For Sale High Quality Mixed Use Pavilion in Established Business Park

Transcription

1 For Sale High Quality Mixed Use Pavilion in Established Business Park Offers over 560,000 Sheridan Property Consultants GR HOUSE VE KILMARTIN PLACE, TANNOCHSIDE PARK, UDDINGSTON G71 5PH

2 Investment Summary: Opportunity to acquire a high quality mixed use pavilion in one of Glasgow s leading Business Parks; Tannochside Business Park is an established commercial location with a number of global/ national occupiers including Kwik Fit Insurance Services, B Sky B, Capita, Emtex, ADT and Stewart Milne ; Excellent asset management angles to increase value, primarily by letting vacant floor space and reducing landlord s shortfall; Potential to create a mixed use pavilion to serve the surrounding businesses; Diversified tenant mix and tenant use; The property produces a total gross rent of 96,165 per annum; Potential to expand on Business Centre operation that has been initiated by the current Landlord; Low capital value of only per sq ft; We are instructed to seek offers in excess of 560,000 (FIVE HUNDRED AND SIXTY THOUSAND POUNDS STERLING) exclusive of VAT are invited for the Absolute Ownership of the property.

3 Location: Uddingston is strategically located approximately 8 miles to the east of Glasgow City Centre and benefits from strong links with Scotland s motorway network. Access to the M73 and M74 is via the A752 and A721 with the M8 and A8 accessed via the A752 (Aitkenhead Road). Tannochside Park is a well-established Business Park and is a former Enterprise Zone that provides a mixture of modern office and industrial units. Major occupiers include B Sky B, Network Rail, Cemex, Capita, Kwik Fit, Emtec and Stewart Milne. Tannochside benefits from a number of amenities in close proximity, including Subway, Greggs, Boots and Co-op. Furthermore, Birkenshaw Retail Park is only a 5 minute drive to the west. The property is situated in a prominent position on Kilmartin Place, one of the main roads within Tannochside Park. M73 GLASGOW RD RANNOCH RD KILMUIR RD TANNOCHSIDE DR OLD EDINBURGH RD (B7001) OLD EDINBURGH RD (B7001) AITKENHEAD ROAD (A752) TANNOCHSIDE DRIVE M74 SAT NAV G71 5PH NEW EDINBURGH RD (A721) M74 GLASGOW TRAVEL DISTANCES LOCATION DISTANCE TIME GLASGOW CITY CENTRE 8 miles 15 mins EDINBURGH 39 miles 55 mins PERTH 60 miles 1 hr 6 mins

4 Description: Grove House is a high quality, stand-alone office arranged over ground and first floors. The property is accessed via a double height entrance on the south elevation of the property and both male and female WC facilities are on ground and first floors. Externally, there are 146 clear car parking spaces. Recently, the larger vacant suites of the property have been sub-divided to provide smaller suites and have been marketed to let as Business Centre all-inclusive space. Furthermore, there are café and nursery operators on the ground floor. Specification: The accommodation provides the following modern office specification: Suspended ceiling with LG7 compliant lighting Raised access flooring Double height entrance 12 person passenger lift DDA compliant Kitchen facilities Excellent natural day lighting due to central landscaped courtyard Common meeting room and break out areas 24 hour access TYPICAL FLOOR PLAN LAYOUT

5 Tenancy & Accommodation: The property is let in accordance with the below tenancy schedule: Description Tenant Area (Sqft) Grove Café - Nursery Part Ground Part 1st Rent Service Charge Insurance Landlord Shortfall Net Rent Vacant 2, , , , Lease Start Lease End Next Review Date Break Date Car Parking spaces Comments Nugensis Ltd 2,902 14, , , /1/2014 5/1/ spaces Tenant did not exercise their break option in January 2017 showing their commitment to the property. Vacant Cheryl Mitchell , , , /3/ /3/ spaces Stepped rent; 7,320 year 1; 8,320 year 2; 9,320 year 3; 10,320 year 4; 11,320 year 5. Vendor will top up. Landlord holds one month rent deposit ( VAT). Rent paid monthly. Gillian Geddes (Happy Days Nursery) CEKA Communications Limited Taziker Industrial Limited 4,186 18, , , /10/ /10/ /10/ /10/ spaces Stepped rent; nil Years 1 & 2; 5,000 Year 3; 10,000 Years 4 & 5; 18,000 Years 6-10; Vendor will top up. 2,730 13, , , /1/ /1/ spaces Service Charge cap of 3.25/sqft. Tenant pays rent monthly. Rental deposit of 3, held by Landlord. Schedule of Condition in place. 3,897 23, , , /10/2014 7/10/ spaces Teanant recently removed their break option in March 2017 showing their commitment to the property. Part 1st Vacant 2, , , , Part 1st (Stores 1-3) Part 1st 12 Parking Spaces Vacant 5, , , , Space previously used as storage. GM Civil & Structural Consulting Engineers Limited Stewart Milne Homes 1,385 13, , , , /8/ /8/ /8/ /08/2020 & 23/08/ spaces Tenant receives rent free period until 22/03/18 which will be topped up by the vendor. If the tenant exercises their break option at the end of the 3rd year they are to pay a penalty of 3 months rent to landlord. If Tenant does not exercise break on 23/08/20, tenant will receive 3 months rent free. Rent inclusive of service charge. - 1, , /5/ /12/ spaces Licence. Holding Over to 31/12/17 TOTAL 27, , , , ,024.43** ** PLEASE NOTE: THE ABOVE NET RENTAL FIGURE DOES NOT TAKE IN TO ACCOUNT EMPTY RATES. IT IS UP TO PROSPECTIVE PURCHASERS TO SATISFY THEMSELVES AS TO WHAT THESE WILL BE BY LIAISING WITH LOCAL AUTHORITY.

6 Service Charge: Further information on the service charge is available upon request, however, we understand that for the year 2017 the total service charge of the property is 55,150 per annum. Asset Management: It is our view that the future owner of this asset can capitalise on the large number of businesses that are in occupation at Tannochside Business Park and create a mixed use pavilion that provides a number of diverse services/ uses that will benefit the employees in the area. As noted in the tenancy schedule there is a Café and Nursery in the subject property and recent enquiries have included a gymnasium and dance studio. Alternatively, there is scope to continue to expand on Business Centre operation which has been initiated by the current Landlord.

7 Tenure: The property is held on a heritable title (Scottish equivalent of English freehold). Covenant: Further information can be provided upon request. Proposal: We are instructed to seek offers in excess of 560,000 (FIVE HUNDRED AND SIXTY THOUSAND POUNDS STERLING) exclusive of VAT are invited for the Absolute Ownership of the property. This price reflects a capital value of only per sq ft.

8 EPC: Further information available on request. VAT: Our clients have elected to waive exemption for VAT and accordingly VAT will be payable on the purchase price, although we anticipate the sale will be treated as a TOGC. Legal Costs: Each party will be responsible for their own legal costs incurred in connection with the transaction. Contact: Stewart Sheridan tel: Cathal Keane tel: Graeme Millar stewart@sheridanproperty.co.uk cathal@sheridanproperty.co.uk graeme@sheridanproperty.co.uk Sheridan Property Consultants Sheridan Property Consultants 37 ONE, 37 George Street Edinburgh, EH2 2HN Tel: complete property investment insight Sheridan Property Consultants 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 intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, reference to condition and necessary permission 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 and are advised to do so; (iii) no person in the employment of Sheridan Property Consultants have any authority to give representation or warranty whatever in relation to this property; (iv) all prices, rents and premiums quoted are exclusive of VAT at current rate. Date of publication: November 2017