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Skypark

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14, Elliot Place
G3 8EP Glasgow
Ref: 10818

  • 508,144.00 ft² (47,208.10 m²)
  • 80,000,000
  • 7.16 Initial Yield

Description

Description

• Skypark, Glasgow - An Iconic Office Investment and Development Opportunity

Investment Summary

- An opportunity to acquire an iconic office investment and development opportunity in one of the ‘Big 6’ UK regional office markets;

- The property is located in a strategic position within Finnieston, Glasgow’s Digital Media Quarter;

- Skypark comprises 6 office buildings providing high quality, flexible space together with 3 development sites;

- Skypark 1-6 comprises of 508,144 sq ft office space, 8,573 sq ft of retail space and 21,530 sq ft of warehouse and ancillary accommodation;

- 695 parking spaces providing an office ratio of 1:731 sq ft;

- The property is multi-let with 69.54% of the income payable by 12 tenants;

- The property has an overall WAULT of 5.48 years to expiry and 4.10 years to break;

- Total gross income of £6,627,395.70 per annum. Office rents range from £12-£30 per sq ft (prime rents now £31.00 per sq ft in Glasgow);

- Heritable (Scottish equivalent of English freehold) and long leasehold interest.

Offers in excess of £80,000,000 are sought for the acquisition of the SPV, subject to contract. A purchase at this level would provide a the following yield profile, assuming purchasers costs at 1.80%:

Net Initial Yield: 7.16%

Reversionary Yield: 9.84%

Capital Value (per sq ft): £146.52

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Contact

Contact
Janey Douglas
Simon Cusiter
Charlie Mcnaught

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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