SALE BY ONLINE AUCTION 27TH JANUARY 2022 AT 9.00AM.
Online Property Auctions Scotland are delighted to offer this portfolio of 24 lock up garages located in Glasgow.
24 GARAGES, THURSTON RD, HILLINGTON, GLASGOW
• Investment / Development Opportunity to buy a FULL PARADE of purpose built lock up garages in Glasgow’s Southside***HUGE BREAK UP POTENTIAL*** Seldom brought to the market** ***High Density Location ***100% PRIME AND RARE PROPERTY***Requires Full Refurbishment***
• Located within the High density Hillington district of Glasgow these garages offer a rare & potentially high yielding opportunity. Possible rental income of £49,920 (£40 pw per garage)***Post Refurbishment***
• The garages have an estimated break up value of £432,000 ( £18k per garage) if sold individually ***High Demand for rarely available garages in this area*** Ideal for owner occupiers in the locale vicinity***
• ***First Time on the open market in 30 YEARS*** Heavily discounted price to ensure sale ***Interest should be noted to auctioneers: 69 Thurston Rd Sold £120,500 (June 21)*** 70 Thurston Rd Sold £95k (Oct 20)*** 22 Thurston Rd Sold £90k (May 19)***
• Easily Accessible & secure location*** Excellent Storage or Investment potential***Fabulous Opportunity: To refurbish or redevelop (STC)*** Full unbroken parade*** Located behind popular local shopping parade***
***FIRST TIME ON THE OPEN MARKET IN 30 YEARS*** A rare opportunity to purchase a parade of garages in the heart of the centrally located Hillington district of Glasgow’s Southside.***HUGE BREAK UP POTENTIAL*** Seldom brought to the market** ***High Density Location *** Requires full refurbishment / Possible redevelopment*** ***This is an opportunity rarely seen in Glasgow*** If the garages were refurbished, there could be 24 new lock up garages on site with an estimated value of £432,000 (£18,000 per garage) This is all subject to consents and estimated values***Excellent possible development potential***Once in a lifetime opportunity** ***High Density Location ***The expected rental value of a new garage unit in this location is £40 per week equating to an annual combined income of £49,920.***If 24 new garages were constructed at a cost of £5k per garage*** Estimated 17%+ Rental Return at Guide Price (post refurbishment)*** Hillington is a thriving & densely populated district with a mix of families living in traditional housing but with a shortage of available secure parking. These garages would make excellent storage & parking facilities***We expect Huge Demand from tenants once completion of refurbishment. ***Rare Opportunity and likely to attract substantial Interest. The premises are located behind a parade of local shops. The subjects offer possible potential redevelopment opportunities including a secondary parade of retail units, car wash, storage facilities, dark kitchens all subject to planning***
Auctioneers comment: “This is a unique opportunity seldom seen for sale in Glasgow. We expect substantial interest from professional investors & developers. Buyers with vision will be able to see the incredible potential of the subjects.”
Purchases are subject to a Buyer’s Premium. There may also be additional fees on certain properties. Please refer to the Articles of Roup/Special Conditions in the Legal pack to confirm.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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