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. Highly prominent industrial block fronting M8 motorway. Excellent access to motorway network. Multi-let property with secure income and rental growth potential. Current passing rent of 175,345p.a. Offers in excess of 1,658,700 reflecting an attractive net initial yield of 10% after allowing for LBTT and purchaser s costs.
AMAZON HOVIS STAPLETONS Site of LIDL s new Distribution Centre (700,00sq.ft) SSE EUROCENTRAL M8 MOTORWAY NEXT NEWHOUSE INTERCHANGE MUIR CONSTRUCTION UPS SSE HONEYWELL ENVIRONMENTAL & CONBUSTION CONTROLS HONEYWELL CONTROL SYSTEMS MOVIANTO M8 MOTORWAY
NEWHOUSE INDUSTRIAL ESTATE NEWHOUSE INDUSTRIAL ESTATE LOCATION Newhouse Industrial Estate is located within the Central Belt of Scotland on the prime M8 industrial corridor. Glasgow is located approximately 14 miles to the West and Edinburgh 30 miles to the East. The estate has direct access to the motorway network and has excellent access East and West. Access to the Southern Motorway Network is via Junction 7a on the M8 and North via Junction 8 at the Baillieston Interchange. SITUATION The subjects are located within Newhouse Industrial Estate, on Howden Avenue. The property occupies a prominent position which is highly visible from the M8. Newhouse is home to a number of high profile occupiers including Argos, Terex, W H Malcolm, Honeywell and Terex.
DESCRIPTION The property comprises a block of 5 units of steel portal frame construction, with elevations formed in brickwork and metal cladding. Each of the units are generally arranged on a similar basis with offices and ancillary accommodation to the front of each unit and warehousing areas to the rear. Each of the units has loading to the rear, and there is also a secure yard benefitting units 1-4. SITE The total site extends to 1.5 ha (3.70 acres) reflecting a site cover of 31%. ACCOMMODATION We understand the units provide the following GIA areas: Unit 1 Unit 2 Unit 3 Unit 4 Unit 5 TOTAL 700.95 sq m 700.95 sq m 694.26 sq m 676.98 sq m 1,866.62 sq m 4,639.76 sq m 7,545 sq ft 7,545 sq ft 7,473 sq ft 7,287 sq ft 20,092 sq ft 49,942 sq ft TENURE Freehold TENANCY SCHEDULE Unit Tenant Lease Start Lease Expiry Rent Rent (psf) ERV ERV (psf) Break Option Comments 1-4 Install Base Ltd 08/11/17 09/11/22 100,000 3.35 112,000 3.75 Schedule of condition, but tenant required to remove offices and stores on expiry. First 10 months at half rent, vendor will top up.the landlord holds a 60,000 rent deposit from the tenant. 5 Real Good Food PLC 14/07/17 13/07/27 75,345 3.75 75,345 3.75 14/7/2022 Schedule of Condition.
TENANT COVENANT Install Base Limited Install Base is part of a number of new companies formed to acquire the Entu plc business. Install Base has acquired the former Job Worth Doing business. The business is focused on the installation of energy efficient products across domestic, retail and commercial markets. Real Good Food Plc Real Good Food plc are a leading supplier to the food industry providing a diversified range of products to retail, manufacturing, wholesale and food service businesses as well as servicing a number of export markets. The company employs over 950 people and has a turnover of 113.7m, a profit of 12.82m and a net worth of 22.58m. VAT VAT will be payable on the transaction however it is anticipated that the sale will be via the Transfer of a Going Concern (TOGC). PROPOSAL We are seeking offers in excess of 1,658,700 for the benefit of our client s interest. A purchase at this level reflects a net initial yield of 10% with a potential reversion to 10.68%. SERVICE CHARGE The current service charge budget for year ending March 2018 is 15,850 reflecting 0.31psf EPC EPC certificates and action plans are available upon request.
FURTHER INFORMATION For further information contact : Steven Gay Ryden 130 St Vincent Street Glasgow G2 5HF Telephone : 0141 270 3135 Email : steven.gay@ryden.co.uk Ryden for themselves and for the vendors or lessors of this property whose agents they are, give notice that the particulars are set out as a general outline for the guidance of intending purchasers or lessees, and do not constitute part of, an offer or contract. All descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but 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. No person in the employment of has any authority to make or give any representation or warranty whatever in relation to this property. All prices, rents and premiums etc. are quoted exclusive of VAT. October 2017