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259 Summerlee Street, Glasgow, G33

Offers in Excess of
£3,000,000

£31.18 per sq ft

Business rates & charges may apply

Lapsley McManus Property Consultants LTD, Glasgow
SIZE AVAILABLE

96,228 sq ft

8,940 sq m

SECTOR

Warehouse for sale

USE CLASSUse class orders: B1 Business, B2 General Industrial and B8 Storage and Distribution

B1, B2, B8

Key features

  • Offers in excess of £3m
  • Total accommodation of 96,228 sq ft (8,943 sq m) on a site of 2.96 acres (1.2 ha
  • Johnsons Textile Services Limited have committed to 15 year extension of Units 1 & 3 until April 2039
  • Johnsons rent to increase from £117,120 pa (£3.30 psf) to £159,813 pa (£4.50 psf)
  • Glasgow Storage are committing to a new 10 year FRI Lease at a rent of £96,000 pa increasing to £128,120 pa (£3.75 psf) at year 5
  • Total gross rent to increase from £386,730 pa to £429,423 pa (e/f 29/4/24)
  • The total fully let income upon letting of the 5 vacant office suites is estimated to be £448,523 pa
  • Attractive Net Initial Yield of 12% and a Reversionary Yield change to 13.45%, based on our opinion of ERV
  • Upon the letting of the 5 vacant rooms, at our opinion of ERV, the yield on a fully let basis will reflect 14.05%
  • Low capital rate of £31 per square foot.

Description

Investment Summary

* Well located within Queenslie Park at Junctions 10 and 11 of the M8

* Total accommodation of 96,228 sq ft (8,943 sq m) on a site of 2.96 acres (1.2 ha)

* Johnsons Textile Services Limited have committed to 15 year extension of Units 1 & 3 until April 2039

* Johnsons rent to increase from £117,120 pa (£3.30 psf) to £159,813 pa (£4.50 psf)

* Glasgow Storage are committing to a new 10 year FRI Lease at a rent of £96,000 pa increasing to £128,120 pa (£3.75 psf) at year 5

* Total gross rent to increase from £386,730 pa to £429,423 pa (e/f 29/4/24)

* The total fully let income upon letting of the 5 vacant office suites is estimated to be £448,523 pa

Seeking Offers Over £3M, which on the Net Income, reflects a very attractive Net Initial Yield of 12% and rising to 13.45% as at 29/04/24. A purchase price of £3M reflects a very attractive capital value rate £31 psf. Upon letting of the 5 vacant office suites at our opinion of ERV, the yield on a fully basis will reflect 14.05%

Location

The subjects occupy a prominent corner position within Queenslie Park, an established business
location in the west of Scotland, and is situated at one of the main entrances to the estate from
Edinburgh Road (A8) / Bartiebeith Road.

Queenslie Park lies approximately 5 miles to the east of Glasgow City Centre and is accessed via
Junctions 10 and 11 of the M8, lying immediately to the north. Glasgow is Scotland's largest city
having a population of 650,000 and a catchment population of approximately 1.5m or thereby.
The property occupies an island site bounded by Shotts Lane (east), Summerlee Street (south),
Mossend Street (west) and Coltness Lane (north).

The Park enjoys good public transport links with multiple bus routes operating nearby and a
railway station within 10 minutes' drive. Queenslie Park boasts many nationally and internationally established tenants include Siemens, Soapworks, Everest, Celesio, City Building and Bupa.

Description

The subjects comprises a substantial self contained 2 storey property and extensive yard.
The external elevations are brick over the lower level and profile sheeting above.

The roofs over the property are a mix of a sequence of mono pitched and flat roofs. The lower floor comprises two substantial industrial units let to Johnsons Stalbridge and Tots Bots.

Units 1/3, occupied by Johnsons Textile Services Ltd, are accessed from two 5m high by 4m wide
loading bays at the rear and loading access from the front (Shotts Lane). There is a glazed staff /
visitor entrance at the northern elevation leading to modern offices.

Unit 2, occupied by Tots Bots Ltd, benefits from twin loading access from 6m high by 5m wide
bi-folding doors. A smaller loading bay is located at the front elevation where there is
also a staff / visitor entrance leading to office accommodation.

The upper floor is accessed from a walkway at street level at the front elevation leading to a well
presented reception area. The accommodation at this level provides offices and historically
manufacturing space now utilised by Aabsolute Self Storage.

The offices are positioned around the perimeter of the upper floor with the secure storage being
located in the core, though continuing to expand into the office areas. There is a loading area
at the northern elevation where there is a lift providing goods delivery access.

There is a substantial self contained secure yard. There is a lapsed planning consent (Ref
10/01285/DC) for the construction of light industrial units. The site is secured by 2m high
palisade steel fencing with gate access.

Accommodation

Upper Floor:
Offices** 9,355 sq ft 869.42 sq m
Aabsolute Storage: 32,740 sq ft 3,042.75 sq m

Ground Floor Plan

Units 1&3: Johnsons Textile Services 35,514 sq ft (3,300.55 sq m)

Unit 2: Tots Bots 18,439 sq ft (1,713.66 sq m)

Total: 96,228 sq ft (8,943.12 sq m)

Development Options

Full Planning Consent (ref 10/01285/DC) for the development of
1,601 sq m (17,233 sq ft) of light industrial units with associated
shared yard and car parking was granted on 12 August 2010
and has now lapsed. For further information on revisiting the
planning application please contact GCC planning.

Tenancy Schedule

See attached brochure.

Tenant Covenant

Johnsons

Part of Johnsons Service Group Plc, Johnsons Textile Services Limited provides high quality
textile rental and related services across a range of sectors throughout the UK. They are the
leading supplier of work wear and protective wear in the UK, offering these services through
their "Johnsons Workwear" brand. They also provide premium linen services for the hotel,
catering and hospitality markets, and high volume hotel linen services, through a number of
different brands which include "Johnsons Hotel Linen", "Johnsons Hotel, Restaurant & Catering
Linen" and "Johnsons Restaurant & Catering Linen".

As at 31/12/22 the company had a Turnover of £378.30M an increase from the previous years
turnover of £269.9M and an increase on their pre-pandemic turnover (c. £348M) as at 31/12/19.

Johnsons Textile Services have an impeccable Credit Safe score of 100/100 'Very Low Risk' and
a Tangible Net Worth of £176,123,000.

Tots Bots

Tots Bots are manufacturers of award winning
environmentally friendly nappies who have just reached
the milestone of 20 years trading. The business has
evolved from an order of 50m of towling and a kitchen
table to now having 72 employees and supplying
environmentally friendly nappies across the world.

Their Turnover as at 31/5/21 was £4M, double their 2020
figure of £2M. The company had a Tangible Net Worth of
£339,148 as at 31/5/21.

Glasgow Storage

Glasgow Storage Limited is a family run business
with over 20 years' experience in the self storage
industry based at Queenslie Industrial Estate and
also Dalmarnock in Glasgow. The business has a
Credit Safe score of 47/100. Upon the date of sale,
the Tenant will commit to a new long term lease
demonstrating their commitment to the building.

EPC

Upon Request.

Service Charge

The service charge budget for the year ending December 2022 is £50,943
reflecting a rate of £0.53 psf.

Capital Allowances

We understand there are no unclaimed Capital Allowances available

VAT

We understand that the property is not elected for VAT. Therefore, VAT is
not applicable to the sale price.

AML

To discharge its legal obligations, including under applicable anti-money
laundering regulations, the Vendors will require certain information of
the successful bidder. In submitting a bid, you agree to provide such
information when Heads of Terms are agreed.

Investment Proposal

Seeking offers over £3M, which on the net income, reflects a very
attractive Net Initial Yield of 12% and rising to 13.45% as at 29/04/24. A
purchase price of £3m reflects a very attractive capital value rate of £31
psf. Upon letting of the 5 vacant office suites at our opinion of ERV, the
yield on a fully let basis will reflect 14.05%.

Brochures

259 Summerlee Street, Glasgow, G33

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Shettleston Station0.8 miles
  • Garrowhill Station0.9 miles
  • Carntyne Station1.3 miles

Notes

These notes are private, only you can see them.

Disclaimer - Property reference 259SummerleeSt. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Lapsley McManus Property Consultants LTD, Glasgow. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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