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The Hatrack 142a-144 St Vincent St 15,714 SF 100% Leased Office Building Glasgow G2 5LQ $2,009,242 ($127.86/SF) 10.50% Cap Rate
Investment Highlights
- Heavy daytime footfall
- In close proximity to Glasgow Central Station
- Great local amenities
Executive Summary
The subject property comprises the Hatrack Building, an iconic Category A listed office investment located at 144 St Vincent Street in the heart of Glasgow city centre. The property extends to approximately 15,714 sq ft and provides office accommodation arranged over ground and seven upper floors, divided into a number of smaller suites, with WC and tea preparation facilities on each level and two passenger lifts serving all floors. Originally completed in 1902 and designed by architect James Salmon Jr, the building has recently undergone refurbishment works to both the exterior and interior. The asset produces a total rental income of £167,301 per annum with an overall quoting rent of circa £13.50 psf, noting that approximately 4,233 sq ft is currently vacant, offering asset management potential to increase income by an estimated £60,000 per annum through letting of the vacant space. The property is held on a heritable interest (Scottish equivalent of freehold), with VAT applicable, and is offered at a quoting price of £1,500,000, reflecting a net initial yield of 10.5%.
Property Facts
Sale Type
Investment
Property Type
Office
Tenure
Freehold
Property Subtype
Loft/Creative Space
Building Size
15,714 SF
Building Class
B
Year Built
1902
Price
$2,009,242
Price Per SF
$127.86
Cap Rate
10.50%
NOI
$210,970
Percent Leased
100%
Tenancy
Multiple
Building Height
9 Stories
Typical Floor Size
1,746 SF
Building FAR
3.14
Lot Size
0.11 AC
Amenities
- 24 Hour Access
- Controlled Access
- Wheelchair Accessible
- Smoke Detector
- Raised Floor System
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The Hatrack | 142a-144 St Vincent St
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