Commercial property for sale in Argyle Street, Glasgow G2

Strapline

Auction Sale - 24/09/2024

Of interest to Investors and developers

City Centre Retail and Residential Development Opportunity with planning consent for commercial use on Ground & Basement and 13 dwellings on the upper 7 floors.

Advertising Hoarding investment let at £115,000 p.a.

Description

The property is a very prominent and attractive 8 storey red sandstone building at the junction of Argyle Street and Miller Street and benefits from B listing status(). It provides a mixed use development opportunity occupying a corner site of approximately (0.05 acres). The upper floors are accessed at the rear of the property via 2 Miller Street which forms part of the property. The external scaffolding was erected in 2018 for stone inspection purposes and for the refurbishment work to the property. The scaffolding is now used as a largescale advertising hoarding with return frontage onto Argyle Street and Miller Street is let on a lease. Further information can be found in the Legal Pack

Location

Glasgow is the largest city in Scotland with a population of 1.2 million. Argyle Street is located in Glasgow city centre linking Tollcross in the east and the M8 Motorway to the west. Argyle Street is a mixed commercial area with retail, leisure and office uses. The property is located on the pedestrianised element of the street between Buchanan Street and Stockwell Street. Neighbouring occupiers include Primark, Sainsbury's Local, Caffe Nero and tk Maxx. Argyle Street Station is located opposite the property. This ScotRail station serves the North Clyde Lines linking the North and South of the city. Glasgow Central Station is some 500 yards (460 metres) to the west directly accessed via Argyle Street.

Transport

Located 47 miles west of Edinburgh, Roads M8, M77, M74, Rail - Argyle Street Station, Glasgow Central Station, Glasgow Queens Street Station and airport links to Glasgow International Airport (9 miles west).

Tenancy

50 Argyle Street (Advertising Hoarding on scaffolding)

• Investment let at £115,000 p.a.
• Let to Infinity Outdoor Limited
• 10 year lease from 17th March 2023
• Landlord option to break anytime (notice to be no less than 28 days)

Planning

Glasgow City Council

Planning ref 24/00218/ful

Description Conversion of vacant upper floor offices to form residential flats (Sui generis), use of ground floor and basement unit (Class 1A) as Class 1A/ Class 3, frontage alterations including formation of vents, with erection of extension at third to seventh floors at rear, erection of plant room to rooftop, installation of render, cladding and replacement windows, with extract flues to roof, fabric repairs and associated works.

The property previously had planning approved for 21 one bedroom residential units on floors 1 - 8. Meaning that there maybe scope to adapt either planning consent subject to requisite consents.