Page 9 - Shepherd Commercial Auctions - Catalogue 04/12/2025

Lot 5
Finlay House, 10-24 West Nile Street, Glasgow, Glasgow City G1 2PP
Part Let Office Investment
Features
• Prime City Centre Location
• NIA: 2,070.61 SQM (22,288 SQFT
• Planning Submitted For 48 Student Suites
• Benefits From A Current Passing Rent Of £273,978 Per Annum
• WAULT of 1.92 years to expiry
• Net Initial Yield 14.75%
Description
The subjects comprise the upper floors of Finlay House, a prominent Glasgow office
building constructed in the early 1980s. It is of brick-built construction and is arranged
over basement, ground and 4 upper floors.
Benefits from a current passing rent Of £273,978 per annum.
Location
Glasgow is the largest city in Scotland, with a population of approximately 635,000. The
surrounding region has a catchment of around 2.3 million people within a one-hour drive,
representing over 40% of Scotland’s total population. The Central Belt, which includes
Glasgow, is home to 3.5 million residents, ranking it among the top 20 largest urban
regions in Europe and making it the fifth largest urban area in the UK.
The property is prominently positioned on the east side of West Nile Street, at the
junction with Drury Lane and St. Vincent Street, in the heart of Glasgow city centre. The
property lies within Glasgow’s prime leisure district, a vibrant area popular with both
residents and visitors. It benefits from close proximity to a strong line-up of national and
international food and beverage operators, including All Bar One, TGI Fridays, The Ivy,
Gaucho, Sugo Pasta, Franco Manca, Costa, Five Guys, and Miller & Carter, reinforcing
its appeal as a key hospitality destination within the city centre.
Tenancy
The first floor is let to Succession Wealth Management at a rent of £159,930 p.a. The
lease expires on 31st January 2028.
The second floor is let to Foundation for Credit Counselling at a rent of £114,048 p.a.
with the lease expiring on 1st March 2027.
The current combined annual rent is £273,978 p.a. and the third and fourth floors are
currently vacant.
*Guide Price £1,750,000 (plus fees if
applicable)
Energy Performance Rating The property has an energy rating of B.
Planning
A planning application has been submitted to Glasgow City Council with
Reference: 23/026767/FUL. The proposal seeks approval for the conversion
of the upper floors to form 48 self-contained, single suite student
accommodation units. Each suite is designed to include a private modern
kitchen, an en-suite shower room, a dedicated study space, and a sleeping
area, providing students with modern, independent living facilities. The
application is currently listed as pending consideration by the Council’s
planning departments.
Auction Type
Unconditional Sale - The buyers fee is 2.4% inc VAT(2% plus VAT) subject
to a minimum of £2,500 inc VAT(£2,083.33 plus VAT).
* Please see Buyer’s Terms for definition of guide price
and auction fees
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