15 - 21 Greenock Road
Size: 4,211sq ft : 391sq m
Located close to Dargavel Village, one of the largest private housing developments in
Scotland with 1,000 new homes already completed and another 3,000 planned
Fully let to an attractive mix of local operators
Held on Renfrewshire Council ground lease with 100 years remaining
Net Rental Income of £54,900 per annum
Net Initial Yield of 8.06%
Offers in excess of £650,000 ex VAT are invited
LocationThe property is located in the village of Bishopton, approximately 15 miles west of Glasgow. Bishopton is an affluent village popular with commuters to Glasgow, Paisley and other West Coast towns. The village has good access to the M8 motorway and is home to an immediate population of approximately 5,100 people, with a significantly larger catchment population using the village retail facilities. Glasgow Airport is located some 5.8 miles to the west and is accessible by motorway.
Additionally, Bishopton benefits from a railway station, being on the Glasgow to Gourock line. The nearby development at Dargavel Village is one of the largest privately funded regeneration projects in the UK. Upon completion in 2034, the Dargavel village development will provide the local area with around 4,000 homes.
DescriptionThe subjects form a modern, terraced, single storey retrial development which appears to have been constructed in the early 1990’s. The subjects front onto Greenock Road, (A8), the main arterial route through the village.
The parade appears to be of traditional construction, with walls noted to be of cavity brock construction incorporating a facing brock external leaf. The subjects are surmounted by a timber pitched design roof, which is overlaid in interlocking concrete tiles. The individual retail units have modern display frontages overlooking Greenock Road and comprise single aluminium framed and glazed windows set on low stall risers. Both the display windows and entrance doors are served by steel roller shutter security screens. Internally, the various retail units generally appear to be of a modern design and layout, arranged to meet the occupational requirements of the various tenants.
We have measured the subjects in accordance with RICS Code of Measure Practice 2007 (6th Edition) and evaluate the undernoted approximate floor areas:-
Unit 1 & 2 205.99 sq.m. (2,217 sq.ft.)
Unit 3 93.25 sq.m. (1,003 sq.ft.)
Unit 4 92.09 sq.m. (991 sq.ft.)
BusinessWe are instructed to seek offers in excess of £650,000 (Six Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 8.06% after taking account of acquisition costs and LBTT.