PropLens · 208 Battlefield Road, Battlefield, Glasgow, G42 9HN

$208 Battlefield Road 2$ 208 Battlefield Road 3

Offer range · Operational reposition

£199,000

Asking

Confirm fixed vs offers over

Step down −£109,000 · −55% to reach 15% cash-on-cash

£90,000

TargetUpper end · 15% c-on-c hurdle

vs asking

−55%

Step down −£10,000 · −11% to reach 20% cash-on-cash floor

£80,000

Lower end · 20% c-on-c floor

vs asking

−60%

Range £80,000 – £90,000 Bid band · Vendor reset vendor reset territory

At the £199,000 asking, single-let net initial yield is 5.6% and yield on cost 5.2%, both below the ~8–11% lenders look for on secondary commercial. The asking reflects owner-occupier / residential-conversion value, not investment yield; a yield-driven purchase prices materially lower.

Stabilised income

£11,105/ yr NOI

£11,105 ERV − £0 op. costs → NOI

Vacant. ERV from Glasgow sub-1,500 sqft comparables (£15/sqft), Fair condition (×0.85), lower-ground floor at 60% of the main-floor rate. Single tenant on FRI terms (tenant bears outgoings), so NOI = ERV.

Cost to stabilise

£0one-off refurb

Fitted and recently operating (EPC C); re-lets with cosmetic make-good only. A full light refurb (~£27k) would lower the range to about £60k.

Funded with the purchase — already in equity required on the explorer.

Offer explorer

Your offer

£90,000

Equity required

£0

Lender lends £52,000 against VP £80,000

Cash-on-cash

DSCR @ 8%

2.67×

Same at any price

Net cash flow

£6,945

NOI − debt service (fixed)

Lender lens · five ratios

DSCR @ 8% rate 2.67× Strong

Stress DSCR @ 10% rate 2.14× Strong

Debt Yield (NOI / Loan) 21.4% Strong

Yield on Cost 0% Viable

Net Initial Yield 0% Viable

65% LTV · 8% IO · 7% costs · NOI £11,105 · VP £80,000 (lender basis) · Refurb-to-let £0 (none — fitted, tenant-ready)

Thesis

208 Battlefield Road is a vacant, fully fitted former surgery and clinic on a main door within a southside Glasgow tenement, 1,077 sqft over a ground and lower-ground floor. The bid here is anchored to a conventional single-let basis: re-let the space to one medical or office tenant at Glasgow small-commercial rents. On that basis the property supports £80,000 to £90,000. The £199,000 asking reflects vacant-possession value to an owner-occupier clinician or a residential converter rather than investment yield; at asking the net initial yield is 5.6%. The building's value to a medical operator running it as managed clinical rooms is materially higher (stabilised value £179,000 to £238,000 at clinical-room rates), but that is operator upside funded by the buyer's own equity, not a reason to lift the bid.

What's wrong with it

Vacant, with no contracted income; all rent is prospective.
Lower-ground floor is about 48% of the area and lets at a discount to ground-floor space.
Bespoke clinical fit-out is sunk capital if a non-clinical tenant takes the rooms.

What's right with it

Turnkey fitted clinic, EPC C, recently operating; minimal works to re-let.
Proven clinical location beside the New Victoria NHS Hospital and Glasgow Clyde College, with no competing clinical multi-let operator nearby.
Low occupancy cost: RV £7,200 means a small occupier likely pays no business rates under the Small Business Bonus, and LBTT is nil at the bid range.

Risks

Income is entirely prospective until a tenant signs; year-1 cash-on-cash depends on lease-up speed.
A single-tenant let concentrates void risk; one vacancy is 100% income loss.
Clinical-premium rents depend on attracting specific practitioners and are not guaranteed by location alone.

DD gaps

Tenure (heritable vs long lease within the tenement) not stated.
Confirm whether £199,000 is a fixed price or offers over.
Condition of M&E and clinical services (drainage, ventilation) behind the fit-out; planning and listing status of the tenement.

Considerations

Lower-ground floor (~48% of NIA) is daylight-limited and valued at 60% of the main-floor rate.
Residential reversion is possible but conversion cost (~£125/sqft) plus the weak basement make it marginal as a flip.
Computed loan is £52,000. Mainstream commercial mortgage minimums typically sit £100k–£150k; this lot falls below conventional mortgage territory. Realistic structures: cash, SSAS (50% LTV variant below), or a specialist small-ticket lender. The lender ratios are computed against a notional loan and may not be obtainable in practice.

SSAS variant

This commercial unit is SSAS-eligible. At the pension's 50% LTV (loan £40,000) the bid range is £75,000 to £85,000. Rental income and gains are tax-free within the scheme. If the investor operates the clinic, a PropCo/OpCo split (SSAS owns the property, an operating company runs the clinic and pays rent into the pension) is the natural structure.

Asking: £199,000
NIA: 1,077 sqft
£/sqft (asking): £185
Tenure: Not stated
Condition: Fair
RV: £7,200
EPC: C
Lease: Vacant
Agent: Scottish Property Centre
Portal: Rightmove

Bid range: £80k – £90k
Discount to asking: −55%
NOI (single-let): £11,105
Refurb: £0
All-in @ upper: £96,300
DSCR @ 8%: 2.67×
VP (lender basis): £80,000
MV1 stabilised: £105,000
Operator case (stab.): £179k–£238k

Property & Valuation

Facts, condition, comparables, valuation stack, and purchase-cost schedule for due-diligence reference.

Facts

Address	208 Battlefield Road, G42 9HN
Type	Former surgery / clinic
NIA	1,077 sqft (ground 562 + lower-ground 515)
Asking	£199,000 (£185/sqft)
Tenure	Not stated (DD)
EPC / RV	C / £7,200
Layout	6 rooms, 2 waiting areas, WC + shower
Services	Double glazing, gas CH
Agent	Scottish Property Centre
Status	Vacant; possible residential reversion

Photos

$208 Battlefield Road 2$ 208 Battlefield Road 3

Physical assessment

Sandstone tenement frontage, private main-door access, ground floor elevated above street level.
Six rooms over two floors; front ground-floor room has a bay window and retains original ceiling features.
Lower-ground floor with windows to the rear courtyard, separate rear exit, three rooms and a shower room.
Double glazing throughout, gas central heating, EPC band C.
Two reception/waiting areas; fitted as a multi-room clinic.
Surroundings: established southside neighbourhood, Glasgow Clyde College opposite, New Victoria NHS Hospital within walking distance, café/retail spine on Battlefield Road.

Per-unit income

Space	sqft	£/sqft	ERV
Ground floor (main)	562	£12.75	£7,166
Lower-ground (60%)	515	£7.65	£3,940
Total ERV	1,077	£10.31	£11,105

Base rate £15/sqft (Glasgow <1,500 sqft) × 0.85 Fair condition = £12.75 effective main rate. Vendor's £16,000 rental estimate (£14.86/sqft) is the agent's gross figure with no condition or basement discount; treated as unverified.

Yield selection

ARY 10.5%: Glasgow non-central secondary office midpoint (prime range 8–9.5%, midpoint 8.75%) plus 175 bps for the sub-£500k lot size, rounded to the nearest 25 bps. Cross-check: this sits within the Glasgow secondary office yield range (9–10% city, 10–12% peripheral; Ryden 2025).

ARY	Capitalised	VP (after deductions)
9.5%	£116,900	~£91,000
10.5% (used)	£105,800	£80,000
11.5%	£96,600	~£71,000

Valuation stack

Basis	Value	Workings
VP (MV3, lender basis)	£80,000	£105,800 cap − void 12mo − rent-free 6mo − reletting − holding
Rack rent (gross)	£105,000	ERV £11,105 / 10.5%
MV1 (stabilised single-let)	£105,000	NOI / ARY
MV2 (operator case, clinical)	£179k–£238k	Clinical £45–60/sqft, 70% occ, 30% opex, / (ARY+150bps)
90-day restricted	£84,000	MV1 × 0.80
180-day restricted	£94,500	MV1 × 0.90
Asking	£199,000	Owner-occupier / conversion basis

Term & Reversion omitted: property is 100% vacant.

Acquisition benchmark

Asking £185/sqft. Glasgow secondary small commercial capital values typically run £80–160/sqft depending on condition and use; the asking sits above the investment range, consistent with an owner-occupier or conversion buyer rather than a yield purchaser. (Battlefield is not in the scored acquisition-benchmark table; figure is indicative.)

Purchase costs

LBTT (non-resi, ≤£150k nil)	£0
Legal fees	£4,500
Disbursements	£650
Broker (1%)	£900
Lender arrangement (2% of £52k)	£1,040
Lender legal	£2,500
Survey	£2,000
Total @ £90k purchase	£11,590

Itemised ~£11,590 ≈ 12.9% of a £90k price; the model's 7% assumption understates costs at small lot sizes (fixed-fee drag). LBTT would be £490 at the £199,000 asking.

Strategy & Appraisal

Value-add angles, holding-structure recommendation, and supporting analyses for the bid thesis.

Value-add angles

Re-let to a single medical or office tenant Strong

The fitted, EPC-C space re-lets to one occupier on an FRI lease at Glasgow small-commercial rents (~£11,100 ERV). This is the lender-defensible bid anchor and the basis for the £80k–£90k range.

Indicative bid £80k–£90k · Key risk: lease-up speed on a single covenant

Operate as managed multi-room clinic Moderate

Six rooms plus two waiting areas suit managed clinical/health suites. At clinical room rates (£45–60/sqft, 70% occupancy, 30% opex) stabilised value is £179k–£238k. This is investor operator upside, funded from equity, not lender-supported; demand is proven by the building’s prior use and the adjacent NHS hospital.

Stabilised value £179k–£238k · Key risk: filling rooms at premium rates

Residential reversion Moderate

Originally a dwelling; the elevated ground floor converts cleanly to a flat. Conversion (~£125/sqft) plus planning and a daylight-limited basement make this marginal as a flip but it underpins the owner-occupier asking.

Supports asking · Key risk: conversion cost and basement value

Holding structure

SSAS or PropCo/OpCo. The unit is SSAS-eligible commercial, suiting a long-term pension hold with tax-free income and gains. If the buyer intends to run the clinic themselves, hold the property in a SSAS (PropCo) and operate the clinic through a separate company (OpCo) that pays market rent into the pension.

Sources

Rightmove listing — size, EPC, rateable value, agent rental estimate
PropLens market research — Glasgow commercial rents and yields (Ryden 2025, Edozo 2026)
PropLens multi-let licence-rate data — Glasgow southside (Office+Health and clinical bands)

Jurisdiction

Scotland

208 Battlefield Road, Battlefield, Glasgow, G42 9HN

Quick facts

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