Modern Government Let Office Investment

Enterprise House Site 2A, Greenmarket, DD1 4BZ Investment Summary Location Communications Dundee is located on the east coast of Scotland, 70 miles Road – The property is located on the Greenmarket, in • Strategically located with easy access to north east of , 55 miles north of and the south west of the city centre, approximately 0.7 miles the M90 motorway via the A90 and A85 67 miles south of , on the north bank of the west of the Tay Bridge, which leads, via the A92, to dual carriageways. Tay Estuary. Edinburgh to the south. The city’s ring road, approximately The city has a diverse economy with a growing 2.5 miles to the west, connects to the A90 trunk road, biotechnology, high-tech manufacturing and digital media providing good access to Aberdeen to the north and • Built in 2005, the property comprises a sector. This growth is largely due to the city being home to Glasgow to the south west, via the M80, and to the M73 modern, well specified office building two universities and the strong links between academia and leading to the south. totalling approximately 1,688 sq m and industry. Air – Dundee Airport is approximately 1.7 miles west of (18,170 sq ft). As the principal city in the Tayside and North-East Enterprise House and has flights three times a day to area, Dundee is also a large administrative centre being London City Airport, as well as flights to Birmingham, • The property is offered on a new long home to Dundee City Council and Scottish Enterprise Belfast and Jersey. Scotland's other major airports are Tayside. Other major employment sectors include Edinburgh and Glasgow (approximately 38 and 70 miles leasehold basis for a term of 175 years respectively). at an annual peppercorn rent. distribution, hotels and restaurants, manufacturing, banking, finance and insurance. Rail – Enterprise House is in close proximity to the main entrance of Dundee Railway Station. Dundee is a primary • Entirely let to Scottish Enterprise on a With a population in excess of 155,000, Dundee is the fourth largest city in Scotland. 300,000 people live within a station on the East Coast main line, offering regular direct 15 year FRI lease from 1st December 30 minute drive of a the city and 700,000 within an hour's rail services to all Scottish cities, whilst London can be 2005 expiring 30th November 2020 drive. reached in less than 6 hours. (approximately 10 years unexpired).

• The current passing rent is £225,000 p.a. exclusive which equates to approximately £12.38 per sq ft.

• Offers are invited in excess of £2,650,000 (Two Million, Six Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT.

• Reflects an attractive net initial yield of 8.00% after allowing for purchaser's acquisition costs of 6.3%.

These plans are published for convenience of identification. Any boundaries shown are indicative only and should be checked against the Title Deeds. These plans are based upon Ordnance Survey Map with the permission of the Controller of H M Stationery © Crown Copyright. Situation Enterprise House is located in the Greenmarket, next to the Marketgait, which is a main arterial route linking the city centre with the Riverside. The Riverside had become disconnected from the city centre due to post war development. Since 2001, Dundee City Council has been taking action to develop the access and amenities at the Riverside with the 30 year Dundee Central Waterfront Development Masterplan. Since the implementation of this Masterplan, the Greenmarket and Riverside Drive area has become more attractive to occupiers. Discovery Point is now a visitor attraction, while other nearby occupiers include a Tesco Superstore, Graham & Sibbald Chartered Surveyors, HM Customs & Excise and the Procurator Fiscal. The property is also well positioned for access to the main retail areas of the Nethergate and Murraygate, with the Overgate and Wellgate Shopping Centres. Enterprise House benefits from on site car parking as well as having a number of car parks in close proximity including a NCP 0.1 miles west of the site and extensive parking available in the Overgate Shopping Centre. Description Floor Areas The property comprises a three storey, purpose built office The property has been measured on a net internal area Floor Area (sq m) Area (sq ft) building, completed in 2005 and situated in the basis in accordance with the RICS Code of Measuring Ground Floor Office 552 5,942 Greenmarket next to the railway station. Practice (6th Edition) and from this we calculate the First Floor Office 542 5,834 The property is maintained to a high standard and is fitted approximate net internal areas as follows: Second Floor Office 594 6,394 out with carpet covered raised access floors, wall mounted radiators, painted plaster walls and suspended acoustic tiled Total 1,688 18,170 ceilings. Te n u r e Internally the accommodation benefits from a well A new 175 year long leasehold interest at a peppercorn rent is to be sold. presented double height reception. The ground floor has been sub-divided by the tenant to create meeting and conference facilities, and the first and second floors are Tenancy predominantly open plan with the present tenant having Part of the first floor is sub-let to Dundee City Council and Skills Development Scotland, further information can be segregated off small filing areas and quiet rooms. The provided on application. tenant has also fitted out a canteen on the second floor. Lease Lease Lease Rent Car parking is provided to the rear of the property in a Floor Tenant Rent Review Type Length Expiry p.a. secure 42 space car park, which equates to a ratio of 1:40.2 sq m (1:433 sq ft). Ground to Scottish Head lease 15 years 30/11/2020 £225,000 The rent is to be reviewed to the higher of the rent passing and Open Second Floors Enterprise Market Rental value. There are two further rent reviews which fall on 01/12/2010 and 01/12/2015. Covenant Information Scottish Enterprise is the government funded development Tayplan are responsible for the production of the city's agency for Scotland. Local Development Plans and the area's Strategic In 2009/2010 Scottish Enterprise invested over £300 million Development Plans. in more than 10,000 companies. The purpose of this Further information can be found on investment was ‘to create more globally competitive www.dundeecity.gov.uk companies and sectors and improve the business Skills Development Scotland are a Non Departmental Public environment in Scotland’. Body formed in 2008 with the task of growing people's During the same period the companies supported by skills, managing careers and growing Scotland's integrated Scottish Enterprise have grown in turnover by £376 million employment services. It has since developed partnership and 1,000 new jobs have been created by the location of with the Scottish Funding Council, the NHS and a number Ryanair and Tesco Personal Finance to Scotland. of local authorities. Further information can be found on Further information can be found on www.scottish-enterprise.com www.skillsdevelopmentscotland.co.uk Dundee City Council operate Tayplan, the Strategic Development Planning Authority for the Tayside region, from Enterprise House. The new V&A Museum has planning permission and is CAPITAL MARKETS Dundee Office Market expected to be completed and open in late 2014, attracting The Dundee office market is sub-divided into three distinct an expected 500,000 visitors in its first year. Another GROUP CONTACTS elements. This includes city centre accommodation which forthcoming development is at Yeaman Shore, offering is generally arranged above ground floor and basement 2,570 sq m (27,663 sq ft) of leisure and office shop units. There is more modern office accommodation accommodation. This development, adjacent to Enterprise Enterprise House, Site 2A, found on the Dundee Technology Park which is situated on House, will further pull the Central Business District the periphery of the city and adjacent to the Dundee towards the Greenmarket and Riverside. Greenmarket, Dundee DD1 4BZ Kingsway. Finally, there is modern purpose built, good For further information or to arrange quality office accommodation arranged around the railway an inspection please contact: station in the city centre at Discovery Quay, which is Plant and Machinery regarded as the prime Dundee office location. None of the systems or equipment in the property has STEVEN NEWLANDS been tested by Cushman & Wakefield LLP and purchasers Tel: 0131 226 8756 Discovery Quay is generally populated by Government type may wish to make their own investigations to check that Fax: 0131 226 8755 occupiers including The Scottish Social Services Council, they are in working order Email: [email protected] Her Majesty's Inspectorate, amongst others. KYLE JOSS In terms of rental values, the traditional town centre Tel: 0131 226 8759 accommodation generally commands rental rates of Capital Allowances Fax: 0131 226 8755 between £6.00 and £10.00 per sq ft. The office There are no transferable capital allowances available to the Email: [email protected] accommodation on the Dundee Technology Park provides purchaser, as they are to be retained by the vendor. rental rates of between £9.00 and £10.00 per sq ft, whilst MIKE BURDEN the prime stock at Discovery Quay provides rental rates of Tel: 020 7152 5086 £13.50 to £14.00 per sq ft. Value Added Tax Fax: 020 7152 5190 The sale cannot be treated as a transfer of going concern Email: [email protected] Planning (TOGC) as the purchaser will be granted a new under RICHARD HAYWOOD-FARMER lease for a term of 175 years, at a rent of a peppercorn. Tel: 020 7152 5089 Enterprise House is situated within the Dundee Central Therefore VAT will be charged on the purchase price. Fax: 020 7152 5190 Waterfront Masterplan which covers 5.5 hectares (13.6 Purchaser's notional costs are increased to reflect SDLT Email: [email protected] acres) stretching from Merchant Quay in the east to payable on the VAT element of the purchase price. Seabraes Yard in the west. The Masterplan was Cushman & Wakefield LLP Therefore normal purchaser's costs are increased from implemented in 2001, with an expected completion date of 43/45 Portman Square 5.80% to 6.3%. 2031. The total cost of these plans is £340 million, of which London W1A 3BG £70 million will be publicly funded by Dundee City Council Issue 1 and Scottish Enterprise, with the remaining £270 million to Proposal be sought from private enterprise. www.cushmanwakefield.com We are instructed to seek offers in excess of £2,650,000 The plans include 66,000 sq m (710,417 sq ft) of office (Two Million, Six Hundred and Fifty Thousand Pounds), MISREPRESENTATION ACT 1967 and PROPERTY MISDESCRIPTIONS ACT 1991 Cushman & Wakefield LLP (and their joint agents if appointed) for themselves and for vendors or accommodation, 1,375 residential apartments, a 112 room subject to contract and exclusive of VAT, for a new long lessors of this property whose agents they are, give notice that: (1) The particulars are produced hotel, ground floor boutique retail space and upgrades to in good faith, are set out as a general guide only and do not constitute any part of a contract. leasehold interest. (2) No person in the employment of the agent(s) has any authority to make or give any the railway station and road infrastructure. The economic representation or warranty whatever in relation to this property. (3) This property is offered A purchase at this level would reflect an attractive net initial subject to contract and, unless otherwise stated, all rents are quoted exclusive of VAT. benefits of this Masterplan are expected to be the creation (4) Nothing in these particulars should be deemed to be a statement that the property is in good yield of 8.00%, after allowing purchaser's costs of 6.3%. condition or that any services or facilities are in working order. (5) Unless otherwise stated, no of circa 4,000 jobs. investigations have been made regarding pollution or potential land, air or water contamination. Interested parties are advised to carry out their own investigations if required. www.cushmanwakefieldinvestmentsales.co.uk/cw/dundee