154 Craighall Road Port Dundas Glasgow G4 9Td

154 Craighall Road, Port Dundas, Glasgow G4 9TD 1 154 CRAIGHALL ROAD PORT DUNDAS GLASGOW G4 9TD

HIGH QUALITY WELL SECURED BOOKER WAREHOUSE INVESTMENT 154 Craighall Road, Port Dundas, Glasgow G4 9TD 2

INVESTMENT SUMMARY

• The property is located in an established location approximately 1.5 miles to the • Low base rent of £6.13 psf. north of Glasgow City Centre with immediate access to J16 of the M8 Motorway. • 3% per annum fixed uplifts. • Purpose built warehouse building of 110,095 sq. ft (10,228 sq. m) with secure yard and car parking. • Site area of approximately 7.8 acres (3.16 hectares) providing a site cover of 28%.

• Well let to Booker Limited, with shareholders funds of £672.9M until 30th March • Offers in excess of£10,500,000 subject to conclusion of missives and 2037 with a tenant only break option on 31st March 2027. exclusive of VAT.

• Passing rent of £674,362 pa which includes a vendor top up to July 2019 fixed • Net Initial Yield of 6%, with annual increases thereafter after allowing for review. purchaser’s costs of 6.8%. 154 Craighall Road, Port Dundas, Glasgow G4 9TD 3

Glasgow Central Station

M8 University of Strathclyde Glasgow Queen Steet Station Glasgow City Centre

Glasgow Caledonian University Glasgow School of Art < J15

Safestore Nissan J16 M8 M8 Pipe Centre

The Lost Port Dundas Distillery Craighill Business Park

Glasgow Sculpture Studios Diageo Shieldhall Glasgow National Theatre of Scotland 154 Craighall Road, Port Dundas, Glasgow G4 9TD 4

DUNDEE LOCATION PERTH ST ANDREWS The city of Glasgow has a population in excess of 660,000 and is the largest city in Scotland, being located on the River Clyde, 41 miles west of Edinburgh. The city is a major port, commercial and administrative centre and is served by the M8, M74 and M77 motorways and has its own international airport. GLASGOW EDINBURGH M8 A68 A702 M77 The greater Glasgow conurbation, according to the 2011 census, totalled around A7 A72 PERTH 2.3 million, accounting for more than 40% of Scotland’s entire population. A702 A697 PRESTWICK M74 Over 70% of the population is of working age demonstrating a relatively young demographic compared to the rest of the UK. NORTHUMBERLAND A7 NATIONAL PARK A68

KIELDER SITUATION GALLOWAY FOREST PARK FOREST PARK DUMFRIES

NEWCASTLE The property is located within the Port Dundas area of Glasgow, only 1.5 miles UPON TYNE north of the Glasgow city centre with direct links to the M8 Motorway via Junction CARLISLE

16 (0.8 miles), providing fast track access to central Scotland’s motorway network. M74

Glasgow airport airport lies approximately 6.8 miles (11km) west providing both national and international flights.

The property sits on the east side of Craighall Road at its junction with Keppochhill Road. The location is a mixed commercial and residential area with surrounding occupiers including Jewson, Howdens Joinery, Screwfix, Euro Car Parts, Graham’s Dairy, HCS and Bield.

The property sits on the east side of Craighall Road and just to the south of its junction with Keppochhill Road. The location is a mixed commercial and residential area with surrounding occupiers including Jewson, Howdens Joinery, Screwfix, Euro Car Parts, Graham’s Dairy, HCS and Bield. OS Plan B&W 259300 259000 259100 259200

154 Craighall Road, Port Dundas, Glasgow G4 9TD 5

667300 667300

DESCRIPTION

The property, constructed in the 1990’s, comprises a single bay purpose built cash and carry warehouse unit.

The specification includes the following: 667200 667200 Warehouse • Steel portal frame construction with brick and profiled metal sheet infill walls • Pitched profile metal sheet roof incorporating translucent roof panels • Concrete floor • Eaves height of 6.64 metres • Sprinkler system • Dedicated loading bay to the rear of the property • HGV and delivery access via three roller shutter loading doors located 667100 667100 at the rear of the property • Covered loading canopy area to the front of the property

Office/Ancillary • Office accommodation located along the front elevation of the building • Office specification includes perimeter trunking, suspended ceilings, recessed lighting and radiator heating • First floor canteen, staff facilities and WC’s 667000 667000 Externals • Customer car park to the front of the property accessed via Craighall Road • Total of 491 car spaces on-site 259300 259000 259100 • Secure service yard to the rear of the property accessed via 259200 Keppochhill Road • Site secured by perimeter palisade / security fencing

The tenant has fitted the property for the purposes of their cash and Metres carry wholesale business and the tenant has an obligation to reinstate the 0 10 20 40 60 80 100 premises to the reasonable satisfaction of the landlord. In addition, the Scale: 1:2500 tenant is obliged to remove alterations and additions and reinstate the premises as specified within the Reinstatement Specification annexed to the lease. 154 Craighall Road Port Dungas Supplied by: National Map Centre Glasgow Plot centre co-ordinates: 259138,667150 License number: Herts100031961 G4 9TD Download file: LP_154CraighallRd.zip Produced: 04/10/2018 Project name: LP_154CraighallRd Serial number: 2035762

TENURE

Heritable Interest (Scottish Equivalent to English Freehold).

ACCOMMODATION

The property provides the following Gross Internal Area:

Area Sq ft Sq m

Warehouse 96,467 8,962

First Floor Office/Staff Facilities/Canteen 10,514 977

Sub total 106,981 9,939

Mezzanine* 3,114 289

Total 110,095 10,228

The property is on a site of approximately 7.8 acres (3.16 hectares) providing a site cover of 28%. TENANCY

The property is let to Booker Limited on generally full repairing and insuring terms for 35 years from 1st April 2002, expiring on 30th March 2037. There is a tenant only break option on 31st March 2027, personal to the tenant. The tenant has an entitlement to insure the property.

The rent benefits from 3% per annum fixed increases effective 1st July each year, with the current rent being topped up to the 2019 review of £674,362.

At rent review on 1st July 2027 the rent is to be reviewed to 103% of the open market rental value based on the market value as of 1st July 2026 on the assumption of a 10 year unexpired lease term. From 2027, the revised rent is to be increased annually by a multiplier of 103%.

Scottish Power UK Plc have a sub-station on the southern boundary of the site which, in effect, is on a sub-lease from Booker from 20th October 1992 and expiring on 19th October 2052 at a rent of £1 pa. 154 Craighall Road, Port Dundas, Glasgow G4 9TD 8

COVENANT INFORMATION EPC

Founded in 1835, Booker Group is the UK’s leading food wholesale The building has and EPC rating of E. with over 13,000 employees serving a total of 1.2 million customers across the UK and India. In January 2017, it was announced that the supermarket retailer Tesco purchased the company for £3.7 billion – resulting in Britain’s biggest retailer combining with the country’s largest PROPOSAL wholesaler. The sale is expected to result in a further growth of market share by the We are instructed to seek offers in excess of£10,500,000 (Ten Million Five Booker brand and to add new capabilities to Tesco’s current offering. Hundred Thousand Pounds Sterling) subject to the conclusion of missives and exclusive of VAT for the Heritable Interest which reflects a Net Initial Yield of 6% The Booker Group comprises Booker Wholesale, Makro, Booker Direct, Classic Drinks, after allowance for purchaser’s costs of 6.8%. Ritter Courivaud, Chef Direct, Premier, Family Shopper, Budgens, Londis and Booker India. The rental profile reflecting the 3% fixed uplifts will provide an investor with the For the year ending 30th June 2017, Booker Ltd reported a turnover of £3.7Bn and pretax following running yield assuming a purchase at this price.* profits of £128M For the same period, the company reported shareholders funds of £672.9M. Year Rental Income Yield 2019 £674,362 6.00% 2020 £694,593 6.18% 2021 £715,430 6.37% 2022 £736,893 6.56% 2023 £759,000 6.75% 2024 £781,770 6.96% 2025 £805,223 7.16% 2026 £829,380 7.38% 2027 £854,262 7.60%* 2028 £879,890 7.83%* 2029 £906,286 8.06%* 2030 £933,475 8.31%* 2031 £961,479 8.55%* 2032 £990,324 8.81%* 2033 £1,020,033 9.08%* 2034 £1,050,634 9.35%* 2035 £1,082,153 9.63%* 2036 £1,114,618 9.92%* 2037 1,148,057 10.21%* *Subject to the rent not altering as at the 2027 market review. 154 Craighall Road, Port Dundas, Glasgow G4 9TD 9

FURTHER INFORMATION

Should you wish to view the property or require any further information please contact the sole agents.

Matthew Clarke Stephen Raingold Connal Harper [email protected] [email protected] [email protected]

Lewis & Partners 15/19 Cavendish Place, London W1G 0QE

Tel: 0207 580 4333 Fax: 0207 580 5111

SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT

LEWIS & PARTNERS LLP FOR THEMSELVES AND FOR THE VENDORS OF THIS PROPERTY WHOSE AGENT THEY ARE GIVE NOTICE THAT:-

1. These particulars do not constitute any part of the offer for sale or contract for sale. 7. Any properties or drawings of the relevant property or part thereof or the neighbouring areas may not depict the property or the 2. All statements contained in these particulars as to this property are made without responsibility on the part of Lewis & Partners LLP or the neighbouring areas at the date a prospective purchaser or tenant inspects the property. Prospective purchasers are strongly advised to vendors or lessors. inspect the property and neighbouring areas. 3. None of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact. 8. Lewis & Partners LLP have not measured the property and have relied upon clients information. Therefore Lewis & Partners LLP give no 4. Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in warranty as to their correctness or otherwise and the purchasers must rely on their own measurements. these particulars. 9. All terms quoted are exclusive of value added tax unless otherwise stated. 5. Any plans or photographs or drawings shown in these particulars are to enable prospective purchasers or tenants to locate the property. The 10. The vendors do not make nor do Lewis & Partners LLP any person(s) in their employment give any warranty whatsoever in relation to this plans are photographically reproduced and therefore not to scale except where expressly stated. The plans, photographs or drawings are for property. identification purposes only. 11. These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. 6. No warranty or undertaking is given in respect of the repair or condition of the properties or any items expressed to be included in the sale. 12. These details were prepared as of OCTOBER 2018

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