DEVELOPMENT FOR SALE OPPORTUNITY WEST MARKETGAIT, DUNDEE, DD1 1QP
Shell branded Petrol Filling Station Investment
Detailed Planning Consent for Flatted Residential Development SHELL BRANDED PETROL FILLING STATION INVESTMENT AND DEVELOPMENT OPPORTUNITY WEST MARKETGAIT, DUNDEE, DD1 1QP
INVERNESS
A
ABERDEEN
OVERGATE SHOPPING CENTRE WELLGATE WEST MARKETGAIT SHOPPING TO CENTRE A INVERNESS
MALMAISON THE CAIRD HALL
A
SLEEPERZ HOTEL DUNDEE NEW OFFICE FUTURE DUNDEE TRAIN STATION DEVELOPMENT DEVELOPMENT SITE
PERTH A ST ANDREWS
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STIRLING M A FIRTH OF FORTH
FUTURE HMS DISCOVERY DEVELOPMENT SITE M M V&A DUNDEE
M GLASGOW EDINBURGH
M A
SITUATION NEWCASTLE Dundee is Scotland’s fourth largest city and the regional UPON TYNE Dundee’s Ninewells Hospital is one of the largest teaching The £1 billion transformation of Dundee’s Waterfront over CARLISLE centre of Tayside with a population of 180,000 and over hospitals in the UK, highly rated for medical and scientific 248 hectares along 8 kilometres of the River Tay is the
640,000 within an hour’s drive thanks to excellentM TO MANCHESTER transport research while Abertay and Dundee Universities are most active regeneration project in Scotland generating BIRMINGHAM TO links via the A90 dual carriageway and motorway LONDON network recognisedLONDON for excellence in biomedical science and 7,000 jobs. to Aberdeen, Perth and Edinburgh. Dundee east coast informationM technology. The Waterfront’s star attraction, the V&A Design Museum, mainline rail station serves 1.8 million passengers annually Duncan of Jordanstone School of Art and Design is opened in September 2018 and recorded 830,000 visitors in and Dundee Airport provides daily flights to London with among the top art and design schools in the UK while its first year. connections to Europe and beyond. Dundee & Angus College is the largest in the country with Several of Scotland’s largest employers are represented 23,000 students whose performance over the last 4 years including HMRC, Interactive Investor, DC Thomson, significantly exceeded the national average. Stagecoach and numerous electronic gaming firms, a sector in which Dundee excels above most other cities in the UK. SHELL BRANDED PETROL FILLING STATION INVESTMENT AND DEVELOPMENT OPPORTUNITY WEST MARKETGAIT, DUNDEE, DD1 1QP
LOCATION The Shell branded petrol filling station is prominently located WEST MARKETGAIT in Dundee city centre on West Marketgait at its junction with Ward Road a short walk from the Universities, shops, shopping centres, bars, cafés, restaurants, theatres, tourist attractions, train and bus stations and less than 5 minutes’ drive from the airport. It is next to a recently built Hampton by Hilton Hotel, opposite Travelodge and Pure Gym, near Dundee Police HQ, Dundee Sherriff Court and the Overgate Shopping Centre with numerous national retailers anchored by Primark, Debenhams, H&M and New Look.
Constitution Road A 2 STREET Peep Dudhope Terrace Hillto n Blackscro t PRINCES O Day AD RO A DESCRIPTION RI TO Lane IC Foundry Lane V King Street EAST M Park 2 ARK The property comprises a Shell branded petrol filling A ETG Reta l AIT Galla her station with associated retail and car wash facilities on a Dudhope Park Dudhope Street St A 2 Barrack Road site of 0.33 acres. Wellgate Andre sKing Street T Shopping DOCK STREET AI EAST TG Centre KE AR Street Street A 2 LOCHEE ROAD A 1 NORTH M Mary Ann Lane Seagate PFS OPERATION INFORMATION A ertay Panmure
Un ers ty Sea ate Bell Street Bus Street Ash Street TradesStat on The petrol filling station generates turnover in excess of A 1 W POLICE SCOTLAND HQ SHERIFF COURT Lane Camperdo n Candle £2M per annum and has been operated by KS Associates Blinshall Street EST Douglas WestStreet Hendersons Wynd Murraygate Meado side Lane MARKETGAIT C ty Quay West Bell Street Re orm Street SeagateGellatly since 2008 under a licence that the Landlord may terminate Keiller Fr ate HAMPTON BY HILTON Commercial Street Miln Street Street Un corn Shopping Dock at 3 months’ notice. Centre Ward Road Victoria North Lindsay Street PURE GYM Castle Street Victoria Dock Road Profits from operations have averaged c. £78,000 per Bank Street South Br Guthrie Street South Ward Road ook Stre annum for the last 3 years including gross rent payable by et E change St TRAVELODGE Centre High Street Crichton Street the operator of £33,000 per annum. Willison Street Whitehall St Ha khill Dock Street
WEST MARKETGAIT es Further details may be made available to interested parties. Union Street C r O er ate Sho n ll a A 1 h West Port e t i A 2 TAY ROAD BRIDGE To Fi e
WEST h MARKETGAIT
W South Tay Street Nethergate TENURE Ha khill MARKETGAIT Park Place SOUTH The property is held on heritable title (Scottish equivalent of Old Ha khill Small s English Freehold). Station Un ers ty Wynd E Rail ay IV V A o Dun ee Nethergate R D Airlie Place E ID S R RATEABLE VALUE Springfield E IV R RRS D sco ery A The rateable value for the property is £19,800. Perth Road Greenmarket EPC Magdalen Green To P erth, Ed inbu rgh & Information on the property’s EPC rating is available on Glasgo A Dun ee A r ort request. SHELL BRANDED PETROL FILLING STATION INVESTMENT AND DEVELOPMENT OPPORTUNITY WEST MARKETGAIT, DUNDEE, DD1 1QP
PLANNING SALE TERMS Dundee City Council granted Planning Consent on 25 July 2019 for the redevelopment of Offers in excess of £1.2 Million are invited for the heritable interest in the property subject to the the PFS into an 8 storey building comprising 43 residential flats over seven levels above 4 existing licence and the recently granted planning consent. commercial units at ground floor facing West Marketgait. A purchase at this level would reflect a gross yield of 6.5%. Upper floors 1 to 6 would contain 41 x 2 bedroom flats with balconies to corner flats. Floor 7 would contain 2 x 3 bedroom penthouse flats with roof top balconies. VAT A service yard at the rear would provide parking for four vehicles, an access road for Our clients have elected to waive exemption for VAT and accordingly VAT will be payable on the delivery vehicles and cycle storage spaces, a bin store and access points for the retail and purchase price although we anticipate the sale will attract TOGC treatment. residential units. LEGAL COSTS Full details of the scheme may be seen via Dundee City Council Planning Portal using Ref. Each party will be responsible for their own legal costs incurred in connection with the transaction. No: 18/00798/FULL Interested parties are encouraged to make their own enquiries of Dundee City Council VIEWING AND FURTHER ENQUIRIES Planning Department. For further information or to arrange a viewing, please contact the sole selling agents:
Peter Smolka Guy Strachan PARTNER PARTNER DD 0131 225 8855 DD 0131 226 7555 M 07831 280 237 M 07703 192 692 [email protected] [email protected]
Commercial Property Consultants Chartered Surveyors 46 Charlotte Square Edinburgh EH2 4HQ COMPUTER GENERATED IMAGE www.smolkastrachan.com
Smolka Strachan LLP for themselves and for the vendor of the property give notice that: i) these particulars of sale are a general outline for the guidance of intending purchasers and do not constitute all or any part of any offer or contract. ii) intending purchasers should satisfy themselves as to the accuracy of descriptions, dimensions, references to condition, permitted use and other details all of which are given without any warranty whatsoever. iii) unless otherwise stated all rents and prices are quoted exclusive of VAT. iv) they have not conducted and are not aware of any investigations into any potential or actual pollution or contamination of the building, land, air, or water and give no warranties whatsoever in respect thereof, of which prospective purchasers should satisfy themselves. v) in accordance with the terms of the Requirements of Writing (Scotland) Act 1995 these particulars are not intended to create any contractual relationship or commitment which can only be entered into by exchange of missives between respective solicitors. Date of Publication: October 2019