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UNDER OFFER

Land to South of Bagatelle 47 Eldon Street, Greenock, PA16

Offers Over
£950,000

£16.15 per sq ft

Business rates & charges may apply

DM Hall, Glasgow
SIZE AVAILABLE

58,806 sq ft

5,463 sq m

SECTOR

Commercial development for sale

Key features

  • Located in the attractive West End of Greenock
  • Long ground lease investment with 33 years unexpired
  • Land extending to 0.55 hectares (1.35 acres)
  • Occupied by River Clyde Homes as a 28 unit sheltered housing complex
  • Rent £45,900 per annum
  • Offers over £950,000, a net initial yield of 4.6%

Description

Eldon Street is a mainly residential locale within the attractive West End of Greenock, less than one mile from the town centre. The property lies to the rear of Bagatelle, a former hospital and now a care facility, with a shared private road providing access off Eldon Street, between the junctions with Madeira Street and Johnston Street. T

The immediate locality is predominantly residential in its nature with the care home adjacent.

Greenock is the largest town in the Inverclyde region, located on Scotland’s west coast, around 25 miles east of Glasgow and 16 miles from Glasgow Airport. The town has around 45,000 residents and lies on the A78, which connects on to the M8 and the Scottish motorway network.

The land to the south of Bagatelle, is an irregular shaped area of ground, extending to an area of 0.55 hectares (1.35 acres), or thereby. The property shares a road access with Bagatelle Care Home and is on a gradient offering excellent views across the Firth of Clyde towards Dunoon and the Cowal Peninsula.

An indicative site plan showing the subject property outlined in red, is provided.

The tenant developed sheltered housing on the ground in 1997, with a mixed two and three storey block containing 28 self-contained apartments, with landscaped grounds and tarmac surfaced car parking.

The ground is let to River Clyde Homes on a full repairing lease expiring in March 2057, with a five yearly rent review pattern, the next review due in March 2027. The passing rent is £45,900 per annum.

A copy of lease documentation is available upon request.

River Clyde Homes, a registered charity, are the largest affordable housing provider in the Inverclyde region, having over 6,000 homes under ownership and 8,200 homes under management/factoring. Further details can be found at .

River Clyde Homes reported a turnover more than £32million in 2024, with total fixed assets of around £246 million and shareholder funds in excess of £10 million.

Offers over £950,000 are invited, exclusive of VAT (if applicable), which is a net initial yield of 4.6% after allowance for standard purchaser costs.

Each party to be responsible for their own legal costs incurred.

Brochures

Land to South of Bagatelle 47 Eldon Street, Greenock, PA16

Open mapStreet View

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Fort Matilda Station0.7 miles
  • Greenock West Station0.8 miles
  • Drumfrochar Station1.2 miles

About DM Hall, Glasgow

12 Bothwell Street Glasgow G2 6LU

Notes

These notes are private, only you can see them.

Disclaimer - Property reference WSA2731. 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 DM Hall, 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.

Map data ©OpenStreetMap contributors.

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