FOR SALE High Yielding Multi-let Industrial Investment

Telford Court Business Park , G81 2NR Telford Court, Clydebank Business Park, Clydebank, G81 2NR 2

INVESTMENT SUMMARY

• Telford Court is located within Clydebank Business Park, an established office and industrial park situated 6.5 miles North West of Glasgow city centre • The property is held on a Long leasehold from Threadneedle Property Investments expiring 2108 at a current passing ground rent of £24,517 p.a. exclusive (being 15% of rent received) • The property comprises 15 industrial units each with their own yard totalling 32,924 sq ft (3,058.74 sq m) • Passing rent of £138,931 p.a. exclusive (after ground rent deduction) • Current average rent of £4.96 psf • WAULT of 3.57 years term certain and 3.96 year to expiry • Offers in excess of £1.36m / 9.64% Net Initial Yield • Attractive low capital value rate of only £41.31 psf Telford Court, Clydebank Business Park, Clydebank, G81 2NR 3

LOCATION SITUATION Clydebank is located 6.5 miles north west of Glasgow city Telford Court is located within Clydebank Business Park, an established office and industrial park of approximately 600,000 centre on the north bank of the and forms part sq ft which sits between the A814 (Glasgow Road) and the A82 (Great Western Road). The Park is situated directly of the wider urban area of Greater Glasgow. The asset is opposite Clydebank Shopping Centre along with the adjoining Retail Park and Leisure Complex. easily accessible by road and provides links to the south and West via the Erskine Bridge and access to Glasgow CBD and the wider central motorway network via the A82.

Chestnu GLASGOW CITY CENTRE t Dr

Parkall es Cr A y 8 rr 2 e h G C R E AT W E CLYDE ST Road E Haw R 4 thorn St N RETAIL 1 R B8 O A PARK CLYDEBANK D

S West h Thoms e on S omson St CLYDE l t Th l East e CLYDEBANK

y

D SHOPPING

r

RAILWAY

CENTRE

D STATION

A

O R

S

ec Crown A E

on venue I B

I 8 d A 05 ve 5 nu W e Dru O m ry B Roa L d I

K

N M CLYDEBANK o ont r ro th se A S Drumry ve t n r BUSINESS u ilbowie e e e t CLYDEBANK

PARK BUSINESS

PARK

Clyde

So u Sopping th A ve nue Centre

RIVER CLYDE

A814 GLASGOW ROAD

4

1 0 Livingstone 8 St

A

d

a

o

R

e l

y

g r

A

A814 GLASGOW ROAD (GLASGOW 6.5 MILES) > Telford Court, Clydebank Business Park, Clydebank, G81 2NR 4

O cer’s ID / Date TITLE NUMBER LAND REGISTERDESCRIPTION3027 OF SCOTLAND 6/1/2016 DMB12914 N Telford Court comprises 15 units within three industrial ORDNANCE SURVEY 70m NATIONALterraces GRIDarranged REFERENCE around a central landscaped courtyard. The buildings are of steel frame construction with brick Survey Scale andNS4970NW profile NS47SE metal clad walls and roofs. Each unit has a secure rear yard which in turn provides roller shutter1/1250 access from a rear perimeter access road. Some units have been combined to create larger premises and some have mezzanine storage areas. Most units have a small office provision to the front. Telford Court, Clydebank Business Park, Clydebank, G81 2NR 5

TENANCY

Unit Area Tenant Lease Start Next Review Next Break Lease Expiry Term Term to Rent Rent (psf) ERV (psf) ERV Comments Date Certain Expiry Income

1 to 4 14,076 Concept Group Limited 16-Oct-2013 16-Oct-2019 15-Oct-2022 3.33 3.33 £52,000 £3.69 £4.50 £63,342 Tenant break option for 16 October 2019 - notice not served.

May 2015 review agreed at £6,104 for indsutrial unit and 5 1,159 Vodafone Limited 16-May-2010 16-May-2020 15-May-2025 5.92 5.92 £10,104 £8.72 £9.39 £11,000 £4,000 for the mast area. Change in RPI increase to be applied to the mast income at the 2020 review.

Schedule of condition attached to the lease. Service charge cap 6 1,110 First Glass Cleaning Ltd 13-Jun-2016 12-Jun-2021 1.99 1.99 £6,305 £5.68 £6.31 £7,000 at £1,715 p.a. subject to RPI uplifts. Unit was refurbished prior to tenant occupation.

Clydebank and District Taxi Rent deposit of £1,576.25 plus VAT. Unit refurbished prior to 7 1,097 1-Oct-2016 30-Sep-2021 2.29 2.29 £6,305 £5.75 £6.38 £7,000 Owner Assoc Radio System Ltd tenant occupation.

£3,672 rent deposit held. The unit was re-clad in 2019, 6 8 1,104 George Hamish Dickie 23-Feb-2009 23-Aug-2021 22-Feb-2024 0.69 4.69 £7,000 £6.31 £6.31 £7,000 months notice required on the break option.

Lease regeared in 2017. Tenant break options 31 July 2020 & 31 July 2022 subject to no less than 9 months’ prior written 9 1,097 The Scottish Ministers 1-Aug-2009 31-Jul-2020 31-Jul-2027 1.13 1.13 £6,720 £6.13 £6.38 £7,000 notice. 1 months’ rent free if 2020 break not exercised. 3 months’ rent free if 2022 break not exercised.

10 1,120 Colin Buchanan 11-Nov-2014 10-Nov-2019 0.40 0.40 £6,100 £5.45 £6.25 £7,000

Schedule of condition attached to the lease. £4,750 rent deposit 11 & 12 6,034 Campbell and Kennedy Ltd 13-Dec-2010 12-Dec-2022 3.49 3.49 £33,500 £5.56 £5.75 £34,696 held. Externals have been reclad and repainted in late 2017.

Externals refurbished, including recladding. Vendor to top up 13 2,036 KA Networking Ltd 20-Dec-2018 19-Dec-2023 4.51 4.51 £11,707 £5.75 £5.75 £11,707 rent free.

Externals refurbished including recladding. Rent deposit of 14 2,036 Joe Walker’s Flooring Ltd 1-Jul-2018 1-Jul-2023 30-Jun-2028 9.05 9.05 £11,707 £5.75 £5.75 £11,707 £2,926.75 plus VAT held.

15 2,055 Campbell and Kennedy Ltd 4-Apr-2016 3-Apr-2021 1.80 1.80 £12,000 £5.84 £5.84 £12,000 Unit was fully refurbished prior to tenant occupation.

Telford Court Ground Rent at 15% of rent collected, paid Ground Rent -£24,517 -£26,918 annually in arrears. Ground rent will be lower initially than shown due to rent free periods topped up by vendor.

AVE. TOTAL 32,924 WAULTS 3.57 3.96 £138,931 £152,534 £4.96

SERVICE CHARGE The service charge currently runs at £0.56 psf. Telford Court, Clydebank Business Park, Clydebank, G81 2NR 6

TENURE Leasehold interest. The property is held on a 125 year lease from Threadneedle Property Investments starting 5 April 1983 and expiring in 2108, leaving approximately 90 years unexpired. The ground rent is calculated at 15% of the contracted rent received by the head tenant. We estimate the ground rent for current year to be £24,517.

SITE The subject site extends to approximately 2.78 acres.

COVENANTS A suite of covenant information and rent payment history can be provided to seriously interest parties.

EPC A full suite of EPC’s is provided in the data-room. Telford Court, Clydebank Business Park, Clydebank, G81 2NR 7

VAT The properties are elected for VAT however it is anticipated that any sale can take place by way of a Transfer of a Going Concern (TOGC). CAPITAL ALLOWANCES No capital allowances are available. DATA-ROOM Data-room access will be provided for seriously interested parties. VIEWINGS Viewings are by appointment only and to be arranged via one of the selling agents. PROPOSAL We have been instructed to seek offers over £1,360,000 (One Million Three Hundred and Sixty Thousand Pounds) exclusive.

A purchase at this level reflects a low Capital Value of only £41.31 per sq ft and an attractive Net Initial Yield of 9.64% (on the net rent of £138,931 after deduction of ground rents) assuming portfolio purchaser’s costs and LBTT of approximately 5.95%.

ANTI-MONEY LAUNDERING PROCESS Under HMRC and RICS regulations and The Criminal Finances Act 2017, as property agents facilitating transactions, we are obliged to undertake AML diligence for both the buyers and vendors (our client) involved in a transaction. As such, personal and or detailed financial and corporate information might be required before any transaction can conclude.

CONTACT DETAILS

Edinburgh Office: 59 George Street, Edinburgh, EH2 2JG

Jamie Thain – [email protected] 0131 240 6994 / 07798 647 620

Will Sandwell – [email protected] 0131 240 6997 / 07801 266 373

Aberdeen Office: 25 Albyn Place, Aberdeen, AB10 1YL

Ken Shaw – [email protected] 01224 569 664 / 07836 556 768

The Agents for themselves and for vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of the Agents has any authority to make or give any representation or warranty whatever in relation to this property. June 2019.