Investment Sale

Well secured office pavilion investment

Antonine House Callendar Business Park FK1 1XR In excess of 10 years unexpired to BP Exploration Operating Company Limited Antonine House | Callendar Business Park | Falkirk

Executive Summary - Strategically located at the heart of Scotland’s motorway network - Modern office pavilion, which has undergone recent extensive refurbishment - Let to BP Exploration Operating Company Limited with CreditSafe Rating 97/100 - Unexpired term in excess of 10 years - Guaranteed minimum uplifts linked to RPI - Passing rent £402,600 pa, which equates to only £11.00 per sq ft - We are instructed to seek offers in excess of £4,500,000 (four million, five hundred thousand pounds) - Attractive net initial yield of 8.5%, with minimum fixed uplifts of 9.3% (2017) and 10.3% (2022) Antonine House | Callendar Business Park | Falkirk

A9 /

A9 M9

Falkirk Town Centre A9 A905

BOG ROAD LAURIESTON

A803 PARK AVE CALLEND AR ROAD A9 ANTONINE HOUSE GRAHAMSDYKE STREET MARY STREET

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Location Situation M876 Falkirk is located approximately 26 miles north west of Edinburgh Callendar Business Park is only half a mile from Falkirk town centre, and 24 miles north east of Glasgow. Falkirk has a resident population close to junction 5 of the M9 motorway and 18 miles from Edinburgh of 32,400 persons (source: Focus) and an estimated catchment airport. Falkirk provides a wealth of amenities, including two shopping population of 145,000 (source: PROMISE). It is the administrative centres, excellent transport facilities and a catchment population of centre and principle retail centre for the wider Falkirk Council area. over 500,000 persons within a 12 mile radius.

It is strategically positioned at the junction of the M9, M80 and Callendar Business Park is situated in an established woodland setting M876 motorways, providing excellent access to Scotland’s motorway next to the historic Callendar House and surrounded by golf course network. Falkirk has the benefit of two mainline stations – Falkirk and boating park, thereby providing a tranquil working environment High and Falkirk Grahamston – which provide a regular rail service which has proved extremely popular with occupiers, providing (every 15 minutes) between Edinburgh and Glasgow Queen Street, excellent leisure facilities for staff. via Falkirk High Station, which is within walking distance of the business park. The Park, created in 1990’s, now extends to over 300,000 sq ft of high quality office accommodation, with occupiers already represented including Cala Homes, Scottish Ministers, Child Support Agency, Secretary of State and the Gleeson Group. Antonine House | Callendar Business Park | Falkirk

Tenure Heritable (Scottish equivalent of Freehold). ANTONINE WALL (COURSE OF) Tenancy The entire property is let to BP Exploration Operating Company Limited for a period of 11 years from 26 January 2012. The tenant

has the option to extend the lease for either 5 or 10 years. The

CALLENDAR BOULEVARDE initial rent payable is £402,600 per annum and will be subject to

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ANTONINE E HOUSE N to the retail price index, subject to a minimum annual uplift of CALLENDAR D

BUSINESS PARK A 2% and a maximum uplift of 4%. The lease is drafted in modern

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THE V FORUM A Covenant THE COURTYARD R D BP is one of the world’s leading oil exploration companies. E CreditSafe attributed BP Exploration Operating Company Limited a credit rating, as at 29 August 2012 of 97 out of 100 and a standard credit limit of £15,000,000. This rating was based on accounts lodged on the 31/12/2010 which reflected a turnover at HADRIAN HOUSE that time of £2.7 bn, an operating profit of £1.02 bn and a pre-tax

WATLING profit of £1.78 bn. The company is regarded as very good credit HOUSE worthiness. Proposal We have been instructed to seek offers in excess of £4,500,000 (four million, five hundred thousand pounds), exclusive of VAT for our client’s Heritable interest in the subject property. A purchase at this level would reflect a net initial yield of 8.5% and with Description the benefit of guaranteed minimum uplifts, a reversionary yield Antonine House comprises a modern office pavilion, constructed over ground and two upper floors and set within an of 9.3% (2017) and 10.3% (2022), after allowing for normal extensive landscaped site which gives direct access to Callendar Park. The building is fully DDA compliant, with lift access to acquisition costs of 5.8%. all levels. All prices, premiums and rents etc are quoted exclusive of VAT at Internally, the property benefits from a large reception area and has a combination of open plan and cellular accommodation. the prevailing rate. The accommodation has gas central heating and wc facilities / kitchens on all levels. The property has recently been extensively upgraded to meet the requirements of the current occupational tenant. VAT The property is elected for VAT purposes and as such the purchaser Accommodation will attract VAT at a standard rate. However, we anticipate the transaction will also qualify as transfer of a going concern (TOGC). From measurement taken on site we calculate that the premises provide approximately 3,400 sq m (36,600 sq ft) of lettable office accommodation arranged over ground and two upper floors. The property also has the benefit of some 163 car parking spaces, providing a ratio of 1: 225 sq ft. Energy Performance Certificate A current EPC certificate is available on request. Viewing and further information Viewing strictly by prior appointment with sole agent, Lambert Smith Hampton.

Bill Binnie 0141 226 6783 [email protected]

IMPORTANT NOTICE Lambert Smith Hampton 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, 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 satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Lambert Smith Hampton has any authority to make or give any representation or warranty whatever in relation to this property. Date of Preparation of Details: October 2012.