Buchanan Gate Business Park Stepps | Glasgow G33 6Fb Office Investment for Sale Kelvin House | Buchanan Gate Business Park | Stepps | Glasgow
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OFFICE INVESTMENT FOR SALE KELVIN HOUSE BUCHANAN GATE BUSINESS PARK STEPPS | GLASGOW G33 6FB OFFICE INVESTMENT FOR SALE KELVIN HOUSE | BUCHANAN GATE BUSINESS PARK | STEPPS | GLASGOW Executive Summary Successful and growing Business Park Grade A office building totalling 1,881 sq m Absolute Ownership (Scottish equivalent to location which has attracted a range of high (20,253 sq ft), together with 71 car spaces. English Freehold). profile occupiers including Scottish Water, Barratt Homes and BAM. Complimentary Let to BAM Construct UK Limited on an Offers in excess of £2.93 Million exclusive of recent development of Premier Inn Hotel FRI lease expiring 30 September 2021 at a VAT are invited reflecting a net initial yield of and Brewers Fayre adjoins the Park. current rental of £295,000 per annum. 9.5% after purchasers costs of 5.97%. Excellent road and rail accessibility to BAM Construct UK Limited have a 5A1 Dun Capital Value of £145 sq ft. Glasgow and across the central belt. & Bradstreet credit rating. A90 Perth A85 A85 A82 A92 A91 St Andrews OFFICE INVESTMENT FOR SALE KELVIN HOUSE | BUCHANAN GATE BUSINESS PARK | STEPPS | GLASGOW A84 A9 A91 Glenrothes A91 Location A82 M9 M90 A92 Buchanan Gate is located in Stepps, approximately 7 Kirkcaldy Stirling miles north east of Glasgow city centre. The park enjoys A985 Dunfermline excellent road accessibility, being close to Junction 3 of Dalgety Bay North Helensburgh M80 Berwick the M80 motorway which links into the M8, providing A811 Falkirk direct access into Glasgow and also to the M73/ M74 Gourock M9 motorways. Dumbarton M80 A1 Dunbar Greenock Tranent M73 Cumbernauld EDINBURGH To the east, the M80 links into the A9 and thereafter to M8 Haddington the M90 motorway, providing access throughout the M80 A80 Bathgate M8 Livingston Dalkeith north and east of Scotland. A78 Stepps Railway Station, situated just to the rear of A71 Paisley GLASGOW A701 A68 the business park and within easy walking distance, A702 A7 provides regular connections to Glasgow Queen Street Hamilton M74 A73 West Linton Station and Edinburgh Waverley Station. Carluke A71 A703 A737 A697 M74 A721 Ardrossan A77 Peebles Kilmarnock Irvine A72 Galashiels A71 A71 A76 A78 A702 A77 PRESTWICK Buchanan Gate BusinessPrestwi Parkck A701 Ayr Buchanan Gate occupies a prominent position at the refurbished office and distribution options. To the rear of A70 junction of the A806 and the A80 and provides a mixture of the park consent has been granted for a 68,000 sq ft Class A68 A77 two and three storey office pavilions, recently augmented 1 supermarket as well as new residential development. A A697 by the development of a new 78,000 sq ft national Ballantyne gym and mixture of flatted and private A76housing operations facility for Scottish Water at the rear of the has been developed on land formally comprising part of park. Adjoining the park entrance a new 80 bed Premier the park directly to the east. Inn Hotel and Brewers Fayre family pub/ restaurant have A68 recently been developed. Tenants on Buchanan Gate also include Barratt Homes, Thyssen Krupp Elevators, Sodexo, ISG plc, Richmond A7 Immediately to the east of the park sits Buchanan Park, a Fellowship Scotland and Caledonian Water Alliance. mixed use office / industrial scheme offering a range of A701 OFFICE INVESTMENT FOR SALE KELVIN HOUSE | BUCHANAN GATE BUSINESS PARK | STEPPS | GLASGOW Description EPC Rating Accommodation Kelvin House was constructed in 2006 and provides Grade The property currently has a “D” rating. A copy of the Floor NIA sq m NIA sq ft A open plan office accommodation over ground and two Energy Performance Certificate is available upon request. upper floors, to include the following: Ground 632.66 6,810 First 623.93 6,716 | Comfort cooling Second 624.95 6,727 | Raised access floors Total 1,881.54 20,253 | Suspended ceiling with recessed lighting Car parking is provided to the side and rear of the property | Male, female and disabled toilets on each floor with a total of 71 dedicated car spaces which equates to a | 8 person passenger lift ratio of 1 : 26.5 sq m (1 : 285sq ft) 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. Grade A office building totalling 1,881 sq m (20,253 sq ft), together with 71 car spaces. OFFICE INVESTMENT FOR SALE KELVIN HOUSE | BUCHANAN GATE BUSINESS PARK | STEPPS | GLASGOW Financial Summary Covenant BAM Construct UK Limited is part of the Royal BAM Group Y/E 31 Dec 2014 Y/E 31 Dec 2013 Y/E 31 Dec 2012 headquartered in the Netherlands and operating in the Turnover 886,800,000 839,500,000 917,000,200 construction, property, civil engineering, public sector Profit/ (Loss) 6,600,000 10,900,000 13,900,000 partnerships, mechanical and electrical contracting and before tax consultancy engineering sectors. The company employs around 28,000 people worldwide and has been trading Tangible Net 109,800,000 114,900,000 110,800,000 since 1869. BAM Construct UK Limited have been given a Worth 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 KELVIN HOUSE | BUCHANAN GATE BUSINESS PARK | STEPPS | GLASGOW Further Ian Dougherty Derek Archer Email: [email protected] Email: [email protected] Information Tel: 0141 270 3163 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..