City Centre Retail and Residential Development Opportunity
City Centre location in Glasgow's Prime Retail Area
Ground Floor Retail Unit with Class 3 Use and 7 Upper Floors with Planning Consent for 21 x 1 Bedroom Flats
Prominent Corner Site with Return Frontage
Currently Scaffolded providing Large Scale Advertising Hoarding
Opposite to the St. Enoch Shopping Centre
B-Listed Building
Neighbouring occupiers include Primark, Sainsbury Local, Caffe Nero, Argyle Street Station and St. Enoch Centre
Lot 27
Auction 16th February 2023
Vacant Possession
Status Sold
Price £910,000
Sector Development
Auction Venue Live Streamed Auction
Property Information
Location
Miles
47 miles west of Edinburgh
Roads
M8, M77, M74
Rail
Argyle Street Station, Glasgow Central Station, Glasgow Queens Street Station
Air
Glasgow International Airport (9 miles west)
Situation
Glasgow is the largest city in Scotland with a population of 1.2 million. Argyle Street is located in Glasgow city centre linking Tollcross in the east and the M8 Motorway to the west. Argyle Street is a mixed commercial area with retail, leisure and office uses. The property is located on the pedestrianised element of the street between Buchanan Street and Stockwell Street. Neighbouring occupiers include Primark, Sainsbury's Local, Caffe Nero and TK Maxx. Argyle Street Station is located opposite the property. This ScotRail station serves the North Clyde Lines linking the north and south of the city. Glasgow Central Station is some 500 yards (460 metres) to the west directly accessed via Argyle Street.
Tenure
Heritable. Scottish Equivalent of English Freehold
Location
Miles
47 miles west of Edinburgh
Roads
M8, M77, M74
Rail
Argyle Street Station, Glasgow Central Station, Glasgow Queens Street Station
Air
Glasgow International Airport (9 miles west)
Situation
Glasgow is the largest city in Scotland with a population of 1.2 million. Argyle Street is located in Glasgow city centre linking Tollcross in the east and the M8 Motorway to the west. Argyle Street is a mixed commercial area with retail, leisure and office uses. The property is located on the pedestrianised element of the street between Buchanan Street and Stockwell Street. Neighbouring occupiers include Primark, Sainsbury's Local, Caffe Nero and TK Maxx. Argyle Street Station is located opposite the property. This ScotRail station serves the North Clyde Lines linking the north and south of the city. Glasgow Central Station is some 500 yards (460 metres) to the west directly accessed via Argyle Street.
Tenure
Heritable. Scottish Equivalent of English Freehold
Description
The property is a very prominent and attractive 8 storey red sandstone building at the junction of Argyle Street and Miller Street and benefits from B listing status (www.historicenvironment.scot).
It provides a mixed use development opportunity occupying a corner site of approximately (0.05 acres). The upper floors are accessed at the rear of the property via 2 Miller Street which forms part of the property.
The external scaffolding was erected in 2018 for stone inspection purposes and for the refurbishment work to the property. The scaffolding is now used as a large scale advertising hoarding with return frontage onto Argyle Street and Miller Street which has previously produced income for the vendor. Further information can be found in the Legal Pack
VAT
VAT is applicable to this lot.
Planning
Full detailed planning consent has been obtained for 21 one bed flats on floors 1-8 - please see Glasgow City Council Planning: https://www.glasgow.gov.uk/onlineplanning for further information.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property is a very prominent and attractive 8 storey red sandstone building at the junction of Argyle Street and Miller Street and benefits from B listing status (www.historicenvironment.scot).
It provides a mixed use development opportunity occupying a corner site of approximately (0.05 acres). The upper floors are accessed at the rear of the property via 2 Miller Street which forms part of the property.
The external scaffolding was erected in 2018 for stone inspection purposes and for the refurbishment work to the property. The scaffolding is now used as a large scale advertising hoarding with return frontage onto Argyle Street and Miller Street which has previously produced income for the vendor. Further information can be found in the Legal Pack
VAT
VAT is applicable to this lot.
Planning
Full detailed planning consent has been obtained for 21 one bed flats on floors 1-8 - please see Glasgow City Council Planning: https://www.glasgow.gov.uk/onlineplanning for further information.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
Basement Ground Floor First - Seventh Floors
Storage (Retail) Retail Sales Former Office
104.35 sq m 137.77 sq m 975.47 sq m (1)
1,123 sq ft 1,483 sq ft 10,500 sq ft(1)
VACANT POSSESSION
TOTAL
1,217.59 sq m
13,106 sq ft
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
