KELVIN HOUSE BUCHANAN GATE BUSINESS PA RK STEPPS GL ASGOW G33 6FB
Executive Summary Successful and growing Business Park location which has attracted a range of high profile occupiers including Scottish Water, Barratt Homes and BAM. Complimentary recent development of Premier Inn Hotel and Brewers Fayre adjoins the Park. Grade A office building totalling 1,881 sq m (20,253 sq ft), together with 71 car spaces. Let to BAM Construct UK Limited on an FRI lease expiring 30 September 2021 at a current rental of 295,000 per annum. Absolute Ownership (Scottish equivalent to English Freehold). Offers in excess of 2.93 Million exclusive of VAT are invited reflecting a net initial yield of 9.5% after purchasers costs of 5.97%. Excellent road and rail accessibility to Glasgow and across the central belt. BAM Construct UK Limited have a 5A1 Dun & Bradstreet credit rating. Capital Value of 145 sq ft.
A703 OFFICE INVESTMENT FOR SALE Location Buchanan Gate is located in Stepps, approximately 7 miles north east of Glasgow city centre. The park enjoys excellent road accessibility, being close to Junction 3 of the M80 motorway which links into the M8, providing direct access into Glasgow and also to the M73/ M74 motorways. Helensburgh Gourock 2 A811 Dumbarton M80 M80 Stirling Falkirk A985 M9 M90 Dunfermline Dalgety Bay A92 Kirkcaldy To the east, the M80 links into the A9 and thereafter to the M90 motorway, providing access throughout the north and east of Scotland. Greenock M8 M80 A80 M73 Cumbernauld Bathgate M8 Livingston EDINBURGH Dalkeith Stepps Railway Station, situated just to the rear of the business park and within easy walking distance, provides regular connections to Glasgow Queen Street Station and Edinburgh Waverley Station. A78 A737 Paisley GLASGOW Hamilton M74 A71 A73 Carluke A71 West Linton A702 A701 A7 Buchanan Gate Business Park Buchanan Gate occupies a prominent position at the junction of the A806 and the A80 and provides a mixture of two and three storey office pavilions, recently augmented by the development of a new 78,000 sq ft national operations facility for Scottish Water at the rear of the park. Adjoining the park entrance a new 80 bed Premier Inn Hotel and Brewers Fayre family pub/ restaurant have recently been developed. Immediately to the east of the park sits Buchanan Park, a mixed use office / industrial scheme offering a range of refurbished office and distribution options. To the rear of the park consent has been granted for a 68,000 sq ft Class 1 supermarket as well as new residential development. A Ballantyne gym and mixture of flatted and private housing has been developed on land formally comprising part of the park directly to the east. Tenants on Buchanan Gate also include Barratt Homes, Thyssen Krupp Elevators, Sodexo, ISG plc, Richmond Fellowship Scotland and Caledonian Water Alliance.
Description Kelvin House was constructed in 2006 and provides Grade A open plan office accommodation over ground and two upper floors, to include the following: Comfort cooling Raised access floors Suspended ceiling with recessed lighting Male, female and disabled toilets on each floor 8 person passenger lift Tenancy The property is leased in its entirety to BAM Construct UK Limited for a term of 15 years from 1 October 2006, expiring 30 September 2021, without breaks. The lease is drawn on a fully repairing and insuring basis and subject to 5 yearly upward only rent reviews with the next due 1 October 2016. The current passing rent is 295,000 per annum exclusive, equating to 14.57 per sq ft overall inclusive of car parking. EPC Rating The property currently has a D rating. A copy of the Energy Performance Certificate is available upon request. Accommodation Floor NIA sq m NIA sq ft Ground 632.66 6,810 First 623.93 6,716 Second 624.95 6,727 Total 1,881.54 20,253 Car parking is provided to the side and rear of the property with a total of 71 dedicated car spaces which equates to a ratio of 1 : 26.5 sq m (1 : 285sq ft) Grade A office building totalling 1,881 sq m (20,253 sq ft), together with 71 car spaces.
Financial Summary Y/E 31 Dec 2014 Y/E 31 Dec 2013 Y/E 31 Dec 2012 Turnover 886,800,000 839,500,000 917,000,200 Profit/ (Loss) before tax Tangible Net Worth 6,600,000 10,900,000 13,900,000 109,800,000 114,900,000 110,800,000 Covenant BAM Construct UK Limited is part of the Royal BAM Group headquartered in the Netherlands and operating in the construction, property, civil engineering, public sector partnerships, mechanical and electrical contracting and consultancy engineering sectors. The company employs around 28,000 people worldwide and has been trading since 1869. BAM Construct UK Limited have been given a credit rating of 5A1 by Dun & Bradstreet. Tenure The property is held Absolute Ownership (Scottish equivalent of English Freehold). VAT The property has been elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the sale will be treated by way of a Transfer of A Going Concern (TOGC). Price We are instructed to seek offers in excess of 2.93 Million, excluding VAT for the benefit of our clients interest. A purchase at this level would show a net initial yield of 9.5% based on purchasers costs of 5.97%, and a capital value of 145 per sq ft.
OFFICE INVESTMENT FOR SALE Further Information K E LV I N H O U S E B U C H A N A N G AT E B U S I N E S S PA R K S T E P P S G L A S G O W Ian Dougherty Email: ian.dougherty@ryden.co.uk Tel: 0141 270 3163 Derek Archer Email: derek.archer@ryden.co.uk Tel: 0141 270 3160 Messrs Ryden for themselves and for 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 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 Messrs Ryden has any authority to make or give any representation or warranty whatever in relation to the property. August 2016.