• Prominent town centre retailing pitch
Paisley is situated in the west central Lowlands of Scotland and is one of the largest towns in Scotland. It is located approximately 15 km (9 miles) west of Glasgow and 96 km (60 miles) west of Edinburgh. The town is served by the M8 Motorway (Junctions 27, 28 and 29) which offers easy access to the surrounding areas. The A726 provides access to the M77 Motorway approximately 8 km (5 miles) to the south-east.
The town is connected to the national railway network with a fastest journey time to Glasgow Central of approximately 10 minutes. Glasgow Airport is approximately 3.2 km (2 miles) to the north.
Paisley was one of five UK cities to have been shortlisted for the UK City of Culture 2021.
The property is prominently situated on the northern side of the High Street, in the heart of Paisley town centre, close to its junction with Gilmour Street. Nearby occupiers include Dorothy Perkins, Game, Bonmarche and Bank of Scotland. Gilmour Street mainline train station is only a couple of minutes’ walk to the north.
The Paisley Shopping Centre is situated immediately west of the property. Anchored by Marks & Spencer and Co Op, other tenants within the scheme include JD Sports, Boots, Greggs, O2, Vodafone and Savers. The centre also benefits from 530 car parking spaces.
The property also benefits from being adjacent to the Piazza Shopping Centre which comprises 17,726 sq m (190,800 sq ft) with 36 retail units and 366 car parking spaces. With anchor tenants including New Look, Iceland, Superdrug and Poundland, the centre benefits from an annual footfall of 5 million people (Source: New River).
The property comprises a retail unit arranged over ground floor and basement. Internally, the retail floor area is predominately open plan with ancillary areas and has been fitted out by the tenant to their usual corporate style. The upper floors do not form part of the sale.
The property is let to Holland & Barrett Retail Limited on a full repairing and insuring lease at a passing rent of £45,000 per annum. Based on our analysis the passing rent equates to £48 Zone A.
The tenant has been in occupation since 1995 and such is their long term commitment to the property in 2011 they extended their lease for a further period of 10 years from 6th August 2015, expiring on 5th August 2025 (in excess of 6.5 years unexpired lease term). The lease benefits from 5 yearly upward only rent reviews.
2. The property occupies a prominent retailing pitch;
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