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Industrial Estate Farburn BURNSIDE DRIVE FARBURN INDUSTRIAL Call Centre & Office Investment For Sale • Let to Computer Cab (Aberdeen) Limited with PCG from a D&B 4A1 rated company ESTATE • 4 years guaranteed income DYCE ABERDEEN AB21 0HW • Offers over £550,000, exclusive of VAT, for the long leasehold interest • Ultra high net initial yield of 16.15% BACD AWPR BURNSIDE DRIVE DYCE A92 FARBURN BRDE DN A96 BCBRN A92 E INDUSTRIAL U N V E LL A A96 RIVER DON KHI ESTATE PAR RIVERVIEW DRIVE IVE DYCE ABERDEEN BUR DR BURNSIDE ROAD NSIDE NWE ABERDEEN CY CENRE ABERDEEN WELLHEADS ROAD A944 A92 Aberdeen is Scotland’s third largest city with a population of approximately 220,000 and a regional catchment population of over 500,000. It is the administrative capital of the North East CTS of Scotland and benefits from two Universities, AWPR an expanding International Harbour and Airport, seven major Research Institutes, together with MILLBER A93 world renowned Food, Fisheries and Agricultural Research Establishments. CE BAY RIVER DEE Located 120 miles north of Edinburgh, Aberdeen is one of Scotland’s biggest success stories. As the centre of Europe’s oil and gas industry, the LOCATION city and the surrounding region is a key engine REHEN A956 of the Scottish and UK economies with major The subjects are situated on the south side of opportunities for growth. Burnside Drive within Farburn Industrial Estate in Dyce, some seven miles north west of Aberdeen NRTH EA Aberdeen has strong communication links with city centre. the rest of Scotland, the UK and Europe. The A90 trunk road links Aberdeen with the Scottish The property is conveniently situated for access to BRNDE DRE motorway network, making Edinburgh and Aberdeen International Airport which is a mile away A92 Glasgow accessible in just over 2 hours. The city’s and also the city’s new bypass road (AWPR). Access road network has dramatically improved with to the city’s public transport network is readily the opening of the Aberdeen Western Peripheral available with bus routes and Dyce railway station Route. The city is also linked to major towns being situated nearby. and cities throughout the UK by rail. Aberdeen AWPR International Airport, which lies to the north west Several high profile companies are located in close of the city, provides frequent daily services to the proximity to the property including Technip FMC, principal UK cities and direct flights to Europe. Plexus, Falck and Noble. Furthermore, the BP North Thet Airpor also incorporates the world’s largest Sea HQ offices are situated at Stoneywood, which commercial Heliport. lies adjacent to Farburn. BURNSIDE DRIVE FARBURN DESCRIPTION The property comprises a former BP training centre which has been converted internally to provide a INDUSTRIAL call centre with office accommodation. The original building is estimated to be around 40 years old and comprises a single storey office block with a flat roof ESTATE and a connecting steel portal framed warehouse to the rear. The walls are rendered concrete block with profiled metal above dado height. An extension to DYCE ABERDEEN the warehouse, of similar construction, was added around 30 years ago. Boardroom The property was converted internally approximately 20 years ago to suit its current use as a taxi call centre with offices. We understand the alterations at that time included the installation of suspended ceilings and a raised floor to the call centre area. The remainder of the property is sub-divided to form cellular offices, break out areas, lecture rooms, and kitchen/toilet facilities. The property benefits from comfort cooling to the call centre area and gas fired central heating to the remainder. Lighting is provided by Cat 2 fluorescent fitments and a CCTV system is also installed. Externally, there is a parking area to the front, side, and rear yard space which is also used for parking. We estimate that around 65 cars can be accommodated. Open Plan Call Centre Area The site is enclosed by fencing. BURNSIDE DRIVE FARBURN ACCOMMODATION EPC The property has been measured on a gross internal basis to be The subjects have an EPC Rating of D. approximately 11,350 sq ft (1,054.6 sq m) and is divided as follows: INDUSTRIAL Description Area (Sq Ft) Area (Sq M) TENURE Front Offices 3,130 290.8 ESTATE Our client’s long leasehold interest in the site is for Call Centre 3,900 362.4 sale. The site is leased until 28 May 2125 and the rent Rear Offices 4,320 401.4 currently payable is £24,000 per annum. The rent is subject to 5 yearly reviews with the 1 October 2017 DYCE ABERDEEN Total 11,350 1,054.6 review not yet implemented by the landlord. BURNSIDE DRIVE FARBURN TENANCY The building is presently leased to Computer Cab (Aberdeen) Limited on a FRI basis for a period of 10 years from 21st June 2018 to 20th June INDUSTRIAL 2028, subject to a tenant’s break option on the 5th anniversary, upon giving twelve months notice and a penalty of three months rent. If the tenant does not exercise the break option a rent free period of three ESTATE months will apply. The passing rent is £105,000 per annum, subject to a rent review at DYCE ABERDEEN the 5th anniversary. The tenant is also responsible for paying half the ground rent, subject to a ceiling of £14,000. Accordingly, the total occupational rent passing is presently £117,000 per annum. The lease is guaranteed by CityFleet Networks Limited. Staff Breakout Area COVENANT Computer Cab (Aberdeen) Limited is a long established taxi firm operating principally in Aberdeen and Aberdeenshire but is also part of a larger group of taxi companies with operations in London, Liverpool and Edinburgh. The tenant company was incorporated in 1983. The company has a D&B rating of 2A1 and their accounts for the last three years are summarised below: Year Turnover Pre Tax Profit Shareholder’s Funds 31/12/2017 £5,147,143 £505,471 £5,074,612 31/12/2016 £4,559,744 £608,915 £7,666,799 31/12/2015 £5,390,726 £864,651 £7,159,561 The guarantor, CityFleet Networks Limited, the holding company, has a D&B rating of 4A1 and their accounts for the last three years are summarised below: Year Turnover Pre Tax Profit Shareholder’s Funds 31/12/2017 £57,976,000 £677,000 £18,811,000 31/12/2016 £54,708,000 £240,000 £26,264,000 Open Plan Office 31/12/2015 £57,736,000 £1,284,000 £26,174,000 BURNSIDE DRIVE VAT The property has been elected for VAT and it is anticipated that the sale will be treated as a Transfer FARBURN of a Going Concern. INDUSTRIAL VIEWING To arrange a viewing or for further information, please contact the ESTATE sole agents: DYCE ABERDEEN Ryden LLP Ken Shaw Dan Stalker PROPOSAL 25 Albyn Place 01224 569664 01224 569680 Aberdeen AB10 1YL [email protected] [email protected] We are instructed to seek offers in excess of £550,000 for our client’s long leasehold interest in the above property, exclusive of VAT. Ryden is a limited liability partnership registered in Scotland. Messrs Ryden LLP 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, A purchase at this price will show a very attractive initial 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 yield of 16.15%, based on the net rent, after deduction of by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs Ryden LLP has any purchaser’s costs and LBTT. authority to make or give any representation or warranty whatever in relation to this property. May 2019..
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