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Industrial investment for sale in Queenslie

259 Summerlee Street, Queenslie Park, Queenslie, Glasgow, G33 4DB
For sale
£3,000,000 Offers In Excess Of

COMMON USE CLASS: B1 Business, B2 General Industrial, B8 Storage and Distribution

lapsley-mcmanus
This property is marketed by:
Lapsley McManus

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)
  • 74% of passing income secured to Johnsons Textile Services, Tots Bots Ltd and Glasgow Storage
  • Low average passing rents of £2.88 per sq ft representing significant reversion on these three leases
  • Glasgow Storage will commit to a new long term lease demonstrating their commitment
  • Low capital rate of £31.18 per square foot 
  • Seeking offers in excess of £3m offering an extremely attractive Net Initial Yield of 10.80% and a Reversionary Yield of 12.42% based on our opinion of ERV

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.


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