GLASGOW IS THE LARGEST CITY IN SCOTLAND AND THE FOURTH LARGEST IN THE UK WITH A POPULATION OF OVER 608,000 AND PROJECTED TO GROW.
The Greater Glasgow conurbation (2011 census) had a population of 2.3 million accounting for more than 40% of the country's entire population.
From a traditionally industrial employment base, the city has successfully promoted itself to become an established office location attracting inward investment on a national and international basis. Glasgow is now Scotland's largest centre of employment with 84% of employment being in the service sector, including financial, public administration and business services.
Glasgow has a highly educated workforce with 46.3% of the working age population educated to degree level or higher, compared to a UK average of 38.6%. There are over 130,000 students in the city attending the five higher education institutions and the three super colleges, providing a skilled local labour pool and making Glasgow an attractive destination for business.
Glasgow Caledonian University is a Chartered Institute for Securities & Investment Centre of Excellence, the first specialising in financial services operations and risk, joining an exclusive group of just three universities outside London. Both the University of Strathclyde and the University of Glasgow Business schools are triple accredited. Only 1% of business schools worldwide hold this distinction.
Glasgow contributes approximately £20 billion in Gross Value Add to the Scottish economy annually, and is in the top 15 European Financial Centres according to The Global Financial Services Index September 2018, being one of only three UK cities on the main index of 96 cities worldwide and ranked 50th, just behind Edinburgh (ranked 43rd) and London (ranked 1st). Glasgow is recognised as one of Europe's top cities for attracting Foreign Direct Investment (FDI), and was ranked 6th in the UK in the EY Scotland Attractiveness Survey 2018.
ALMOST 17,000 COMPANIES MAKE THEIR HOME IN GLASGOW INCLUDING AN IMPRESSIVE LIST OF MAJOR GLOBAL ORGANISATIONS SUCH AS MORGAN STANLEY, BARCLAYS WEALTH, JP MORGAN, SKYSCANNER AND PWC.
Glasgow is the top retailing location in the UK outside of London's West End, and is considered a Major City by PMA based on the volume and quality of retail provision. The city has established itself as one of the principal fashion retailing cities in the UK, resulting in a number of national and international retailers choosing Glasgow for their first store outside of London.
Glasgow is a premier location for conferences and events, with the largest conference and convention centre in Scotland, the Scottish Event Campus, located to the immediate west of the city centre. This includes the SSE Hydro which opened in 2013 and has a seated capacity of 12,000. Last year visitor numbers to The SSE Hydro were over 1,040,000 which saw the venue listed at number 4 in the Pollstar ranking of Global Arenas for the year to December 2018. The Scottish Event Company has applied for planning permission in principle for a £150-£200 million expansion of its facilities with a vision to attract the world's top conferences, exhibitions and events.
Glasgow was the sixth most visited UK city in 2017 by international tourists and ranks ahead of Oxford, Bristol, Brighton, Cambridge and York.
Completed in 2004, 200 Broomielaw was developed by Walker Group and designed by architects Keppie Design.
THE PROPERTY COMPRISES AN IMPRESSIVE MODERN OFFICE BUILDING PROVIDING A TOTAL OF 79,236 SQ FT OF HIGH QUALITY OFFICE SPACE ARRANGED OVER 9 FLOORS, PLUS 31 SECURE BASEMENT CAR PARKING SPACES.
The space has good levels of natural light with full length glazing to the front elevation. The large floorplates allow for flexibility, with a tower room on each floor providing a feature meeting room. The seventh floor has an open south facing terrace overlooking the River Clyde.
200 Broomielaw benefits from the following high quality specification:
Seven storey atrium at main entrance level
150mm raised access floors with loading of 4kN/m2
Suspended acoustic ceilings
Recessed LG3 lighting
Four pipe fan coil cooling system with dedicated plant rooms at each floor
Male, female and disabled toilet facilities on each floor
Three 10 person passenger lifts
Independent standby generator
31 secure basement car parking spaces providing a ratio of 1:2,556 sq ft
Heritable interest (Scottish equivalent of English freehold).
200 Broomielaw is fully occupied by Atkins Limited and Chubb Services UK Limited, guaranteed by Chubb European Group Limited, with separate FRI leases over each floor. The total passing rent is £1,762,824 per annum, with a weighted average unexpired lease term of around 2.09 years to expiry. Full tenancy details can be found in the link below.
Atkins Limited, owned by the Montreal based SNC-Lavalin Group, provides design, engineering and project management consultancies with a total of 9,246 employees across the UK and Europe. Atkins works across a wide spectrum of sectors including aerospace, defence and infrastructure for both public and private clients. Atkins Limited has a Dun & Bradstreet rating of 5A1 with a turnover for the last full financial year (March 2017) of £808,700,000 and net profits of £70,700,000. Their latest financial statement shows a 9 month profit of £60,700,000.
CHUBB SERVICES UK LIMITED
Chubb Services UK Limited, formerly ACE INA Services UK Limited, is a major international insurance agent, broker and insurance provider. Chubb Services UK Limited has a Dun & Bradstreet rating of N2. The leases are all guaranteed by Chubb European Group Limited, which has a Dun & Bradstreet rating of 5A1 and a turnover of £1,834,651,000 for the year ended 31st December 2017, with a net profit of £206,809,000.
The property has been elected for VAT purposes and it is anticipated that the investment will be treated as TOGC.
Offers are sought in excess of £16,500,000 (Sixteen million five hundred thousand pounds) exclusive of VAT for our client's heritable interest, reflecting a Net Initial Yield of 10.01% and a low capital rate of £208 per sq ft, assuming purchaser's costs based on LBTT.