 sq ft with 33 car parking spaces (1:2,222 sq ft)

4 Atlantic Quay is currently 64% occupied and is let to the exceptionallystrong covenants of The Scottish Ministers (occupancy – 46%) and BDO Stoy Hayward (occupancy - 18%), with a WAULT of 6.69 years

Current passing rent of £846,730 per annum, reflecting a low average office rent of £17.78 per sq ft (excluding car parking)

Irrecoverable costs in relation to the vacant space equate to £356,764 per annum gross. Assuming this full deduction provides a net operating income of £489,966 per annum

Clear asset management initiative to let up the remaining space

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. It is quickly becoming the “go-to” location for Government occupiers in Glasgow with the GPU, Scottish Courts and other Government Departments committing to c. 400,000 sq ft in the past 6 months

The property is held on a Heritable title (the Scottish equivalent of English Freehold)

Offers in excess of £14,250,000 (Fourteen Million, Two Hundred and Fifty Thousand Pounds Sterling), exclusive of VAT are invited. This reflects a net initial yield of 5.59% (based on the contracted rent), assuming purchaser’s standard acquisition costs of 6.23% and a low capital rate of £194 per sq ft.

Energy Rating

Energy Rating

Back To Top

Contact

Contact
Alistair Reid
Colin Finlayson
Alexander Fraser
  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.

Copyright © Jones Lang LaSalle IP Inc 2017. All rights