MODERN MULTI LET INDUSTRIAL & FOR SALE TRADE COUNTER INVESTMENT

Excelsior Park Wishaw ML2 0EG »» Established industrial location with good accessibility to M74 and M8 motorways »» 11 modern industrial and trade counter units totalling 109,523 sq ft / 10,175 sq m Executive »» Tenants include Siemens plc, Keyline Builders Merchants, Howden Joinery and Salvation Army »» Strong underlying industrial market with historically low supply levels Summary »» Opportunity to increase income through letting of 2 vacant units »» Current net income of £536,396 per annum with an ERV of £652,700 per annum »» £6.1 million reflecting a net initial yield of 8.28% and a reversionary yield of 10.03% »» Low capital rate of £55.70 per sq ft Wishaw General Hospital

Caledonian Retail Park A90 Perth A85 A85

A82 A92 A91 St Andrews

A84 A9 A91

Glenrothes M9 A91 A82 A92

Kirkcaldy Stirling A811 M90 Dunfermline A985 Location M80 Dalgety Bay Wishaw is located within North Lanarkshire, Helensburgh Falkirk approximately 17 miles south east of Glasgow and Dumbarton M9 33 miles west of Edinburgh. The town benefits from A80 Tranent A1 excellent communication links, with accessDunoon to the Greenock M74 motorway via Junction 6 and access to the M8 M8 EDINBURGH motorway via the A73. The motorway network in the M80 3a 3 immediate vicinity is currently subject to significant M73 Livingston A78 Strathclyde Business Park M8 upgrade, with both the M74 and M8 motorways undergoing substantial improvements. Eurocentral Paisley GLASGOW A71 A68 Largs Wishaw is located within the heart of the North Cambuslang A725 A702 Lanarkshire Regeneration Area, which is focused on the Motherwell Hamilton Wishaw A73 redevelopment of the site of the former Ravenscraig A703 East Kilbride A7 Steelworks and has already seen £200m of public and Carluke A737 A71 Excelsior Park, Wishaw private investment. The Ravenscraig development A697 will comprise a 1,200 acre residential and mixed use A721 development, with the initial phases comprising Aardrossan M74 facility for Motherwell College, a new sports facility and A77 380 new homes, already completed. Kilmarnock Galashiels Irvine A702 A71 The established industrial areas of Bellshill and A71 A72 A76 Melrose Eurocentral / Newhouse are both within a 7 mile radius A77 to the north of Wishaw, as well as Mossend, the main Troon rail freight centre in Scotland. A697 Prestwick Strathclyde Country Park Ayr Cumnock < GLASGOW Ravenscraig M74 Jedburgh A70 A68 Campbeltown Motherwell AIRBLES ROAD Hawick

River Clyde Situation A721 Alnwick A76 Wishaw Jn 6 The property is situated within Excelsior Park, which A721

is accessed via the A721 (Glasgow Road) linking into A721 the B754 Netherton Road. The estate is a five minute M74 Excelsior Park NETHERTON ST drive from Wishaw town centre and surrounded A68 by considerable existing and modern residential A72 B754 development. Originally developed as an Enterprise Ferniegair A7

Zone, in recent years Excelsior Park has grown into A72 NETHERTON RD a well established industrial and trade counter location B7032 B7032 with occupiers on the park including Royal Mail, A77NHS Chatelherault Country Park A701 Laundry, Keyline Builders, Howden Joinery, Screwfix, A74 (M) River Clyde Toolstation and Siemens plc. M74 Langholm Lockerbie

A72

LANARK ROAD Dumfries

Newton Stewart Gretna NEWCASTLE

Stranraer Carlisle Wigtown Siloth M6 Description

The properties provide a range of modern single storey industrial / trade counter / distribution units with ancillary office accommodation. All units are of steel portal frame construction clad in proprietary metal sheeting with eaves heights ranging from 5.2 – 6 metres.

Each of the buildings benefit from separate service yards and car parking with attractive landscaped areas fronting Canyon Road.

Units 2 and 3 Excelsior 1 have both recently been refurbished, with a new office/toilet block installed in Unit 3 as part of the Sealeco letting terms. Units 50/52 Canyon Road were also refurbished prior to the recent letting to Salvation Army. Tenancy Schedule

Floor Passing Service D&B Next Rent ERV Unit Tenant Area Lease Term Break Rent Charge Comments Rating Review £ psf (sq ft) £ (psf) £ Break notice served. Siemens are seeking to Unit 1 125,000 121,200 Siemens plc 5A1 20,195 01/04/05 – 31/03/20 31/03/18 assign the lease to a JV Excelsior 1 (6.19) (6.00) company between Siemens and Gamesa. Refurbished unit. Guarantee Unit 2 Doorset 55,182 60,200 from Carlton Joinery B2 10,033 12/11/15 – 11/11/23 12/11/20 Excelsior 1 Technology Ltd (5.50) (6.00) Products Limited. Schedule of Condition. Refurbished unit. Unit 3 86,126 87,600 Sealeco Ltd 1A1 15,279 19/12/16 – 18/12/26 19/12/21 19/12/21 Guarantee from Nordic Excelsior 1 (5.64) (5.75) Waterproofing Group AB. Keyline Builders 01/09/20 117,300 138,000 Excelsior 2 5A1 23,000 01/09/05 – 31/08/30 31/08/20 Merchants Ltd + 5 yrly (5.10) (6.00) Unit 1A Kings Security 26,880 32,300 N1 5,171 21/02/11 – 20/02/21 2016 break removed. Excelsior 3 Systems Ltd (5.20) (6.25) Unit 1B Lowe Refrigeration 25,725 30,600 2A4 4,900 24/12/08 – 23/12/18 Excelsior 3 Solutions Ltd (5.25) (6.25) Unit 1C 30,600 Previous lease expired Vacant 4,888 4,320 Excelsior 3 (6.25) February 2017 Unit 1D 32,100 Previous lease expired Vacant 5,128 4,512 Excelsior 3 (6.25) March 2017 Unit 2 Howden Joinery 52,000 60,400 N1 10,069 26/05/06 – 25/05/21 26/05/16 2016 break removed. Excelsior 3 Properties Ltd (5.16) (6.00) Salvation Army 3 months rent free if break Units 50/52 57,015 59,700 Trading Company 3A1 10,860 07/04/16 – 06/04/23 07/04/21 07/04/21 not exercised. Schedule of Excelsior Park (5.25) (5.50) Ltd Condition.

Total 109,523 £545,228 £652,700 £8,832

Further information on tenant covenants, including D&B Reports, can be provided upon request. AREA RENT ADDRESS TENANT DATE LEASE TERMS (SQ FT) (PER SQ FT) Building 604, Clyde Greencore Jan 2017 16,300 10.5 year lease £8.00 Gateway East, Glasgow Occupational Market Western Campus, Brookfield Dec 2016 10,000 10 year lease £7.50 Strathclyde Business Park Healthcare The occupational market in the Greater Glasgow / Lanarkshire Kingston Bridge Trading 10 year lease area has performed strongly over the last 5 years, with high William Wilson Dec 2016 10,000 £8.50 Estate, Glasgow (TBO at year 5) take-up levels maintained and a steady decline in availability. CoStar calculate that the Building 601, Clyde current vacancy rate for units Dentec April 2016 19,263 15 year lease £7.27 completed since 2000 is 1.3%. Gateway East, Glasgow The reduction in supply is pushing up rents and reducing Unit C, Glasgow Airport 5 year lease Fedex Feb 2016 21,594 £7.10 incentives. New build rents are moving above £8 sq ft and Business Park renewal good second hand stock is now achieving £7 sq ft +. Nationwide 15 year lease Unit A, Eastpoint, Bellshill Jan 2016 27,500 £6.25 Despite the strong occupational story, there is little speculative Platforms (TBO at year 12) development underway. This looks unlikely to change in the short term, which augers well for existing buildings in key Howdens 23 James Street, Bellshill Jan 2016 10,425 15 year lease £6.24 locations. The average passing rent on Excelsior Park is £5.48 Joinery sq ft, giving strong rental growth prospects. Unit 3, Sentinel Court, 10 year lease Steder Group Dec 2015 20,067 £6.25 Hillington Park (TBO at year 5) 40 Cambuslang Road, 15 year lease Excelsior Park Hydrasun Sept 2015 28,791 £6.25 Cambuslang (TBO at year 10) Recent letting activity on Excelsior Park has been brisk - since November 2015 there have been 8 lettings totalling 70,000 sq ft, in unit sizes ranging from 5 - 15,000 sq ft, with new occupiers including Screwfix and Toolstation. Greater Glasgow / Lanarkshire Letting activity

4000 3500 3000 2500 2000 1500 000’s sq ft 000’s 1000 500 0 2012 2013 2014 2015 2016

Source: Costar Tenure Excelsior 1 & 2 - absolute ownership (Scottish equivalent of English Freehold). Excelsior 3 - 175 year lease from 27/8/2013 at a rent of £1 per annum, with the right to acquire the absolute ownership after 22/2/2018 at a price of £1. 50/52 Excelsior Park - 125 year lease from 9/3/1994 at a rent of £1 per annum. EPC

A schedule of EPC certificates can be provided upon request. Capital Allowances

No Capital Allowances are available. Investment Proposal Contact

Offers are sought in excess of £6.1m exclusive For further information or if you wish to Messrs Ryden LLP for themselves and for vendors or lessors of this property of VAT. A purchase at this level will show arrange a viewing, please contact: 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 an attractive Net Initial Yield of 8.28% and not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, a Reversionary Yield of 10.03% allowing for dimensions, reference to condition and necessary permissions for use and Ian Dougherty purchaser’s costs based on LBTT. This equates to occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations a low capital value rate of £55.70 per sq ft. Ryden LLP of fact but must satisfy themselves by inspection or otherwise as to the 130 St Vincent Street correctness of each of them; (iii) no person in the employment of Messrs Ryden has any authority to make or give any representation or warranty whatever in VAT Glasgow G2 5HF relation to the property. April 2017. Telephone: 0141 270 3163 The property has been elected for VAT purposes Email: [email protected] and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).