Shepherd sets closing date on sale of long ground lease investment for site in Firhill

Shepherd sets closing date on sale of long ground lease investment for site in Firhill

Shepherd Chartered Surveyors has set a closing date of 2 September at 12 noon on the sale of a long ground lease investment for a site in Firhill.

Situated on the north side of Firhill Road, five miles northwest of Glasgow city centre, Firhill Road is accessed via Maryhill Road, one of the main arterial routes through the west of Glasgow. Access to Junction 17 of the M8 motorway, which links with major road networks throughout Scotland, is within 1.5 miles.

Public transport links are also available in the immediate vicinity while the surrounding area is of mixed use, comprising office buildings and residential dwellings.

The modern office building situated on the rectangular site was built by the tenants following the commencement of the ground lease in 1994 while the rear of the site provides dedicated car parking.

The serviced office and workshop accommodation is planned over ground, first, second and part third floors, with the total site area extending to 1.4 acres.

The site is let to Queens Cross Workspace on a 99-year ground lease and is due to expire in 2093. The current rent passing is £6,800 per annum and is directly linked to the income of the office/workshop buildings located on the site. No reviews have been undertaken for some time. For the avoidance of doubt, the buildings are not included with the sale of the site.

Adam Honeyman, associate at Shepherd, said: “With 71 years remaining on the lease, the site offers a fantastic long-term investment, with a strong covenant in Queens Cross Workspace. There is potential for immediate reversionary growth with the outstanding rent review, which will appeal to investors.”

Offers are invited for the heritable interest in the site. Interested parties should contact the sole selling agent on 0141 331 2807.

ENDS

For further information please contact Adam Honeyman on tel 0141 331 2807