FOR SALE RODDINGLAW BUSINESS PARK, GOGARBANK, EDINBURGH EH12 9DB THRIVING BUSINESS PARK INVESTMENT WITH RESIDENTIAL POTENTIAL LOCATED IN AN ATTRACTIVE STRATEGIC LOCATION RODDINGLAW BUSINESS PARK
RODDINGLAW BUSINESS PARK THE OPPORTUNITY Roddinglaw Business Park provides an opportunity of interest to both investors and developers comprising an established and thriving business park investment with further potential, providing a good return on capital, with the potential in the medium to longer term as a strategic residential development. LOCATION Roddinglaw Business Park is situated in an attractive countryside location, offering convenient access to the city centre, Lothians, Edinburgh International Airport and the Central Scotland Motorway Network. The location benefits from stunning views of the surrounding countryside, Forth Bridges, Fife and the Pentland Hills. More specifically, the park is situated on Roddinglaw Road, which is a two minute drive from Glasgow Road (A8) to the north and four minutes from the A71 to the south, both of which lead directly to the City of Edinburgh By-Pass. The site, which extends to 10.8 acres and provides an attractive rural/business oasis minutes from the impressive transportation network of west Edinburgh, with easy links to the whole of Central Scotland and beyond, and internationally via Edinburgh s rapidly expanding airport. Whether it be by tram, rail, plane or car, Roddinglaw s location is ideally situated, both as a current prospering business park and with the potential for alternative use as an attractive residential location. West Edinburgh is recognised nationally as being at the heart of Scotland s future. Gogarburn Golf Club is a few minutes walk from the business park. Edinburgh itself is a capital city, with a population of 500,000, with a regional catchment of circa 1.8 million. The city has future plans for an exciting City Region Deal, benefitting from a growing knowledge-based economy backed by four universities and two super colleges. Edinburgh s economy is diverse and is increasingly proving attractive as a location to live, work, play. Key economic sectors include business and financial services, technology, creative industries, bio-sciences and tourism and culture. Edinburgh regularly wins awards as a city with a superb track record in inward investment and growth, reflecting partnership between the private and public sectors. < TO STIRLING/FALKIRK PERTH/ABERDEEN J1 M9 EDINBURGH INTERNATIONAL AIRPORT Turnhouse Golf Club Maybury Services NEWBRIDGE J1 J2 A8 GLASGOW ROAD RATHO STATION Norton House Hotel BP Petrol Station EDINBURGH CITY CENTRE > Gogarburn Golf Club GOGAR A8 A720 THE GYLE SHOPPING CENTRE EDINBURGH PARK SOUTH GYLE M8 J2 M8 J2 M8 EDINBURGH BYPASS HERMISTON GAIT EDINBURGH PARK < TO GLASGOW RATHO Ratho Park Golf Club A720 M8 HERMISTON 2 RODDINGLAW BUSINESS PARK
VENDOR S SITUATION MARKET CONTEXT BUSINESS SPACE/RESIDENTIAL The Edinburgh business space market is suffering from a severe shortage of office accommodation, both within the city centre and in its peripheral locations of which west Edinburgh is its largest sub-market, reflecting strong growth and demand for offices, with a record take up in 2014 and 2015. A shortage of supply, combined with strong demand is leading to rising rentals, reduced incentive packages and higher land and capital values. In west Edinburgh, the growth of technology, finance and the success of Edinburgh s International Airport is leading to demand from occupiers wanting to be located in a quality location close to all transport routes. Roddinglaw Business Park meets the criteria of these organisations, and the success of the park in recent years reflects a strong internal market within the park, as well as new occupiers attracted by the locational benefits and the semirural quieter working environment. Similar to its shortage of offices, Edinburgh also suffers from a shortage of residential land and residential property per se, reflecting the growth in what is regarded as one of the UK s most affluent populations. Increasingly, occupiers are looking for the convenience of communication and an attractive residential location, which Roddinglaw provides, subject to planning, as a potential strategic residential opportunity in the medium to longer term. The population of Edinburgh is expected to grow by 20,000 in the next 5 years, and currently suffers from a shortage of residential land and residential units within the city. Our client having developed and owned Roddinglaw with his family for a significant number of years, is reaching retirement age and is seeking to rationalise his property interests and as a consequence has placed Roddinglaw Business Park on the market. Whilst considerable time and effort has been put into Roddinglaw to date, and a healthy level of occupation is now provided, there is potential to further expand and develop Roddinglaw as a successful business park, or benefit from the current and potential income stream in the short term whilst working towards obtaining Planning Consent for a more strategic residential development over time. The income produced from the current development provides an attractive return relative to other forms of investment, but with an upside of potential significant further gain should residential development be obtained for the site in the future. DESCRIPTION Roddinglaw, a former farm, has been sympathetically converted and expanded into a high quality business park, comprising self-contained office buildings in a courtyard setting. The buildings are largely single storey and stone built over a mixture of open plan and cellular accommodation, which in recent years have undergone comprehensive refurbishment. The park forms only a small part of the entire site extending to 10.8 acres and has scope for either further expansion and/or alternatively residential use subject to obtaining the necessary statutory consents. The agricultural land which is not being utilised as part of the business park is currently laid out as grazing, and in addition, there is a period house and garden which forms part of the overall package for sale. This house needs refurbishment, but has potential to be a very attractive addition to the business park, and/or provide useful additional income as a residential company let close to Edinburgh airport. RODDINGLAW BUSINESS PARK 3
< FORTH BRIDGES EDINBURGH CITY CENTRE SOUTH GYLE SHOPPING CENTRE WEST EDINBURGH OFFICE PARKS < EDINBURGH AIRPORT < ROYAL HIGHLAND SHOWGROUND ROYAL BANK OF SCOTLAND EDINBURGH BYPASS GOGARBURN GOLF CLUB RODDINGLAW ROAD RODDINGLAW BUSINESS PARK < GLASGOW M8 EDINBURGH > 4 RODDINGLAW BUSINESS PARK
RO SPECIFICATION SITE PLAN The existing office premises benefit from the following specification: Double-glazed windows UNIT 6 UNIT 5 Oil fired central heating Suspended ceilings with fluorescent strip lighting Cat 5 data cabling Separate kitchen and tea preparation facilities for each unit Male and female WCs for each unit Allocated car parking (each office unit benefits from allocated car parking, along with visitor spaces) UNIT 18 UNIT 19 UNIT 20 UNIT 17 UNIT 11 UNIT 10 UNIT 7 UNITS 9a & 9b UNIT 8 UNIT 3 R o d d i n g l a w R o a d UNIT 4 UNITS 15 & 16 UNIT 12 UNIT 14 UNIT 2 UNIT 13 CURRENT TENANCY INFORMATION A more detailed summary of the business park accommodation, letting situation, income, lease duration and floor areas is provided below:- TRADITIONAL STEADING BUILDING TENANT SQM SQFT LEASE DETAILS RENT PER SQFT COMMENTS No 1 Roddinglaw House VACANT 201.22 2,166 Under refurbishment No 2 The Lodge JL Com Group 101.36 1,091 No 3 No. 1 The Courtyard Mitie Cleaning & Environmental Services Ltd 555.10 5,975 71,700 pa 10,910 in 2016 (+ 1,091 in 2017/2018) Rental 11,281 pa in 2017 & 2018 No. 1 The Courtyard No. 4 The Courtyard The Grainstore & The Granary No 4 No. 2 The Courtyard VACANT c.185.80 c.2,000 ( 13,260pa) Under development No 5 No. 3 The Courtyard VACANT c.185.80 c.2,000 ( 13,260pa) Under development No 6 No. 4 The Courtyard Mitie Cleaning & Environmental Services Ltd See Number 3 Above Global rental No 7 The Grainstore Mitie Cleaning & Environmental Services Ltd See Number 3 Above Global rental No 8 The Granary Mitie Cleaning & Environmental Services Ltd See Number 3 Above Global rental RODDINGLAW BUSINESS PARK 5
MODERN STEADING BUILDING TENANT SQM SQFT LEASE DETAILS RENT PER SQFT COMMENTS No 9 No.1 The Roundal VACANT 191.84 2,065 Development potential No 10 No.2 The Roundal Evolution Security Ltd 179.30 1,930 No 11 No.3 The Roundal VACANT 281.03 3,025 19,300 pa in 2016, 2017 & 2018 (+ 1,930 in 2019, + 1,930 in 2020) Rental 21,230 pa for 2017 & 2018 No 12 No.4 The Roundal Wardman UK Ltd 205.32 2,210 No 13 No.5 The Roundal VACANT 170.76 1,838 12/5/16 11/5/21 Breakout 11/5/19 19,890 pa in 2016/2017 (+ 6,630 in 2018, 2019 & 2020 No 14 No.6 The Roundal Mitie Property Services Ltd 169.36 1,823 21,876 pa No 15 No.1 Roddinglaw Court WR Smartphones Ltd 111.48 1,200 14,400 pa No 16 No.2 Roddinglaw Court Scottish Woodland Trust 118.45 1,275 17,850 pa STORAGE SHEDS BUILDING TENANT SQM SQFT LEASE DETAILS RENT PER SQFT COMMENTS No 17 S.S.1a No 18 S.S.1b No 19 S.S.2a No 20 S.S.2b VACANT 238.30 2,565 Storage shed with office potential VACANT 357.68 3,850 Under development Paneltech (Scotland) Ltd 325.16 3,500 11,200 Storage shed VACANT 89.19 960 Storage shed Radio Mast Telefonca - 5,750 Storage Containers Mitie Cleaning & Environmental Services Ltd - 3,640 6 RODDINGLAW BUSINESS PARK
TENURE PRICE Our client is selling the heritable feuhold interest with the benefit of the current income stream, which has the potential to be further enhanced. The purchase includes the business park, the additional buildings for refurbishment, the potential development land and the house. EPC The EPC ratings can be provided upon request. LOCAL AUTHORITY RATES Our client is seeking offers for the benefit of heritable interest in the above property subject to the current and potential income stream, as well as potential development of the adjoining land for further business space and/or as residential development. Price available upon application. VAT We understand that the property has been elected for VAT and therefore VAT will be payable on the purchase price. We anticipate that the transaction can be treated as a transfer of a going concern (TOGC). Information on the current rateable values can be made available upon request. PLANNING POSITION AND POTENTIAL The property falls within the currently designated greenbelt, albeit significant development has been undertaken or about to be undertaken in the immediate vicinity including residential use. The surrounding area is mixed in terms of use, and due to its strategic location and close proximity to other areas which are being considered to be taken out of the greenbelt, there is potential in the medium to longer term for change of use for a select residential development. There would be the opportunity for the wider site to be reviewed within a future Local Development Plan review. RODDINGLAW BUSINESS PARK 7
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CLOSING DATE It is anticipated that a closing date for receipt of formal legal offers will be set. Interested parties are requested to notify their interest to the sole selling agents whose details are below. VIEWING Further information can be obtained from the sole selling agent: Hugh Rutherford Telephone: 0131 229 3800 Mobile: 07826 947230 Email: hugh.rutherford@montagu-evans.co.uk Struan Whyte Telephone: 0131 229 3800 Mobile: 07818 012450 Email: struan.whyte@montagu-evans.co.uk We love the distinctiveness that Roddinglaw Business Park provides for our business. The strategic locational advantages and value for money were all high on our agenda when seeking new offices. JL Com Group As a company we were originally based at Edinburgh Park which is the nearest major business park to Roddinglaw. By just moving down the road we have more space for less money, together with great communications and on site management in a fantastic rural setting. Evolution Security Ltd 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. April 2016.