BERING HOUSE & TIMOR HOUSE

MARINER COURT CLYDEBANK BUSINESS PARK CLYDEBANK G81 2NR

Well Let Office Investment Secured To An Excellent Covenant EXECUTIVE SUMMARY

• Two office pavilions extending to 15,511 sq ft and 12,755 sq ft fully let to Clydesdale Bank plc, with a D&B rating of 5A1. • Located in an established business park with excellent public transport links • Let on FRI terms until 28 February 2024 providing 5.5 years secure income • Total passing rent of £318,050 per annum reflecting a rental rate of £11.25 per sq ft • Heritable interest, Scottish equivalent of English freehold • We are instructed to seek offers in excess of£2,400,000 , reflecting a Net Initial Yield of12.51% and providing a capital rate of £84.91 per sq ft assuming purchaser’s costs based on LBTT.

WELL LET OFFICE INVESTMENT SECURED TO AN EXCELLENT COVENANT | 2 CLYDEBANK STATION CLYDE SHOPPING CENTRE SINGER STATION

RADIO CLYDE ASCENSOS

TIMOR HOUSE BOOKER WHOLESALE CLYDESDALE BANK BERING HOUSE CLYDESDALE BANK

SCOTTISH AMBULANCE SERVICE SCOTTISH NATURAL HERITAGE

A814

MULTICOLOUR MCC

NORTHERN MARINE

& CHEVRON Indicative site plan only

WELL LET OFFICE INVESTMENT SECURED TO AN EXCELLENT COVENANT | 3 LOCATION Clydebank is located north of the River Clyde in West Dunbartonshire, approximately 7 miles north west of Glasgow city centre and 9 miles by Chestnu t Dr road from Glasgow International Airport. The town has a population of Parkhall approximately 28,799. es Cr A y 8 rr 2 e h G Clydebank was historically at the heart of the River Clyde’s ship building C R EA T industry, focused upon the heavy engineering and manufacturing sectors. W E ST Successful regeneration initiatives and public sector funding have resulted untocher Road E D Haw R thorn St N in a shift in employment towards the light engineering, financial services and 14 R B8 O A other service based industries. CLYDEBANK D Sch Radnor Major employers within Clydebank include the Golden Jubilee National Park Sch

S h West Thom Hospital, Clydesdale Bank and Clydebank College. e son mson St l S ho l t ast T e E

y

D

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Nearby to the business park is Clyde Shopping Centre providing a wide range

of shopping facilities, restaurants, cafes and a cinema. There are extensive bus D

services along Kilbowie Road serving the shopping centre and the business park. Sch A O

R S ec Crown

on Avenue E B d I 80 A I 5 Clydebank enjoys excellent road and rail links to Glasgow city centre and ve 5 nu D e W ru mr beyond. The Erskine Bridge and the Clyde Tunnel link Clydebank to the M8 O y Ro B ad L motorway, providing access to Scotland’s Central Belt and beyond. I K

N Mo o ntr rt os h e A S Drumry Singer railway station is adjacent to Clydebank Business Park. Singer is served ve t n Kilbowie r Sch ue e e by trains all day Monday to Saturday, on both the Argyle and North Clyde t

Clydebank lines. Monday to Saturday there is a train every 15 minutes to central Glasgow

Business

(alternately to Queen Street Station and Central Station). Destinations served Park Clyde So u th Shopping A include Airdrie, Balloch, Dalmuir and Larkhall. On Sundays, there is a half-hourly v en e Centre u

service to Glasgow Queen Street served by trains on the North Clyde Line to

A814 GLASGOW ROAD

Edinburgh Waverley and Helensburgh Central. 4

1 0 Livingstone S The property is well situated for access to Glasgow Airport which is located 8 t A d

a

o

9 miles, or approximately 15 minutes’ drive time, from Clydebank Business R

e l

y

Park. In 2017, the airport handled nearly 9.9 million passengers, making it the g r

A second-busiest in Scotland. Glasgow Airport services 30 airlines travelling to Sch 120 national and international destinations. Community Centre

WELL LET OFFICE INVESTMENT SECURED TO AN EXCELLENT COVENANT | 4 SITUATION Clydebank Business Park is a well-established, modern commercial environment and is home to a wide range of industrial and office occupiers that benefit from the location’s strong transport links.

Bering House and Timor House form part of Mariner Court, which is accessed via South Avenue, part of the park’s main distributor road.

The park is accessed via Kilbowie Road (A8014). The two access points to Kilbowie Road are its junction with the A82 Great Western Road, one mile to the north of Clydebank Business Park and its junction with the A814 Glasgow Road, 0.3 miles to the south.

The entrance to Clydebank Business Park is situated directly opposite Clydebank Shopping Centre which along with the adjoining retail park and leisure complex provides the focus for retail within Clydebank.

C EN TR AL AV EN Key office occupiers in the Clydebank Business UE El Sub Sta SITE PLAN Park aside from Clydesdale Bank include Chevron and Northern Marine, Ascensos, B&Q, Gas Gov Scottish Enterprise, Scottish Natural Heritage Posts Bering House and Radio Clyde, plus numerous industrial and 4

E V trade based businesses. I R D

H T R Caspian O W T House I H W

2 3 Timor Ma rin House er Co urt

El

Sub Sta 1

5 1 Tasman House

0m 10m 20m 30m T e l fo r d Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 C o u Indicative site plan only rt WELL LET OFFICE INVESTMENT SECURED TO AN EXCELLENT COVENANT | 5 DESCRIPTION The properties comprise two office pavilions of brick construction constructed in the early 1990’s. Both buildings provide open plan office accommodation over ground and first floors. The entrance from the car park to the front of each building provides direct access to the ground floor and to stairs leading to the first floor. Surface car parking is provided with 66 spaces allocated to Bering House (1:235 sq ft) and 55 to Timor House (1:232 sq ft).

The specification of the buildings include;

• Male and female WCs on each floor • Raised access floors • Suspended ceilings • Ceiling mounted air handling units providing comfort heating and cooling • Perimeter gas powered radiators (not in use) • Ground floor canteen in Timor House

WELL LET OFFICE INVESTMENT SECURED TO AN EXCELLENT COVENANT | 6 ACCOMMODATION COVENANT The buildings have been measured on a net internal area basis in accordance The Clydesdale Bank plc is a commercial bank founded in Glasgow in with the RICS Code of Measuring Practice (6th Edition). 1838 and has over 140 retail branches across the UK. Previous owners, the National Australia Bank, floated Clydesdale Bank and Yorkshire Bank (a BERING HOUSE trading name of Clydesdale Bank) on the London Stock Exchange with an Floor Area NIA sq m Area NIA sq ft initial public offering in February 2016. This is under the holding company CYBG plc and now includes Virgin Money, which was acquired in June 2018.

Clydesdale Bank plc have a Dun & Bradstreet rating of 5A1 reflecting a very First 727.13 7,827 low risk of business failure.

Ground 713.88 7,684 For the financial year to 30 September 2017 the company had a tangible net worth of £3,125,000,000. Total 1,441.01 15,511 Year End Turnover Profit (Loss) Tangible Net Worth (000s) Before Taxes (000s) TIMOR HOUSE (000s)

Floor Area NIA sq m Area NIA sq ft 30 Sep 2017 1,075,000 (261,000) 3,125,000

30 Sep 2016 1,101,000 (352,000) 2,965,000 First 601.91 6,479 30 Sep 2015 1,325,000 (308,000) 3,193,000 Ground 583.03 6,276

Total 1,184.94 12,755

TENANCY The buildings are let on separate full repairing and insuring leases to Clydesdale Bank plc from 30 August 1993 to 29 August 2018. The leases have been extended to 28 February 2024.

The passing rent at Bering House is £174,350 per annum and at Timor House is £143,700 per annum. The total current rent passing is £318,050 per annum, reflecting a rental rate of approximately £11.25 per sq ft. Both leases are subject to upwards only open market rent reviews on 24 June 2019.

WELL LET OFFICE INVESTMENT SECURED TO AN EXCELLENT COVENANT | 7 TENURE Heritable interest (Scottish equivalent of English freehold). EPC Copies of the EPCs are available upon request. VAT The properties have been elected for VAT purposes and it is anticipated that the investment will be treated as TOGC. PROPOSAL We are instructed to seek offers in excess of£2,400,000 reflecting a Net Initial Yield of12.51 % and providing a capital rate of £84.91 per sq ft assuming purchaser’s costs based on LBTT.

CONTACT Stuart Spalding Carolyn McEwan [email protected] [email protected] 0141 304 3243 0141 304 3258 07717 178 284 07712 390 872

MISREPRESENTATION ACT

Cushman & Wakefield Debenham Tie Leung Limited (“C&W”) gives notice to anyone who may read these particulars as follows:

1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property only and do not constitute any part of an offer or contract. 2. Any information contained in these particulars (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact or that the property is in good condition or otherwise nor that any services or facilities are in good working order. 3. The photographs appearing in these particulars show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs. Any areas, measurements or distances referred to herein are approximate only. 4. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 5. No person in the employment of C&W has any authority to make or give any representation or warranty whatsoever in relation to this property. 6. This property is offered subject to contract and unless otherwise stated all rents are quoted exclusive of VAT. 7. Unless otherwise stated, no investigations have been made by or on behalf of C&W regarding pollution, or potential land, air or water contamination. Interested parties are advised to carry out their own investigations as required. 8. Copyright and confidentiality Experian, 2015. © Crown copyright and Experian Copyright. All rights reserved. Licence Number PU 100017316. Publication Date: September 2018 2