KINGSWAY PARK INDUSTRIAL INVESTMENT OPPORTUNITY WHITTLE PLACE DUNDEE DD2 4US ON BEHALF OF

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Kimberly Robertson
5 years ago
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POTENTIAL OFFERS OVER 2,100,000 INVITED (NIY 9.

1 INDUSTRIAL INVESTMENT OPPORTUNITY KINGSWAY PARK WHITTLE PLACE DUNDEE DD2 4US ON BEHALF OF REFURBISHED MULTI-LET INDUSTRIAL PARK SIGNIFICANT RENTAL GROWTH/ASSET MANAGEMENT POTENTIAL OFFERS OVER 2,100,000 INVITED (NIY 9.61%) REFLECTING LOW CAPITAL VALUE OF ONLY PSF WAULT OF 6.1 YEARS TO EXPIRIES / 4.9 years TO BREAKS HIGHLY PROMINENT POSITION

LOCATION Dundee commands a strategic position within the communications network of Scotland with excellent road and rail connections to other principal cities and 90% of the country s population

2 LOCATION Dundee commands a strategic position within the communications network of Scotland with excellent road and rail connections to other principal cities and 90% of the country s population within 90 minutes drive. Dundee also has its own Airport providing daily scheduled flights to London Stansted. More specifically, the property is located on the Kingsway (A90), the arterial route between Glasgow/Edinburgh and Aberdeen. The Kingsway also forms Dundee s bypass and given the significant passing trade, has grown to become a popular commercial destination with Kingsway Retail Park and Camperdown Leisure Park both located close by as well as numerous established industrial estates. Nearby operators include NCR, John Clark Motor Group and UPS. Dundee is undergoing a substantial regeneration with the city being transformed as part of the Dundee Waterfront scheme including substantial commercial and residential development along the new Victoria & Albert Museum which forms the focal point of the project. Further details are available from Dundee is also set to become a key centre for the oil and gas decommissioning industry with major recent investment at Forth Ports. Dryburgh Industrial Estate A90 Kingsway Cairc Park Golf Club < ABERDEEN Wester Gourdie Industrial Estate A90 Clepington Road Denhead of Gray Kingsway Park A923 Dunsinane Industrial Estate Lochee Dens Road Edinburgh Glasgow A90 Ninewells Hospital and Medical School Lochee Road Marketgait Victoria Street DUNDEE Invergowrie A85 Perth Road Dundee Technology Park University of Dundee A92 EDINBURGH/GLASGOW > Kingoodie Dundee Riverside Airport Riverside Drive

DESCRIPTION Kingsway Park has been created via the extensive regeneration and redevelopment of a former production facility to provide easily adaptable, modern industrial/distribution units which

and 20,800 sq. ft. There is in addition, an office unit to the front of the building offering further income potential.

3 DESCRIPTION Kingsway Park has been created via the extensive regeneration and redevelopment of a former production facility to provide easily adaptable, modern industrial/distribution units which suit a wide variety of uses. The building has been subdivided to create a number of units varying in size between 6,555 sq. ft. and 20,800 sq. ft. There is in addition, an office unit to the front of the building offering further income potential. The building is of steel frame and truss roof construction, has an approximate eaves height of 4.2m and is currently sub-divided to create 9 separate units. The external elevations and roof have been re-clad in profile metal sheeting incorporating translucent roof lights and roller shutter doors to each unit. Internally, each unit has been fitted to suit occupier requirements generally incorporating office and staff welfare accommodation. The total site extends to 6.4 acres (2.6 hectares) or thereby and includes secure, common shared yard areas and designated car parking.

4 TENANCY SCHEDULE The property is let in accordance with the following tenancy schedule. ADDRESS TENANT UNIT SIZE (GIA) LEASE START LEASE END RENT /PSF COMMENTS Unit 1 Scot Group Ltd T/A Thrifty 6,555 06/02/ /02/ , Rent review and break option 05/02/22 Unit 2 Insulated Render Systems (Scotland) Ltd 6,673 15/01/ /06/ , Monthly Licence Unit 3 Lyreco UK Ltd 7,341 08/08/ /08/ , Break option 20/02/ months notice. Unit 4 KPD Delivery Services Ltd 10,153 28/02/ /02/ , Break option 28/02/ months notice. Unit 5A Signature Signs (Scotland) Ltd 10,063 04/01/ /01/ , Unit 5B Quest Precision Engineering Ltd 20,800 22/01/ /01/ , Rent Review 22/01/2023 Unit 6 Diemax Precision Engineering Ltd 10,066 01/09/ /08/ , Rent Review 01/09/2019 Unit 7 Glow Insulation & Site Supplies Limited 20,692 06/01/ /01/ , Rent Review 06/01/2019 Unit 8 VACANT 4,671 TOTAL 97, ,500 The property provides a Weighted Average Unexpired Lease Term (WAULT) of 6.1 years to expiries and 4.9 years to breaks.

ASSET MANAGEMENT Kingsway Park offers significant reversionary potential with the opportunity to increase income and asset value through rent reviews, lease re-gearing and letting/further developing

A service charge is levied on tenants for the upkeep and maintenance of the communal areas on the estate. The current service charge runs at approximately 0.25 psf.

5 ASSET MANAGEMENT Kingsway Park offers significant reversionary potential with the opportunity to increase income and asset value through rent reviews, lease re-gearing and letting/further developing the vacant space. The units are let generally on FRI terms to a mixture of local and national covenants. A service charge is levied on tenants for the upkeep and maintenance of the communal areas on the estate. The current service charge runs at approximately 0.25 psf. Full details and further information regarding the property along with lease and title documentation is available from the Data Room, with access arranged through the joint selling agents. SCOTTISH INDUSTRIAL MARKET Appetite for well let industrial investment opportunities in Scotland has increased significantly in the past 12 months with prime yields for multi-let estates in Scotland s Central Belt commanding yields in the region of 5.50%. The following transactions highlight a notable discount between the quoting price at Kingsway Park and other recent investment sales in the country: 119 Clepington Road, Dundee: Multi-let industrial estate including Autosave Components, Whittons (Flooring) Ltd, Jewson and LWS Tiles. Sold in July 2017 for 2.64m reflecting 8% NIY / psf Firth Road, Houston Industrial Estate, Livingston Multi-let industrial estate including Hertz and Cannon. Sold in January 2018 for 3.30m reflecting a 8.13% NIY / psf Almond Court, Falkirk: Multi-let trade counter estate including Saint Gobain Building Distribution Ltd. Sold in January 2018 for 2.25m reflecting a 6.9% NIY / psf

VAT All prices, rentals and outgoings are quoted exclusive of, but will be liable for VAT. As such we anticipate the sale will be undertaken as a transfer as a going concern (TOGC).

6 VAT All prices, rentals and outgoings are quoted exclusive of, but will be liable for VAT. As such we anticipate the sale will be undertaken as a transfer as a going concern (TOGC). EPC RATING The property has an EPC Rating of C. Copies of EPC Certificates are available from the Data Room. TERMS We are instructed to sell our clients absolute interest (equivalent of English freehold) and are seeking offers in excess of 2,100,000, reflecting a low capital value of only psf. A purchase at this level would show an attractive Net Initial Yield of 9.61% after standard purchasers costs. FURTHER INFORMATION For further information please contact the joint selling agents: Grant Robertson t: m: grant.robertson@g-s.co.uk Douglas Binnie t: m: douglas.binnie@knightfrank.com g-s.co.uk KnightFrank.co.uk The Agents for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of the intended purchasers or lessees and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of the Agents has any authority to make or give any representations or warranty whatever in relation to this property. MAY 2018.

FOR SALE. Well Let Industrial Investment. Howden Avenue, Newhouse Industrial Estate ML1 5RX. Unit 5 - Real Good Food plc. Units 1-4 Install Base Ltd

FOR SALE. Well Let Industrial Investment. Howden Avenue, Newhouse Industrial Estate ML1 5RX. Unit 5 - Real Good Food plc. Units 1-4 Install Base Ltd FOR SALE Well Let Industrial Investment Howden Avenue, Newhouse Industrial Estate ML1 5RX Unit 5 - Real Good Food plc Units 1-4 Install Base Ltd INVESTMENT SUMMARY Attractive high yielding industrial investment.