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23 High St - Paisley Local Market 69,201 sq ft Office Unit Offered at £800,000 in Paisley PA1 2AF
Investment Highlights
- High yielding high street retail investment opportunity;
- Combined Passing Rent of £120,001 per annum;
- Let to Poundstretcher Limited and Renfrewshire Council over ground and basement levels;
Executive Summary
The property comprises a covered shopping centre of approximately 222,000 sq ft, arranged over ground, first and lower ground levels and developed behind a retained façade. The centre opened in early 1992 and occupies a historic town centre site. The High Street entrance features the façade of a 1930’s cinema and retains listed status as an important historical building. The centre was upgraded in 2006 with the installation of new toilet facilities, enhanced mall lighting and new décor throughout and provides a modern covered shopping environment over three shopping levels.
Property Facts
| Total Property Size | 221,844 sq ft | Typical Floor Size | 73,948 sq ft |
| Property Type | Retail (Unit) | Year Built | 1992 |
| Property Subtype | Shopfront | Total Plot Size | 4.46 ac |
| Costar Property Class | B | Parking Allocation | 2.39/1,000 sq ft |
| Floors | 3 |
| Total Property Size | 221,844 sq ft |
| Property Type | Retail (Unit) |
| Property Subtype | Shopfront |
| Costar Property Class | B |
| Floors | 3 |
| Typical Floor Size | 73,948 sq ft |
| Year Built | 1992 |
| Total Plot Size | 4.46 ac |
| Parking Allocation | 2.39/1,000 sq ft |
Amenities
- Food Court
- Property Manager on Site
- Security System
- Storage Space
- Air Conditioning
1 Unit Available
Unit 7-11
| Unit Size | 69,201 sq ft | Sale Type | Investment |
| Price | £800,000 | Tenure | Freehold |
| Price Per sq ft | £11.56 | Net Initial Yield | 14.24% |
| Unit Use | Office | NOI | £113,920 |
| Unit Size | 69,201 sq ft |
| Price | £800,000 |
| Price Per sq ft | £11.56 |
| Unit Use | Office |
| Sale Type | Investment |
| Tenure | Freehold |
| Net Initial Yield | 14.24% |
| NOI | £113,920 |
Description
The property comprises the ground, first and lower ground floors contained within a modern three storey building under a flat felt roof. Poundstretcher trades from the ground floor.
The basement floor is fully fitted out for Museum artefact storage. The first floor is open plan and whilst vacant it has been zero rated
Sale Notes
The ground floor is let to Poundstretcher Limited on a full repairing and insuring lease expiring on 6 September 2028.
The rent passing is £120,000 per annum (£5.20/sqft).
The tenant has been in occupation since 2018 and had a break option in 2023, which they did not exercise.
The lower ground floor is let to Renfrewshire Council, who use it to store, maintain and meticulously repair artifacts exhibited in the Paisley Museum. Their lease expires on 15 May 2036 at a rent of £1 pa.
Whilst there are rent review provisions within the lease, the reversion to full rental value will only apply if the subjects are used for commercial purposes or on expiry of the current lease. The tenant has spent significant sums on temperature and moisture control of the whole facility.
Once Renfrewshire Council’s lease expires on 12/5/36, there will be an opportunity to charge commercial rent. Using only £2/sq ft generates a further £46,000 in annual rent, bringing the total yield of the property to 19.69% at a purchase price of £800,000.
Interior Photo
Interior Photo
Interior Photo
Interior Photo
Nearby Major Retailers
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23 High St - Paisley Local Market
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