For Sale

For Sale
Investment
78-100 Whitecrook Street, Clydebank, G81 1QF
Tenure: For Sale
Size: 8,416 sq ft (782 sq m)
Price: Offers in Excess Of £1,100,000

Key Features

  • Excellent Asset Management Potential
  • 48.50% of the Current Income Underpinned by Screwfix Direct Ltd
  • Long Established Operating History
  • Future Redevelopment Potential
  • Quoting Price reflects a Net Initial Yield of 19.23% on the offices and 9.24% on Screwfix

LOCATION

 

The property is located in Clydebank, a prospering town situated approximately 6 miles northwest of Glasgow city centre.  The town has enjoyed significant investment in the past 15 years regenerating the Clyde waterfront and improving the towns strategic access and streetscapes, along with investment in a newly sited college, offices, housing and leisure facilities.  This investment has delivered a prolonged period of economic growth which has strengthened the local commercial property market. 

 

Occupying a visible location overlooking Clyde Shopping Centre, the property fronts Whitecrook Street/Argyll Road and returns onto Stanford Street. It forms part of a traditional industrial pocket, although lies next to a settled residential area and now neighbours land which has been rezoned for housing.

 

PROPERTY

 

The property comprises a large three storey commercial building containing a trade counter/retail unit located on the ground floor and 33 office suites mostly on the two upper levels currently operating as Whitecrook Business Centre. The building sits on a generous site offering excellent car parking provision to the rear. On street car parking is also available.

 

The ground floor is occupied by Screwfix Direct Ltd on a recently negotiated lease extension with the upper floors being in multiple occupation.

 

FLOOR AREAS

 

We have assessed the net internal floor areas as follows:

 

Ground Floor (Retail):     781.87 sq m (8,416 sq ft)

Ground Floor Office:          71.30 sq m (   767 sq ft)

First Floor:                      660.07 sq m (7,105 sq ft)

Second Floor:                  719.25 sq m (7,742 sq ft)

TOTAL                           2,232.49 sq m (24,030 sq ft)

 

SITE AREA

 

We have calculated the area of the site at 0.338 ha (0.835 acres)

 

PLANNING

 

The current West Dunbartonshire LDP indicates that the property is in an existing Industrial and Business area. However, the brownfield site lying to the immediate east has been identified as a future residential site and the former Clydebank Play Drome, lying to the west, is currently being promoted for residential use.

 

RENTAL INCOME

 

Screwfix Direct Ltd has been in occupation for 9 years at a rent of £75,600 p.a. They have just extended their lease from 1st April 2024 by 10 years with a TBO at year 5. The agreed rent from this date will be £68,040 p.a. The office suites are currently 85% occupied generating a rent roll of £79,896 p.a.  Although a number of the suites have been modernised, there still remains opportunity to renovate the older suites as and when they fall vacant. Refurbished suites can secure £7.75 per sq ft with the older suites currently achieving £6.50-£7.00 per sq ft. This investment therefore provides excellent asset management potential.

 

The suites are occupied under licence agreements with the licensees being directly responsible for utilities together with a proportionate share of the buildings management costs. A detailed tenancy schedule will be provided to genuinely interested parties.

 

PROPOSAL

 

Our client has operated Whitecrook Business Centre for over 30 years. This well managed investment has consistently performed well offering competitively priced accommodation to the local business community. This highly visible building with excellent car parking also benefits from being in close proximity of strong local amenities and public transport links. Screwfix’s renewed commitment to the site reaffirms the attributes of this property enjoyed by its many tenants.

 

PRICE

 

Our client is seeking offers in excess of £1,100,000. Allowing for purchaser costs, this reflects a net initial yield of 12.17%. The quoting price reflects a blended capital rate of £45.78 per sq ft (£25 per sq ft on the offices (NIY – 19.23%) and £83.17 per sq ft on the Screwfix investment (NIY – 9.24%)).

 

This property is elected for VAT.  It is therefore anticipated this sale will be treated as a Transfer of a Going Concern (TOGC).

 

ENERGY PERFORMANCE CERTIFICATE

 

EPC Certificates are available on request.

 

DATE OF ENTRY

 

Upon completion of a formal missive under Scots Law.

LOCATION

 

The property is located in Clydebank, a prospering town situated approximately 6 miles northwest of Glasgow city centre.  The town has enjoyed significant investment in the past 15 years regenerating the Clyde waterfront and improving the towns strategic access and streetscapes, along with investment in a newly sited college, offices, housing and leisure facilities.  This investment has delivered a prolonged period of economic growth which has strengthened the local commercial property market. 

 

Occupying a visible location overlooking Clyde Shopping Centre, the property fronts Whitecrook Street/Argyll Road and returns onto Stanford Street. It forms part of a traditional industrial pocket, although lies next to a settled residential area and now neighbours land which has been rezoned for housing.

 

PROPERTY

 

The property comprises a large three storey commercial building containing a trade counter/retail unit located on the ground floor and 33 office suites mostly on the two upper levels currently operating as Whitecrook Business Centre. The building sits on a generous site offering excellent car parking provision to the rear. On street car parking is also available.

 

The ground floor is occupied by Screwfix Direct Ltd on a recently negotiated lease extension with the upper floors being in multiple occupation.

 

FLOOR AREAS

 

We have assessed the net internal floor areas as follows:

 

Ground Floor (Retail):     781.87 sq m (8,416 sq ft)

Ground Floor Office:          71.30 sq m (   767 sq ft)

First Floor:                      660.07 sq m (7,105 sq ft)

Second Floor:                  719.25 sq m (7,742 sq ft)

TOTAL                           2,232.49 sq m (24,030 sq ft)

 

SITE AREA

 

We have calculated the area of the site at 0.338 ha (0.835 acres)

 

PLANNING

 

The current West Dunbartonshire LDP indicates that the property is in an existing Industrial and Business area. However, the brownfield site lying to the immediate east has been identified as a future residential site and the former Clydebank Play Drome, lying to the west, is currently being promoted for residential use.

 

RENTAL INCOME

 

Screwfix Direct Ltd has been in occupation for 9 years at a rent of £75,600 p.a. They have just extended their lease from 1st April 2024 by 10 years with a TBO at year 5. The agreed rent from this date will be £68,040 p.a. The office suites are currently 85% occupied generating a rent roll of £79,896 p.a.  Although a number of the suites have been modernised, there still remains opportunity to renovate the older suites as and when they fall vacant. Refurbished suites can secure £7.75 per sq ft with the older suites currently achieving £6.50-£7.00 per sq ft. This investment therefore provides excellent asset management potential.

 

The suites are occupied under licence agreements with the licensees being directly responsible for utilities together with a proportionate share of the buildings management costs. A detailed tenancy schedule will be provided to genuinely interested parties.

 

PROPOSAL

 

Our client has operated Whitecrook Business Centre for over 30 years. This well managed investment has consistently performed well offering competitively priced accommodation to the local business community. This highly visible building with excellent car parking also benefits from being in close proximity of strong local amenities and public transport links. Screwfix’s renewed commitment to the site reaffirms the attributes of this property enjoyed by its many tenants.

 

PRICE

 

Our client is seeking offers in excess of £1,100,000. Allowing for purchaser costs, this reflects a net initial yield of 12.17%. The quoting price reflects a blended capital rate of £45.78 per sq ft (£25 per sq ft on the offices (NIY – 19.23%) and £83.17 per sq ft on the Screwfix investment (NIY – 9.24%)).

 

This property is elected for VAT.  It is therefore anticipated this sale will be treated as a Transfer of a Going Concern (TOGC).

 

ENERGY PERFORMANCE CERTIFICATE

 

EPC Certificates are available on request.

 

DATE OF ENTRY

 

Upon completion of a formal missive under Scots Law.

Enquire about this property

"*" indicates required fields

Retail and Leisure Agency Team of the Year – Finalist

Retail and Leisure Team of the Year – Finalist

Industrial Agency Team of the Year - Finalist

Business Resilience Award – Finalist

I recently used Allied Surveyors for the very first time and was extremely impressed with the service provided. From the initial marketing aspect to them finding a very suitable tenant to lease my premises in Edinburgh. The whole process was run smoothly and very efficiently start to finish

Iain and his wider team recently sold two of our commercial properties in the Borders region for us. An excellent, very efficient and first-class service. Very pro-active in moving the sales along to conclusion. Highly recommended.

Iain, Berndetta and Lauren provided a seamless and thoroughly professional service during our recent commercial letting in Edinburgh. A fantastic experience and I’d have no hesitation in working with their team again.

Ellie is fantastic to work with. She goes over and above to ensure all our needs were met, right from the initial contact through to completion. She is thorough, professional and works hard to meet deadlines. A pleasure to work with. Thank you.

I have huge thanks for Simon and all at Allied Surveyors who are just the most wonderful company to deal with. Buying/selling a home can be a complex process and to give someone your time is such a simple thing yet often lost in the current world, Simon at Allied has given us just that as well as mountains of advice and a sharing of his knowledge. Thanks Again

We have just used Allied Surveyors for EPC for our properties on the Isle of Mull and found them to be excellent throughout the process. All contacts were friendly, clear, efficient and courteous and the surveyor was very knowledgeable and considered in his work on site. Would not hesitate to recommend them.

Never had an issue with Allied Surveyors. Mrs E Henderson was brilliant both with buying and selling my previous and current property. Would always use them as my first choice.

Quick and efficient service from Andy and his team - just as they said they would do. Special mention to Andy as he was actually on his holidays when he initially responded.

Allan from Allied Stirling has done a few home report surveys for us in recent years. He has always been honest, thorough and professional. And decent value for money. I highly recommend him.

We’re here to help.

If you have a question about any of our other services please fill in the enquiry form or call one of our offices.