ETNA COURT FALKIRK Principle Trade Park Offering

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ETNA COURT FALKIRK Principle Trade Park Offering High Yielding Multi-Let Trade Park Investment Opportunity With Reversionary Potential enter ETNA COURT MIDDLEFIELD INDUSTRIAL ESTATE • FALKIRK • FK2 9EQ ETNA COURT SUMMARY MIDDLEFIELD INDUSTRIAL • Falkirk multi-let trade park investment opportunity. • WAULT of 6.43 years to lease expiries and 4.26 years to lease breaks. ESTATE FALKIRK • Middlefield Trade Park Estate is situated in a busy location 1.5 miles north • Heritable Interest (Scottish Equivalent of English Freehold.) east of Falkirk town centre and is in close proximity to Junction 6 off the FK2 9EQ • Let to 10 tenants. M90. Etna Court is located at the entrance to Middlefield Industrial Estate and forms part of the main trade offering for the town. • 2.92 acre site (1.18 Ha). • Tenants include trade counter occupiers such as Wolseley UK Ltd, Travis • We are instructed to seek offers in excess of £3,404,000 (Three Million Four Home Perkins, Tile Star Limited and City Electrical Factors Limited. Hundred and Four Thousand Pounds), subject to contract and exclusive of VAT. This reflects a NIY of 8.00% and a low capital value of £62.50 psf, • 12 industrial units extending to 54,458 sq ft (GIA basis) with unit sizes Summary assuming acquisition costs of 6.01%. ranging from 2,992 sq ft to 10,409 sq ft. Aerial • Passing rent of £288,687 reflecting a low rent of £5.30 psf. Location Situation Description Tenancy Schedule Covenant Occuptional Market Investment Market Further Information 2 ETNA COURT MIDDLEFIELD INDUSTRIAL ESTATE FALKIRK Forth Ports FK2 9EQ (Grangemouth) Home Grangemouth Summary Aerial Location M9 Situation The Kelpies Description Tenancy Schedule Covenant Helix Park A9 Etna court Occuptional Market Investment Market Further Information Etna Rd Middlefield Bankside Industrial Estate Industrial Estate Falkirk Town Centre Abbots Court 3 DUNDEE A85 A90 A85 11 10 A92 9 M90 A84 A9 8 7 ETNA COURT LOCATION 6 MIDDLEFIELD INDUSTRIAL A82 11 A91 A977 ESTATE 5 10 FALKIRK STIRLING 4 FK2 9EQ M9 A92 5 MIN DRIVE TO A811 M90 8 FALKIRK TOWN CENTRE 3 A985 Home 3 M80 8 7 2 2 Summary 1 2 MIN DRIVE TO 5 M876 6 M9 MOTORWAY WHICH 5 Aerial 4 4 M9 3 EDINBURGH LINKS TO M876, M8, M80 FALKIRK 2 GREENOCK A80 Location AND M90 MOTORWAYS 1 EDINBURGH A1 31 1 Situation 1 A82 3 2 30 3 M80 3 GLASGOW Description POPULATION OF 124,000 M73 M8 26 15 11 29 27 25 4 WITHIN A 5 MILE RADIUS 24 20 GLASGOW 5 M8 Tenancy Schedule 1 A71 A737 A8 6 A78 Covenant 5 25 MIN DRIVE TO A68 Occuptional 6 A702 Market EDINBURGH AIRPORT A7 A703 A77 7 A73 Investment Market FALKIRK GRAHAMSTON 8 STATION 1 MILE M74 Further A71 A721 Information FALKIRK HIGH STATION 9 2 MILES 10 A72 11 A702 A78 12 PRESTWICK 13 A76 A74(M) A70 14 14 4 A76 A74 ETNA COURT A9 SITUATION A9 A A 9 MIDDLEFIELD 0 9 M9 5 INDUSTRIAL Etna Court is prominently positioned at the southern side ESTATE of Etna Road within Middlefield Industrial Estate, the town’s ETNA COURT FALKIRK principle trade park offering. INDUSTRIAL ESTATE E KSID FK2 9EQ BAN J9 Etna Road forms the estate’s main access route linking RD TNA Middlefield with Falkirk town centre. Etna Road also acts as E E 4 T A the main thoroughfare connecting Falkirk to Grangemouth. U 0 N N 9 9 I Home A V AD M CT E A R O I R D This creates a busy road which provides excellent frontage A S N D ET A L L E R F O for trade operators. I E A L Summary D D D A O R D R A O A TN A E T D O E L E R A Located in close proximity to the M9 motorway, 1.5 miles to R D A U T O K R R Aerial S S I G IN IR E D T S AS T the east. R C K O A L N N A E N A F R E O K 9 A Location D M ROAD NETWORK I D 4 D 0 L 9 E Situation F A I T E H L O D R A9 0.3 miles East N R H O I A L L D R Description O 4 A 90 D A A M9 1.5 miles East 9 OAD H R Tenancy Schedule A803 1.5 miles South West UT MO GE AN Covenant M876 6.5 miles West GR M876 10 miles West Occuptional Market TRANSPORT INFRASTRUCTURE M876 A88 Bellsdyke Rd A905 Investment Edinburgh Airport 17 miles Market Falkirk Grahamston Railway Station 1 miles Further A904 Earls Rd Information Falkirk High Railway Station 2 miles M9 Port of Grangemouth 3 miles A904 BNes Rd A9 Stirling Rd A9 J9 MAJOR NEIGHBOURING CITIES / TOWNS B931 Abbots Rd Edinburgh 26 miles East A803 Glasgow 36 miles South West A9 Main St A904 Grangemouth Rd Stirling 13.5 miles North West A803 Camelon Rd FALKIRK A9 Livingston 18.5 miles South East M9 A803 Callendar Rd A803 Polmont Rd 5 ETNA COURT DESCRIPTION MIDDLEFIELD INDUSTRIAL The estate comprises 12 trade counter units totalling ESTATE 54,458 sq ft (GIA basis) across three terraces. FALKIRK FK2 9EQ • Units range from c. 2,992 sq ft to 10,409 sq ft. • Steel portal frame construction with brick wall elevations under pitched roofs. Home • Secure gated entry to the estate and brick boundary wall. Summary • ‘Up and over’ and roller shutter doors and internal office accommodation. Aerial • There has been a rolling refurbishment Location programme where units become vacant. Situation Description Tenancy Schedule Covenant Occuptional Market Investment UNIT Market UNIT UNIT UNIT 8 Further Information 5 UNIT El Sub Sta Etna Court 1 UNIT 2 UNIT 2 UNIT U SITE 9 7 N 5 UNIT I V UNIT 9 E The site extends to 2.92 acres (1.18 Hectares), UNITS R S 2 A measured from promap. L R O A D 7 4 M I D TENURE D L E F I E L D Heritable Interest (Scottish Equivalent of English R O 0m 10m 20m 30mA Freehold.) D 6 Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 This plan is published for the convenience of identification only and although believed to be correct is not guaranteed and it does not form any part of any contract. © Crown Copyright. All rights reserved. Licence Number LIG0074. ETNA COURT TENANCY SCHEDULE MIDDLEFIELD INDUSTRIAL ESTATE Tenant Unit GIA EPC Headline Rent Lease Lease Term Next Break Comments FALKIRK (sq ft) rating Contracted Rent (psf) Start Expiry Review Option FK2 9EQ Wolseley UK Limited Units 10,409 E67 £60,220 £5.79 30/01/79 16/06/21 42 years 16/06/21 (t/a Plumb Centre) 1/2 5 months (636445) (including term of extensions) Home Travis Perkins t/a PTS Unit 3 4,933 D60 £28,342 £5.75 31/01/04 30/01/24 20 years 31/01/19 30/01/20 Tenant only break with 6 months’ prior (824821) (including term notice. Summary of extension) Wolseley UK Limited Unit 4 5,474 D47 £27,000 £4.93 29/06/89 01/08/18 29 years 1 month Aerial (t/a Drain Centre) (including term (636445) of extension) Location Tile Star Limited Unit 5 4,929 D48 £28,342 £5.75 04/10/06 03/10/26 20 years 04/10/21 04/10/21 Schedule of condition. Tenant only break (SC285305) (including term with 6 months’ prior notice. Situation of extension) Veitchi Flooring Limited Unit 6 5,389 C40 £22,330 £4.14 09/11/12 08/11/22 10 years 09/11/17 09/11/17 Break clause operated. Schedule of Description (SC019963) condition. D+G Autocare Limited Unit 7 5,403 D52 £31,000 £5.74 12/09/16 11/09/26 10 years 12/06/21 Stepped Rent to £31,000 from 12 October Tenancy Schedule (SC262338) 2017 - vendor to top up. Schedule of condition. Covenant JG Martin Plant Hire Unit 8 5,949 D60 £32,720 £5.50 03/10/16 02/10/21 15 years 03/10/16 03/10/26 Rent deposit £8,180 plus VAT (i.e. one Limited (SC050785) quarter). Schedule of condtion. Tenant only Occuptional break with 6 months’ prior notice. Market City Electrical Factors Unit 9 2,986 B27 £18,000 £6.03 29/04/13 28/04/23 10 years 24/06/18 Limited (336408) Investment Central Plastics and Unit 10 2,996 C38 £12,733 £4.25 01/11/13 31/10/19 6 years Market Roofing Limited (SC323377) Further Wetrooms Distribution Unit 11 2,998 B26 £13,500 £4.50 21/02/14 20/02/24 10 years 21/02/19 21/02/19 Schedule of condition. Tenant only break Information Limited (SC278451) with 6 months’ prior notice. Caldwell Wright & Co Unit 12 2,992 G117 £14,500 £4.85 30/09/14 29/09/19 5 years 30/09/17 Limited (SC053276) Total £288,687 7 ETNA COURT COVENANT MIDDLEFIELD INDUSTRIAL The property is let to a wide variety of local and national trade park operators with a WAULT ESTATE good spread of income. Approximately 84% of the income is secured by covenants that FALKIRK reflect either a very low risk or low risk of business failure. FK2 9EQ Tenant Creditsafe Risk Rating % of 6.43 YEARS 4.26 YEARS Score Income Home TO EXPIRY TO BREAK Wolseley UK Limited (t/a Plumb Centre) 66 - B Low Risk 30% Summary Travis Perkins t/a PTS 67 - B Low Risk 10% Aerial Tile Star Limited 71 - A Very Low Risk 10% Veitchi Flooring Limited 75 - A Very Low Risk 8% Location D+G Autocare Limited 76 - A Very Low Risk 11% LEASE TERM REMAINING TO EARLIEST EVENT Situation JG Martin Plant Hire Limited 39 - C Moderate Risk 11% 60% Description City Electrical Factors Limited 87 - A Very Low Risk 6% 55% 50% Tenancy Schedule Central Plastics and Roofing Limited 79 - A Very Low Risk 4% 45% Wetrooms Distribution Limited 53 - B Low Risk 5% Covenant 40% 41% Caldwell Wright & Co Limited 49 - C Moderate Risk 5% 35% Occuptional 30% Market 31% 25% 28% Investment RISK OF BUSINESS FAILURE 20% Market 15% 10% Further 5% Information 16% 0% Moderate Risk 0 - 3 Yrs 3 - 5 Yrs 5 - 10 Yrs 39% Very Low Risk 45% Low Risk 8 ETNA COURT OCCUPATIONAL MARKET MIDDLEFIELD INDUSTRIAL The industrial occupational market across the Central Belt of Scotland has performed well in the last 5 years, with high levels of take up leading to a steady decline in ESTATE industrial availability.
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