Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
10 miles west of Glasgow
Roads
M8, A761
Rail
Paisley Gilmour Street
Air
Glasgow International Airport
Situation
Paisley is located approximately 10 miles south-west of Glasgow city centre and approximately 2 miles south of Glasgow International Airport. The property is situated at the junction of School Wynd and Moss Street, and stretches towards the High Street and the Piazza Shopping Centre. Other nearby occupiers include Marks & Spencer, Bargain Buys, Lloyds Chemist, Bank of
Scotland and Burton.
Tenure
Long Leasehold. 1-7 Moss Street and 1/5 School Wynd – Held from the District Council of Renfrew for a term of 125 years from 11th September 1987. The ground rent payable is the higher of £28,750 per annum and 13% of the total rent received. A small store to the rear, known as 12 High Street is held from the Church Commissioners of England for a term of 125 years from 31 January 1986 with only a nominal annual rent of £5 being payable.
Location
Miles
10 miles west of Glasgow
Roads
M8, A761
Rail
Paisley Gilmour Street
Air
Glasgow International Airport
Situation
Paisley is located approximately 10 miles south-west of Glasgow city centre and approximately 2 miles south of Glasgow International Airport. The property is situated at the junction of School Wynd and Moss Street, and stretches towards the High Street and the Piazza Shopping Centre. Other nearby occupiers include Marks & Spencer, Bargain Buys, Lloyds Chemist, Bank of
Scotland and Burton.
Tenure
Long Leasehold. 1-7 Moss Street and 1/5 School Wynd – Held from the District Council of Renfrew for a term of 125 years from 11th September 1987. The ground rent payable is the higher of £28,750 per annum and 13% of the total rent received. A small store to the rear, known as 12 High Street is held from the Church Commissioners of England for a term of 125 years from 31 January 1986 with only a nominal annual rent of £5 being payable.
Description
The property is a category B listed building, arranged over ground and three upper floors providing seven retail units at ground floor and office/ancillary accommodation at first floor. There is open plan office accommodation on part of the second and third floors accessed from School Wynd, with the remaining second and third floor accommodation under separate ownership and currently in residential use. The property benefits from car parking at the rear of the property with allocated spaces for occupiers.
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property is a category B listed building, arranged over ground and three upper floors providing seven retail units at ground floor and office/ancillary accommodation at first floor. There is open plan office accommodation on part of the second and third floors accessed from School Wynd, with the remaining second and third floor accommodation under separate ownership and currently in residential use. The property benefits from car parking at the rear of the property with allocated spaces for occupiers.
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor/Unit
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Reviews/(Reversion)
Unit 1
Retail
337.70 sq m
(3,635 sq ft)
DEBRA
3 years from 08/10/2013
£12,000
(08/10/2016)
Unit 2
Retail
126.16 sq m
(1,358 sq ft)
INDIVIDUAL (t/a The Vapour Shop)
15 years from 05/06/2015 until 04/06/2030 (1)
£15,000
04/06/2020 and 04/06/2025
Unit 3
Retail
144.27 sq m
(1,553 sq ft)
INSTANT CASH LOANS LIMITED
10 years from 21/05/2012 until 20/05/2022 (2)
£12,850
21/05/2017
Unit 4
Retail
269.97 sq m
(2,906 sq ft)
VACANT
Unit 5
Retail
143.16 sq m
(1,541 sq ft)
RENFREWSHIRE COUNCIL
5 years from 28/08/2013
£18,000
(27/08/2018)
Unit 6A
Retail
271.64 sq m
(2,924 sq ft)
COWGATE (WEST) LIMITED
10 years from 04/09/2015 until 03/09/2025 (3)
£15,000
03/09/2020
Unit 6B
Retail
53.04 sq m
(571 sq ft)
INDIVIDUAL (t/a Mina Health & Beauty)
15 years from 03/03/2014 until 02/03/2029 (4)
£10,000
03/03/2019
Second
Office
124.10 sq m
(1,336 sq ft)
TOTAL RECRUITMENT SCOTLAND
6 months from 05/09/2012 (5)
£7,000
Third
Office
124.10 sq m
(1,336 sq ft)
VACANT
Totals
1,594.14 sq m
(17,160 sq ft)
£89,850
(1) The lease of Unit 2 provides a tenant option to determine on 04/06/2020 and 04/06/2025. (2) The lease of Unit 3 provides a tenant option to determine on 21/05/2017. (3) The lease of Unit 6A provides annual rental fixed increases to £17,000 p.a. in September 2016 and £20,000 p.a. in September 2017. (4) The lease of Unit 6B provides a tenant option to determine on 03/03/2019. (5) The tenant is currently holding over. The lease provides a six month rolling option to determine
