217 Argyle Street, Glasgow, G2

GENERAL LOCATION

Glasgow is the largest city by population in Scotland, with around 650,000 persons residing in the Glasgow conurbation, with a significant larger catchment of approximately 1.5 million persons, including outlying suburbs and new towns. Glasgow has a vibrant economy, particularly in relation to retail, tourism and entertainment venues, with the SEC (Scottish Event Campus), providing the largest exhibition centre in Scotland, with its 3 main venues.

Glasgow is also a highly popular student location, with Glasgow University and Strathclyde University being highly regarded as two of the Top 20 universities in the world. The total student population in Glasgow is estimated at 185,000, served by 4 universities and 3 "super" colleges.

SPECIFIC LOCATION

Specifically, the former Tower Records store is an iconic building, situated within a superb city centre trading location. The premises lie immediately adjacent to Central Station, the main railway station serving the city centre, with adjacent occupiers, including McDonalds, KFC, Taco Bell, Tim Horton's, Greggs, Waterstones and Poundland. Buchanan Street, the main retailing area of the city, is situated less than 5 minutes' walk, as is the main financial district.

This is a superb location within a highly accessible and popular area of the city centre.

THE TOWER RECORDS BUILDING

The building is iconic and was the home of Tower Records for many years, most famously hosting a pop-up impromptu concert by the renowned band Bon Jovi. The premises were developed as a music store, trading over all levels, and benefit from high ceiling height internally, excellent natural light, and an open plan canvas, ready for refurbishment.

ACCOMMODATION

The are comprises:

Ground Floor - 3,337 sq. ft. (310.00 sq. m.)
Basement - 3,011 sq. ft. (186.82 sq. m.)
Frist Floor - 3,145 sq. ft. (292.17 sq. m.)
Second Floor - 3,175 sq. ft. (294.97 sq. m.)
Third Floor - 3,168 sq. ft. (294.32 sq. m.)

RATEABLE VALUE

The premises have a current Rateable Value of £96,000 as of 1st April 2023. A new occupier will have the right to appeal the Rateable Value.

PLANNING AND SERVICES

The premises benefit from a Class 1A consent (Shops, Financial, Professional and other services). This consent allows a permitted change of use to Class 3 (Food and Drink use).

THE OPPORTUNITY

Tower Records is an iconic building and is situated within a superb location. The premises would be ideal for a licensed restaurant use over the ground, basement and first floor, and also for uses that incorporate general entertainment over the upper floors, which may include Tenpin Bowling, Darts and Retro Arcades etc. In addition, the entire premises may be suitable as a food hall type venue, with a variety of kitchen and seating areas incorporated throughout the premises.

This is a superb opportunity for an operator to develop a dedicated licensed restaurant use, but also incorporate other general uses on the upper floors to create a first class licensed/entertainment venue.

RENTAL

The premises have been placed on the market at Rental Offers Over £185,000 per annum. A sale may be considered.

A new long term lease is proposed, with a term of at least 10 years and with regular rent reviews. The incoming tenant may be required to pay a deposit, depending on the covenant strength of the tenant company.

EPC

The property has an EPC rating of G.

ANTI MONEY LAUNDERING

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, came into force on the 26th June 2017. This now requires us to conduce due diligence on property purchasers. Once an offer has been accepted, the prospective purchaser(s) will need to provide, as a minimum, proof of identity and residence.