PRIME OFFICE INVESTMENT OPPORTUNITY OUT OF TOWN INVESTMENT OPPORTUNITY AT EH12 9JQ
3 4 INVESTMENT HIGHLIGHTS EDINBURGH ECONOMY COMMUNICATIONS SITUATION THE PROPERTY ACCOMMODATION
TENURE ASSET MANAGEMENT TENANCY TENANT COVENANTS MARKET COMMENTARY FURTHER INFORMATION
INVESTMENT HIGHLIGHTS
• Edinburgh is a vibrant capital city with a strong • Attractive weighted average unexpired lease and diverse economy. As well as being a major term to expiries of 8.71 years and 6.27 years financial, administrative and cultural centre, the to break. city has a rapidly expanding technology sector. • 48% of the annual rent will benefit from annual • Broadway Park is located in a prime out of fixed uplifts. town business location, which has undergone a structural change with now three train stations • Asset management opportunities.
and the tram. • Offers are sought in excess of £31,925,000 exclusive of VAT for our client’s heritable • 147,400 sq ft of office accommodation with 391 car parking spaces (1:373 sq ft). interest, reflecting a net initial yield of 7% assuming purchasers costs of 6.27%. • Let to Standard Life Investments Limited and Scottish and Newcastle Limited, both of which • This represents a low capital rate of only £217 are 5A1 covenants. per sq ft.
• The property is held in a Jersey Company, which • Passing rent of £2,375,761 per annum, reflecting a low average rent of only £16.12 per sq ft. could form part of the transaction. Further information is available upon request. • Reversionary to ERV of £2,479,424 reflecting £16.82 per sq ft
5 6 BROADWAY PARK | EDINBURGH INVESTMENT HIGHLIGHTS EDINBURGH ECONOMY COMMUNICATIONS SITUATION THE PROPERTY ACCOMMODATION TENURE ASSET MANAGEMENT TENANCY TENANT COVENANTS MARKET COMMENTARY FURTHER INFORMATION
EDINBURGH ECONOMY
THURSO
The Capital of Scotland, Edinburgh is the UK’s leading city economy outside London. With a population of c500,000, Edinburgh is one of the fastest growing and most productive cities in the UK.
THE STRONGEST UK CITY ECONOMY TALENTED WORKFORCE OUTSIDE LONDON Edinburgh is home to one of the UK’s most productive and Edinburgh is the most prosperous city outside London but qualified workforces and is internationally renowned for the offers significantly lower labour and property costs. The city quality of its talent base - with 55% of the population holding A96 has the second highest Gross Value Added (GVA) per resident a degree level qualification or equivalent. This talent base, the INVERNESS of major UK cities at £37,000 per resident, well ahead of the area’s quality of life and its environment are key attractions for A95 UK average and outstripping that of similar sized cities such employers and their employees. as Leeds (£27,500), Birmingham (£22,300) and Sheffield AVIEMORE (£19,800). Edinburgh retains a high proportion of its 58,000 strong A82 student population, attracted by the city’s quality of life and A9 Unemployment rates in the city have been lower than other economic opportunities. Edinburgh has four universities: The ABERDEEN major UK cities in each of the last ten calender years. Nearly University of Edinburgh, Edinburgh Napier University, Heriot- 50% of the city region’s workforce is employed in knowledge Watt University and Queen Margaret University. A90 intensive jobs including computing, communications, scientific FORT WILLIAM research and also across the creative industries. A9 DUNDEE A relatively dense population and sophisticated transport network mean short commuter times and a wide recruitment OBAN PERTH pool for employers. Within one and a half hours’ travel of A85 Edinburgh, the population rises to over 1.6 million. STIRLING CAPITAL OF CULTURE M90 M80 FIRTH Edinburgh is one of the UK’s largest tourist destinations and OF FORTH acts as a gateway to the rest of Scotland. The city sells £1.46 M80 M9 M73 billion of services to staying visitors which supports around GLASGOW M8 EDINBURGH 30,000 Jobs per annum. Edinburgh is widely recognised for A68 its historical and cultural influences, named as the cultural M77 capital of the UK in 2016. Edinburgh hosts the largest annual A7 FIRTH international arts festival in the world, the Edinburgh Festival OF M74 Fringe. CLYDE AYR A76
DUMFRIES
A75
7 8 THE CAPITAL OF SCOTLAND, EDINBURGH IS THE STRONGEST UK CITY ECONOMY OUTSIDE LONDON.
9 10 BROADWAY PARK | EDINBURGH INVESTMENT HIGHLIGHTS EDINBURGH ECONOMY COMMUNICATIONS SITUATION THE PROPERTY ACCOMMODATION TENURE ASSET MANAGEMENT TENANCY TENANT COVENANTS MARKET COMMENTARY FURTHER INFORMATION
COMMUNICATIONS EDINBURGH IS AT THE HEART 1.2M PEOPLE OF WORKING EDINBURGH HAS THE UK’S OF SCOTLAND’S AGE WITHIN A 45 MINUTE LARGEST SUBURBAN TRANSPORT INFRASTRUCTURE COMMUTE AND 2M WITHIN RAIL NETWORK OUTSIDE WITH EXCELLENT ROAD, AN HOUR LONDON RAIL, SHIPPING AND AIR The area benefits from excellent communication links: SERVICES.
DUN ER INE
PLANE TRAIN CAR TRAM BUS Edinburgh is Scotland’s Within a 10 minute Lying adjacent to the Edinburgh Trams There are three bus busiest airport, located walk of the building city bypass and close launched in 2014 stops providing regular just 5 minutes from there are two railway to its junction with and provide a fast, buses connecting to A OR H BRIDGE IR H O OR H the subject property. stations, South Gyle the M8 motorway, integrated, state of the both the airport and and Edinburgh Park, providing access to art transport service city centre. 11 million OU H UEEN ERRY passengers providing access to the main motorway from the city centre to 25 mins per year Edinburgh’s Waverley network. the airport. City Centre A A 120+ and Haymarket A A destinations Glasgow 45 mins In close proximity to A staions, the Fife Circle A EDINBURGH the subject property AIRPOR 6th largest in the UK line and West Lothian, 2hrs Newcastle there are three tram A all of which link the A 26 million forecast halts that service both EDINBURGH A location to the rest Aberdeen 2hrs A passengers by 2030 A of the UK. Edinburgh Park and I Y EN RE South Gyle, which A Glasgow 50 mins provide direct route A A A to the airport or A London 4hrs 30 mins I ING ON alternatively the city A (20 trains a day) centre. A 1hr 26 mins Newcastle 14km route from the Aberdeen 2hrs 20 Airport to City Centre mins Airport 13 mins A 20 million passengers Princess Street 23 mins per year
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SITUATION
WEST EDINBURGH IS HOME TO A RANGE OF GLOBAL BUSINESSES INCLUDING JP MORGAN, Broadway Park is situated within the South Gyle tram and train links at nearby South Gyle (0.5 miles) and DIAGEO, BT, RBS AND Business District, recognised as Edinburgh’s leading Edinburgh Park (1 mile). HSBC. out of-town business location with excellent amenities. The South Gyle Business District offers both out of town office and industrial space to a mix of leading corporate occupiers The Park has excellent transport links, located just off the including JP Morgan, Aegon, Kames Capital, Tesco Bank, Edinburgh Bypass (A720), giving direct access to the city Sainsbury’s Bank, Royal Mail and Royal Bank of Scotland. There is of Edinburgh and surrounding area as well as the major a new housing development immediately adjacent to Broadway motorways; the M8 linking to Glasgow and the Central belt of Park. The Park benefits from its close proximity to the retail EDINBURGH Scotland and the M9 to Stirling. The Park benefits from strong and leisure offer in the district. The Gyle Shopping Centre is IN ERNA IONA public transport links with the new Edinburgh tram just a 10 anchored by M&S and Morrisons, and Hermiston Gait Retail AIRPOR OHN minute walk from the property at Bankhead, as well as further Park offers a Tesco Superstore, B&Q, TK Maxx and Decathlon. A ROAD A
ING I ON PARK RIDE EDINBURGH GA EWAY O EDINBURGH G A GOW ROAD AIRPOR ER INA
1 A I Y BYPA 5 2 OU H GY E A OU H GY E BROADWAY 3 RAI WAY A ION RB WOR D H 6 O G A GOW UEEN REE 4 7 OU H GY E 8 BU INE DI RI 9 10