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Gva.Co.Uk/9181 Gva.Co.Uk/9181 GVA James Barr Prime single let distribution investment Scottish Power 25 Coddington Cresent, Eurocentral, North Lanarkshire, ML1 4YF gva.co.uk/9181 gva.co.uk/9181 Investment Summary • Single let industrial asset in Scotland’s premier distribution location • Located just 15 miles east of Glasgow and 35 miles West of Edinburgh • Modern purpose built storage and distribution facility extending to 12,841.66 sq m (138,231 sq ft) • Let to Scottish Power UK Plc until 14 May 2022 (6.6 years remaining) • 5A1 tenant covenant • Low passing rent of £660,000 p.a. exclusive (only £4.77 per sq ft) • Rent review in May 2017 • Warehouse space currently sub-let to Norbert Dentressangle • Offers in excess of £8.50m exclusive • Net Initial Yield of 7.31% • Attractive capital rate of only £61.49 per sq ft 25 Coddington Cresent, Eurocentral, North Lanarkshire, ML1 4YF gva.co.uk/9181 16 13 14 15 25 Coddington Crescent 17 12 11 10 18 9 19 7 8 20 23 5 21 4 6 3 1 22 2 M8 Eurocentral interchange Edinburgh - 35 miles Glasgow - 15 miles 1. Dakota Hotel 6. Mentholatum 11. Wincanton 16. TDG/Argos 21. Lagta Group 2. Maxim Office Park 7. Sheffield Insulation 12. Hovis 17. DB Schenker (Euro Rail Terminal) 22. News Printers 3. Wincanton 8. Headlam 13. City Link 18. Fedex 23. Morrisions 4. ACS 9. Wincanton 14. Lathams 19. Mersen 5. Trac 10. Lightbody 15. Eddie Stobbart 20. Consarc25 Coddington Cresent, Eurocentral, North Lanarkshire, ML1 4YF gva.co.uk/9181 Location M90 Eurocentral is a premier distribution location in North Lanarkshire. It is Scotland’s most modern purpose built industrial and M90Edinburgh M9 distribution location. It is 15 miles from Glasgow and 35 miles Glasgow from Edinburgh. Eurocentral sits immediately next to the M8 motorway and benefits from its own four way junction M8 M8 (Eurocentral Interchange – Junction 6A) and is just 5 miles from Edinburgh the M74, M73 and M80 motorways which provide efficient M9 access to the whole of Scotland and easy access south to GlasgowEurocentral Interchange England and Wales. M77 M8 M8 Major motorway improvements are currently underway between M8 junction 6 (Newhouse) and 7a (Shawhead) M74 which will improve traffic flow to Eurocentral including links to Eurocentral Interchange the M74 network. M77 In addition to excellent road links, Eurocentral benefits from a rail freight terminal. The facility is operated by DB Schenker M74 Rail UK Ltd and provides a domestic and European rail link for freight services. Edinburgh and Glasgow Airports are approximately 30 minutes drive from Eurocentral and Preswick Airport (Scotland’s main air freight airport) is approximately 45 miles GLASGOW EUROCENTRAL south west from the subjects. JUNCTION M8 EDINBURGH Situation GLASGOW EUROCENTRAL Eurocentral is a high profile development which extends to JUNCTION approximately 650 acres. The development of Eurocentral began in 1992 with the benefit of Enterprise Zone Status which has now expired. Eurocentral continues to flourish as M8 EDINBURGH the most accessible commercial hub in central Scotland. It attracts a range of occupiers and investor landlords due to its strategic location and ability to deliver large scale industrial and logistics property solutions. Current occupiers include; Eddie Stobbart, ACS Clothing, Mentholatum, Sheffield Insulation, Headlam, Hovis, City Link, 25 Coddington Fedex, New Printers, Amazon, Wincanton, Morrisons, Trac, Crescent Norbert Dentressangle, DSV, Mersen, Consarc, TDG and Warburtons. 25 Coddington Cresent, Eurocentral, North Lanarkshire, ML1 4YF 25 Coddington Crescent gva.co.uk/9181 Description The property comprises a detached purpose built distribution unit on a secure self-contained site. The property offers modern warehouse accommodation with ancillary offices arranged over 2 floors. The property is of steel portal frame construction set out in two bays with metal composite double skin pitched roof and concrete floor. The property has 2m high perimeter blockwork walls and double skin composite profile clad elevations. The specification includes: • Secure site with security gatehouse • 2.4m palisade perimeter fence • Extensive concrete vehicle yard with 77 trailer bays • 10 dock level loading doors • 1 ground level loading door • Clear internal eaves height of 10m • 50 Kn/m2 floor load capacity • Suspended lighting and heating gas blower heating system • Integrated sprinkler system • Warehouse office/drivers reception and ancillary staff areas • Modern office/ arranged over 2 floors with passenger lift and secure door entry system • Designated parking for 180 cars Accommodation The accommodation provides the following approximate Gross Internal Areas: Accommodation (sq m) (sq ft) Warehouse 11,173.22 120,272 Ground Floor Office 682.67 7,348 First Floor Office 682.67 7,348 Vehicle Workshop 281.14 3,015 Gatehouse 23.04 248 TOTAL GIA 12,842.78 138,231 25 Coddington Cresent, Eurocentral, North Lanarkshire, ML1 4YF gva.co.uk/9181 6 4 Energy Performance CO D DIN GT ON CR ES CE Certificate NT The property has and EPC rating of “E”. A copy of the EPC El Sub Sta ETL report is available on request. Eurocentral Site Area 2 The subjects extend to approximately 11.86 acres (4.79 hectares) Tank which provides a very low site coverage site coverage of approximately 25%. B R I T T A I N W A Tenancy 4 Y The property is let on full repairing and insuring terms to Scottish Power UK Plc until 14 May 2022 providing approximately 6.6 TO WN HE AD AV EN years term certain. The current passing rent is £660,000 p.a. UE exclusive reflecting £4.77 per sq ft. The lease makes provision for 5 yearly upwards only open market rent reviews, the next Indicative only review is due in May 2017. Scottish Power still occupy the ground and first floor office space within the building. Sub-Tenancy The warehouse element and part ground floor offices have been sub-let to Norbert Dentressangle on a full repairing and insuring terms subject to a schedule of condition. The sub-letting started in April 2004 and expires 30 June 2017. The sub-letting rent is £566,874 p.a. Norbert Dentressangle utilise the property as a key distribution facility in central Scotland and run a number of key client accounts from this location. The property operates on a 24 hour basis, has significant pallet racking incorporating a sprinkler system and sub division internal walls with automated fire doors. The building has a bonded element and is utilised for a number of alcohol contracts. The sub tenant utilises the mezzanine level to operate a packaging system for clients stock. 25 Coddington Cresent, Eurocentral, North Lanarkshire, ML1 4YF gva.co.uk/9181 Scottish Industrial Market The UK industrial property sector total return for the last 5 years (annualised year on year to Q2 2015) is 10.50% with a total return for the quarter of 4.30%. By comparison Scotland industrial property provided a total annualised return of 12.60% over the last 3 years and 10.10% over the last 5 years. Scotland industrial return for the quarter was 3.50% (Source IPD, 2015). As Scotland’s premier industrial location Eurocentral attracts a range of corporate occupiers and logistics operators and is therefore also attractive to a range of property investors. A number of transactions have taken place recently including: • In Q2 2015, Exeter Property Group acquired 21 Coddington Crescent for £7.65m / 4.53% NIY. This 164,782 sq ft unit is let to Wincanton with less than 12 months term certain income and 2.75 years until lease expiry. The passing rent was extremely low at £2.23 per sq ft and unit considered highly reversionary. • In Q1 2015, Cambuslang Construction Group acquired Titan (122,000 sq ft unit) with the benefit of vacant possession. The price was approximately £4.15m reflecting approximately £34.00 per sq ft. • During Q3 2014 AUB purchased 2 units at Eurocentral let to SIG Trading (72,744 sq ft) and James Latham (40,200 sq ft) for £7.59m / 7.50%. The average unexpired lease term was 9 years. • During Q2 2014 Mayfair Capital purchased a portfolio of 4 industrial properties at Eurocentral for £16.10m / 7.65%. The average term certain income was approximately 4.85 years. The properties extended to approximately 245,000 sq ft. Rental Tone In Q2 2015 Amazon took a lease over Zenith a 92,997 sq ft new build unit. The terms remain confidential but we expect a rent between £5.50 and £5.75 per sq ft to have been paid. Save for one transaction, the passing rents on all of the above investment transactions reflect £5.25 to £5.75 per sq ft. The tone rent at Eurocentral is firmly established with little remaining quality stock available to let directly from landlords. 25 Coddington Cresent, Eurocentral, North Lanarkshire, ML1 4YF gva.co.uk/9181 Covenant Information The property is let to Scottish Power UK PLC (Company Number: 1147120). Scottish Power is part of the Iberdrola Group, a global energy company who operate in the generation, transmission and distribution of electricity, energy management and supply of gas and electricity in the UK. Scottish Power has over 5.2 million customers in the UK and has its headquarters in Glasgow. For further information please see www.scottishpower.com The tenant has a 5A1 Dun & Bradstreet rating. A copy of the Dun & Bradstreet report is available on request. To 31 December 2014 Scottish Power UK PLC reported the following consolidated financial results: Scottish Power UK PLC 31 March 2014 31 March 2013 31 March 2012 (Company Number: 1147120) (£000’s) (£000’s) (£000’s) Turnover £7,107,40 0 £8,230,700 7,8 03,10 0 Pre Tax Profit / (Loss) £649,400 £553,500 £741,700 Net Worth £3,860,200 £2,863,700 £2,588,900 Net Current Assets (£3,102,900) (£2,472,200) (£1,928,700) The sub-tenant, Norbert Dentressangle Logistics Limited (Company Number: SC037270) is a part of Norbert Dentressangle, the major European transport, logistics and freight company.
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