0 bed (for sale) Glassford Street, Glasgow G1

£1,800,000
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Knight Frank - Edinburgh Sales
80 Queen Street, Edinburgh
0131 268 4062
First Published

9th Jul 2022

Last Published

28th Jul 2022

 

Features

  • Type:
  • Bedrooms: 0
  • Listing status: sale
  • Country: Scotland

Description

Investment Overview
- 4 Glassford Street comprises 8 apartments (2 x studios, 3 x 1 bed apartments, 3 x 2 bed apartments)
- Fantastic central location in Glasgow city centre
- The portfolio is currently operating as short lets with a total net income of c.£110,000 pa over the last 5 years (with fluctuations due to Covid effect)
The properties are all classified as residential and can be rented via private rental tenancies
- We are seeking offers in excess of £1.8 million reflecting a gross investment yield of c. 6.1% on its current short let operation
- Purchase of a block of 8 apartments should result in a LBTT multiple dwellings relief to be confirmed by your tax specialist.
- Should rents of the 8 apartments be changed to private rental tenancies, we have forecasted total annual income of £98,000 per annum, reflecting a gross yield of c. 5.48%

The building ownership has accommodation over 6 floors in total. The living accommodation is based on the 1st to 4th floors with an attractive entrance hall and lobby off Glassford Street. The entrance hall benefits from a lift to all levels of the building and the building was fully renovated during its current ownership back in 2015. The properties have been managed and well-maintained by Destiny Scotland. All eight apartments run off an attractive central stair.

Each of the 1 & 2 bedroom apartments on the 1st to 3rd floors have a spacious kitchen/ living room including a fully equipped kitchen, good sized bedrooms with built in storage, stylish bathrooms or en suite shower room and a storage cupboard in each flat. On the 4th floor there are two exceptional studio apartments that provide a wonderful sense of space and a spacious loft style living feel.

EPCs will be made available. Current rateable value of £36,800 which would be amended to council tax bands if changed to residential operation.

Located in the heart of Glasgow City Centre, an area of Glasgow which has benefited from significant redevelopment in the last few decades, with both commercial developments and exclusive residential buildings. This location offers a wonderful central position and a very prominent social location within the city centre. Nearby there is a wealth of historic buildings and a range of amenities including both general and specialist shopping, wine bars and many highly acclaimed restaurants and is also conveniently located for access to the Merchant City.

The property is in close proximity to Strathclyde & Caledonian Universities, the Glasgow School of Art, the sec and The Clyde Auditorium. The area benefits from frequent public transport with easy access to Central and Queen Street Train Stations, and both St Enoch and Buchanan Street subway stations. Public transport and road links are exceptional.

 

Local info for G1

 

Property Value Data/Graphs for G1

Property Type % Avg. current value Avg. # beds Avg. # bathrooms
Flat 87.5% £171,181 1.5 1.1
Studio 9.2% £44,182 0.1 0.9
Lodge 1.7% £74,950 2.5 2.5
Other 1.7% £22,250 0 0

Area Information

Average Price Paid

£183,260

Sales

1543

Current Average Value

£155,453

Value Change

£27,807 17.9%

 

Current Asking Prices in G1 Average: £155,453

Property Type 1 Bed 2 Beds 3 Beds 4 Beds 5 Beds
Houses £55,000 (1) - - - -
Flats £131,951 (51) £206,952 (52) £241,500 (2) - -
All £130,472 (52) £204,650 (53) £182,650 (3) - -

Nearby Properties

8 bed Detached house () Bardowie Castle, Milngavie, East Dunbartonshire G62 £2,250,000
0 bed () Glassford Street, Glasgow G1 £1,800,000
5 bed Detached house () Manse Road Gardens, Bearsden, Glasgow G61 £1,450,000
6 bed Detached house () Silverwells Crescent, Bothwell, Glasgow G71 £1,275,000
5 bed Detached house () Osborne Crescent, Thorntonhall, Glasgow G74 £1,175,000
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