Unit V9, Viewfield Industrial Estate, Glenrothes, Ky6 2Rs
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UNIT V9, VIEWFIELD INDUSTRIAL ESTATE, GLENROTHES, KY6 2RS HIGH YIELDING SINGLE LET INDUSTRIAL INVESTMENT OPPORTUNITY UNIT V9 VIEWFIELD INDUSTRIAL ESTATE, HIGH YIELDING SINGLE LET INDUSTRIAL GLENROTHES, KY6 2RS INVESTMENT OPPORTUNITY Queensway Glenrothes Tullis Russell Data Energy Network Regeneration Site Centre Scheme (850 homes) Fife Council Eastfield Industrial Estate A92 Queensway Industrial Estate Kingdom Shopping Centre Michael Woods Sports B921 & Leisure Centre Saltire Retail Park Police Scotland Outline for indicative purposes only. UNIT V9 VIEWFIELD INDUSTRIAL ESTATE, HIGH YIELDING SINGLE LET INDUSTRIAL GLENROTHES, KY6 2RS INVESTMENT OPPORTUNITY INVESTMENT CONSIDERATIONS PROPOSAL ■ Single let industrial investment opportunity located ■ 8.4 years to expiry (3.4 years to break) Offers sought in excess of £3,950,000 (Three Million, in the primary industrial area of Glenrothes Nine Hundred and Fifty Thousand Pounds) for the ■ Fixed rental uplift in 2021 to £557,594 per annum Heritable interest, subject to contract and exclusive of ■ 219,023 sq ft (20,347.7 sq m) industrial facility VAT. A purchase at this level reflects a very attractive ■ with associated office accommodation Tenant heavily invested in the building having net initial yield of 11.75%, reversionary yield of been in occupation since 1973 13.31% and a low capital value of £18.03 psf, after ■ Heritable Interest (Scottish equivalent of Freehold) ■ Low site coverage of 36% deductions of standard purchaser’s costs at 6.05%. ■ Fully let to the excellent covenant of Brand-Rex Ltd (a company of Leviton Manufacturing Company Inc.) ■ Excellent asset management opportunities DATA ROOM including removal of break and/or lease re-gear ■ Low passing rent of £492,832 per annum (£2.25 psf) For access to the Allsop Data Room, please use the following link: https://datarooms.allsop.co.uk/register/glenrothes UNIT V9 VIEWFIELD INDUSTRIAL ESTATE, HIGH YIELDING SINGLE LET INDUSTRIAL GLENROTHES, KY6 2RS INVESTMENT OPPORTUNITY A82 A9 QUEENSWAY DUNDEE B969 A90 A911 A85 PERTH Dundee Port A911 A85 MACEDONIA KINGDOM SHOPPING A92 Tanshall CENTRE AUCHMUTY Park SOUTH PARKS A9 A84 GLENROTHES A83 STIRLING RIMBLETON A91 A915 M90 CASKIEBERRAN A82 TANSHALL A811 M9 KIRKCALDY WOODSIDE A985 Rosyth Ports A92 Cumbernauld Gourock M9 Forth Ports Limited Carlton Glasgow M80 Park Wemyss Bay A1 A82 B969 M73 EDINBURGH M8 M8 A68 GLASGOW A71 Largs A737 MOTHERWELL A703 M77 A7 Glenrothes Golf Course A78 A72 A697 M74 A702 KILMARNOCK A1 PITTEUCHAR Glasgow Prestwick B921 AYR A70 Over Stenton Park A76 A68 B921 A77 B921 B9130 A168 A71 A7 A696 DUMFRIES A75 A92 A68 SOUTHFIELD A69 LOCATION TRAVEL TIMES Glenrothes is one of Scotland’s five new towns, located in the Markinch & Glenrothes as well as Thornton railway stations centre of Fife, approximately 30 miles north of Edinburgh, 27 miles are located to the east of the property and provide regular south west of Dundee and 19 miles south west of Dunfermline. services to Edinburgh, Glasgow and Perth. Glenrothes bus In recent years, Glenrothes has become a focus for electronics station provides regular services to surrounding towns manufacturing, earning the nickname ‘Silicon Glen’, with several including; Dundee, Perth and St Andrews. CAR Miles RAIL STATIONS Miles AIRPORTS Miles PORTS Miles global organisations choosing the town for their HQ’s. Edinburgh and Dundee airports are located within 30 miles Glenrothes benefits from direct access to the M90 via the A92, which and 28 miles of Glenrothes respectively providing regular Dunfermline 19 Glenrothes 3 Dundee 28 Rosyth 21 connects the town with Dundee in the north and Dunfermline to the services to 130 global destinations. with Thornton Dundee 27 Edinburgh 30 Dundee 28 south-west. Glenrothes has also benefitted from the recent opening Kirkcaldy 7 of the Queensferry Bridge, which improves road connections to Edinburgh 33 Glasgow 73 Forth 37 Edinburgh with a journey time of 45 minutes. Dunfermline 18 A1(M) M65 A1 M62 M66 M60 M1 M18 M180 A52 A1(M) M56 M6 UNIT V9 VIEWFIELD INDUSTRIAL ESTATE, HIGH YIELDING SINGLE LET INDUSTRIAL GLENROTHES, KY6 2RS INVESTMENT OPPORTUNITY SITUATION The property is located to the south-west of Glenrothes forming part of the primary industrial location within the town. The property is accessed by the B921 via Viewfield Road which leads directly to the A92 (5 mins). The A92 provides direct access to the M90 (20 mins) which in turn leads Dunfermline (25 mins) and the newly opened Queensferry Crossing (25 mins). The surrounding area is characterised by a mix of industrial, leisure and residential uses. Fife College and the newly constructed Michael Woods Sports and Leisure Centre are located adjacent to the subject property with other notable surrounding occupiers including; Bosch, Police Scotland, Fife County Council, Lexicon Europe, Travelodge and Royal Mail. REGENERATION OF GLENROTHES Glenrothes is under-going a significant regeneration programme with a pipeline of over £500m of inward investment to the town. There are a number of large scale developments currently under construction or in planning stages which will have a significant impact on the economic scale of Glenrothes and trigger further growth over the coming years. Examples of these schemes include the following: TULLIS RUSSELL PAPER MILL THE GLENROTHES ENERGY NETWORK QUEENSWAY PARK DATA CENTRE: REGENERATION SCHEME: DISTRICT HEATING SCHEME: Construction has started on a new £150m data centre facility located on Plans have been submitted for a major regeneration project to transform Fife Council, in conjunction with RWE and the Scottish Government has the old Tullis Russell paper mill site. The scheme will provide the largest the 58-hectare, Tullis Russell paper mill site to the north of Glenrothes town commenced the construction of the £42m District Heat Network on the Tullis and most energy efficient data centre campus in Scotland and provide over centre. The proposed scheme comprises 850 homes as well as retail and Russell paper mill site. The district heat network will provide sustainable 300 construction jobs and 50 full time posts created on completion. leisure facilities, business space, industrial units and a new care home. The low carbon heat to a mix of industrial, commercial, community and domestic The data centre will be the first facility of its kind in the UK to draw 100% scheme will see significant inward investment into Glenrothes giving the properties in Glenrothes as well as the Fife House complex helping Fife of its energy from renewable sources. town an economic boost and allowing for further growth in the future. Council achieve its goal of reducing carbon emissions by 42% by 2020. Further information available at: Further information available at: Further information available at: http://www.scottishhousingnews.com https://www.investinfife.co.uk/content/glen-heat-power-overview/ http://www.qpdc.co.uk/ UNIT V9 VIEWFIELD INDUSTRIAL ESTATE, HIGH YIELDING SINGLE LET INDUSTRIAL GLENROTHES, KY6 2RS INVESTMENT OPPORTUNITY DESCRIPTION The property comprises a large manufacturing facility arranged over ground and first floor totalling 219,023 sq ft (20,347.7 sq m). The property was originally constructed in 1973 and has been extensively extended and altered in subsequent phases, with the most recent additions constructed in the late 1990’s. The building comprises predominantly open plan manufacturing/ warehouse accommodation over the ground floor level with recently refurbished office, reception and staff kitchen facilities to part. The first floor provides a mix of office accommodation, staff rooms and laboratories/testing facilities. The main manufacturing/warehouse accommodation is of steel portal frame construction with brick elevations beneath a pitched roof over-clad with profiled steel. The more recent office buildings to the front of the facility are steel framed and flat roofed with predominantly glazed elevations. On-site parking facilities are provided via a large car park to the east of the site. To the rear of the site there is a goods handling unit with dock levellers and roller shutters. To the south east corner of the site is a yard area for plant and material storage. FS FS 10 El Sub Sta 12 Institute 101.0m VIEW FIELD El Sub Sta 100.6m Glenrothes D A O R N O SCHEDULE OF ACCOMMODATION T N E T S Floor Use Sq m Sq ft ESS Ground Warehouse 16,669.20 179,427 Viewfield Roundabout Office/Reception 2,959.10 31,851 First Office 719.40 7,743 Total 20,347.7 219,023* 1 3 e 1 El Chy SubESSs Sta *Areas exclude 2,536 sq ft of tenant fit out. Chys ESS Tank BAL FOUR GAR DEN SITE S 2 The property comprises a rectangular shaped site totalling 13.51 acres (5.466 hec) providing a low site coverage of 36%. CAB LE R OAD 16 TITLE 4 2 El Sub Sta Heritable Interest (Scottish equivalent to Freehold). WB Scrap Yard 2 3 8 2 L Twr 0m 25m 50m 75m Coal Yard © Crown Copyright, ES 100004106. For identification purposes only. Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:2054 UNIT V9 VIEWFIELD INDUSTRIAL ESTATE, HIGH YIELDING SINGLE LET INDUSTRIAL GLENROTHES, KY6 2RS INVESTMENT OPPORTUNITY TENANCY The property is fully let to Brand Rex Limited on a 20 year lease subject to stepped rental uplifts in 2016 and 2021. The current passing rent is £492,832 per annum, reflecting £2.25 psf. Tenant Name Area Area Lease Start Expiry Date Rent Review Break Current Rent Rate Comments (Sq ft) (Sq m) £pa £psf Brand-Rex Ltd 219,023 20,347.7 06/10/06 05/10/26 06/10/21 05/10/21 £492,832 £2.25 Step rental uplifts in Oct 2021 to £557,594 p.a. a company of Leviton Mutual break (subject 12 months written notice). Manufacturing Company Inc. Lease subject to a schedule of condition. COVENANT Brand-Rex Limited is a market leading producer of wiring, Brand-Rex was initially run as a subsidiary of Leviton’s Network Brand-Rex Ltd: structured cabling and optical systems for data centres and other Solutions division but in January 2018 the two companies fully D&B: 4A1 telecommunication facilities.