Property Description
The property comprises a well-presented retail unit with an appealing return frontage currently fitted out and is operating as a funeral director. It sits on the ground floor and basement of a four storey traditional sandstone tenement building, the upper floors being in residential use.
Location
The property occupies a prime location on the north side of Dumbarton Road at its junction with Gardner Street within Partick. This is an improving area of the West End where good demand exists for well-proportioned and presented retail units. Dumbarton Road is an arterial thoroughfare benefiting from good levels of vehicular traffic, on-street car parking and good transport links.
Further Information
Accommodation
The accommodation comprises a relatively open plan floorplate which has been sub-divided to form various rooms and staff welfare space. There is a floor hatch providing access to the basement.
We have calculated the floor area of the property as follows:
|
NIA
|
SQ M
|
SQ FT
|
|
Ground Floor
|
107.09
|
1,153
|
|
Basement
|
31.05
|
334
|
|
TOTAL
|
138.14
|
1,487
|
Rating assessment
The property is entered in the current Valuation Roll at a Rateable Value of £19,100.
Energy performance certificate
Energy Performance Rating – B
Lease
The property is leased to Funeral Services Ltd on full repairing and insuring terms subject to a Schedule of Condition for a period of fifteen years expiring 7th February 2028. There is an outstanding rent review from 8th February 2023. The rent is currently passing at £22,000 per annum.
Covenant
Funeral Services Ltd is a society registered under the Co-operative and Community Benefit Societies Act 2014. Its ultimate parent is Co-operative Group Limited. To January 2022, the Society had a turnover of £266,192,000 with a gross profit of £234,923,000. D&B has given the Society a current rating of 5A2.
Price
Our client is seeking offers in excess of £310,000 for their heritable interest. This reflects an attractive net initial yield of 6.86%.
Vat
All prices, rents, premiums etc are quoted exclusive of VAT.
Offers
In the normal Scottish form addressed to this office.
Legal costs
Each party to bear their own legal costs.
Anti-money laundering
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 26th June 2017. This now requires us to conduct due dilligence not only on our client but also on any purchasers or occupiers. Once an offer has been accepted, the prospective purchaser(s)/occupier(s) will need to provide, as a minimum, proof of identity and residence and proof of funds for the purchase, before any transaction can proceed.
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