George Buildings, 3 George Street, Johnstone, Renfrewshire, PA5 8SL

  • Unconditional Online Auction Sale
  • Guide Price* : £195,000

FOR SALE BY ONLINE AUCTION THURSDAY 27TH JANUARY AT 9.00AM. Incredible asset management/investment opportunity. Former warehouse with multiple tenants and additional vacant space. Current rental income of £16,200pa with potential to increase to £45,000pa.

Description

FOR SALE BY ONLINE AUCTION THURSDAY 27TH JANUARY AT 9.00AM. Incredible asset management/investment opportunity. Former warehouse with multiple tenants and additional vacant space. Current rental income of £16,200pa with potential to increase to £45,000pa.

***Incredible Asset Management / Investment Opportunity***Full 3 storey Detached Building***Multi Let former warehouse with small yard & additional vacant space requiring refurbishment*** Circa 8950 sq ft Prominent & established commercial location*** Massive Building with great potential***

Unique former warehouse in great location next to motorway & close to Glasgow Airport***All units are under rented*** Currently under let at £16,200 per annum***Additional Prime Vacant space at Ground & 1st Floor levels***

***6 & 8 George Street, Johnstone Sold £600k (June 20)*** Near to Paton Mill retail development including Home Bargains, Aldi & Starbucks.(Sold in Nov 18 for £8.676m*** Morrisons Supermarket is a short walk from property as is Johnstone Town Centre***

Once properly rented and managed the property has potential rental income of circa £45,000 per annum (£5 per sq ft)*** This is an excellent opportunity for a pro active investor to acquire a substantial building and substantially increase income and value through asset management***

Johnstone is a large regional commuter town situated approx. 3 miles west of Paisley, & approx. 12 miles west of Glasgow City Centre*** It is part of the Glasgow City Region which is home to over 1.8 Million residents***

Incredible Asset Management / Investment Opportunity*** Fabulous Full Detached building comprising a traditional brick built property laid out over basement, ground and first floor levels. The building, as a whole, is surmounted by a series of predominantly timber pitched roof structures overlaid in slate. External elevations are of facing brick or roughcast. The southernmost part of the property is occupied by a music studio and is laid out over ground, adjoining onto the westernmost part of the main building, which is vacant and laid out over basement, ground and first floor levels. The northern most part of the building fronts right onto George Street, and is laid out over ground and first floor levels. The first floor is occupied by an Ironing and Cleaning Service, while the two units on the ground floor level are occupied by a car valet service and a gift shop / hairdressers. All the leased areas are on an informal basis with the tenants being in occupation for a number of years. The cumulo rental income is currently £16,200 per annum with a large vacant space.*** It is estimated that the correct rental income for this property should be closer to £45k per annum (upon completion of refurbishment of vacant space & increase in rents / refurbishment and re letting of currently tenanted areas)*** The Town has excellent transport links to Glasgow and the wider region through the nearby A737 leading onto the M8 Motorway close to Glasgow International Airport. There are regular trains at Johnstone Train station near the town centre and bus routes*** Situated in a convenient position within the town centre this property is considered an excellent opportunity and offers great potential to investors

* 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.

Available at:

£190,000


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