Glasgow entertainment complex handed £1.6m price tag
An entertainment complex in Glasgow has been placed on the investment market with a price tag of £1,650,000, reflecting a net initial yield of 11.61%.
Located at 20 Glassford Street within Glasgow’s Merchant City, The Glasshouse Complex houses a multi-faceted licensed investment.
The premises lie a few minutes’ walk from George Square, Strathclyde University, and Glasgow’s main retailing areas along Argyle Street and Buchanan Street.
Within the property, there is a sports bar in the ground floor, a music venue within the basement, and a tenpin bowling concept with a bar within the first floor. The three concepts – which together occupy a total area of 26,272 sq ft – are subject to separate lease agreements.
The premises themselves are arranged over the ground floor, first floor, and basement of a multi-storey steel frame building with a glass frontage. Adjacent occupiers, which form part of the building, include a car park and a Grosvenor Casino.
The Glasshouse Complex has a weighted average unexpired lease term of 14.5 years to expiry, and generates a rent of £202,500 per annum.
CDLH and Knight Frank have been appointed to find a suitable purchaser.