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9 Oakbank Park Way Livingston EH53 OTH

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9 Oakbank Park Way Livingston EH53 OTH 9 Oakbank Park Way Livingston EH53 OTH Modern Industrial Investment Extensively fitted out as a High Quality Disaster Recovery Centre Investment Summary • Modern industrial unit • Extensively fitted out as a high quality business continuity and disaster recovery centre • Established business location • Let to THUS Group Holdings Ltd (5A1 Dun & Bradstreet rating) on an FRI lease expiring September 2019 • Sub-let to Sungard Availability Services (UK) Ltd (4A1 Dun & Bradstreet rating) • Total passing rent of £163,500 per annum • Offers in excess of £1.63M (exclusive of VAT) • Net initial yield of c.9.5% (assuming purchasers costs at 5.8%) Uphall Location Dechmont Livingston is strategically located adjacent to Junctions M8 3 and 3A of the M8 motorway in the heart of Scotland’s Uphall Station central belt. The town has a total population in the A89 Edinburgh order of 62,000 and a wider catchment of 1.9million J3 M8 New Houstoun within 45 minutes’ drive time. Created in 1962 as Business Park Scotland’s fourth new town, it is the administrative A899 Knightsridge B8046 centre for West Lothian, home to the Council Industrial headquarters, High Court, Police headquarters and Estate West Lothian College campus. The town has successfully attracted a wide range of occupiers in recent years including blue chip companies M8 such as Glenmorangie, Johnson & Johnson, Quintiles, HOUSTON RD BskyB, Heineken and Mitsubishi Electric. Historically A705 there has been a strong association with electronics, J3a B7031 research, development and manufacturing. East Calder Livingston has extensive retail and leisure amenities Glasgow A779 B7015 B8046 available within the town centre including Almondvale LIVINGSTON Shopping Centre and Retail Park, Livingston Designer Mid Calder Outlet and The Centre which provides more than A705 Oakbank 1.5million sq.ft. of retail/leisure space. Town Centre As well as being strategically located adjacent to the Seafield M8 motorway, Livingston has two train stations with A71 regular services to Glasgow and Edinburgh. Edinburgh A71 International Airport is located 8 miles to the east and Glasgow International Airport is approximately 40 miles to the west. Both airports provide daily flights to Bellsquarry London, Europe and beyond. Polbeth Situation Oakbank is Livingston’s most recent and modern Jabil the electronics manufacturer’s European industrial location, the development of which headquarters lies to the south. Valneva the European commenced in 1996 and is situated on the south east bio-tech company have a significant operation to the side of the town centre, close to the Lizzie Bryce west across Oakbank Park Road. Other significant Roundabout which connects the A71 road with the dual occupiers within the immediate vicinity of Oakbank carriageway and Junction 3 of the M8 motorway. Park Way include Carillion and MW Encap. The subjects are situated at the eastern end of Oakbank Park Way and the site is bounded by Oakbank Park Way to the north and the railway to the south. The surrounding area provides a range of modern office, light industrial and manufacturing accommodation. 7 1 6 2 5 3 4 L iv 1 9 Oakbank Park Way ing st o 2 Viewforth Court n To w 3 Ashwood Court n C 4 Oakbank Park en tr e 5 MW ENCAP & M 6 Carillion 8 7 Jabil Description The property comprises a modern industrial unit constructed in the late 1990s and developed in line with the following specification: » Ground floor slab designed to carry a minimum super-imposed floor loading of 30 Kn per sqm. » Structural steel frame construction. » Minimum clear height of 6 metres from top of finished floor to haunch of steel frame. » Insulated wall and roof cladding. » Double skin translucent roof lights over 10% of roof area. » Electrically operated insulated up and over service doors. » Entrance lobby and reception with office accommodation at ground and first floors. » Male, female and disabled toilets. » Emergency lighting, fire alarm and provision of 3phase electricity. Car parking for c.60 vehicles is provided to the north and west elevations of the property and there is a generous reinforced concrete service yard to the rear. The subjects are operated as a business continuity and disaster recovery centre. The existing sub-tenant has undertaken significant improvements and alterations, including the construction of additional mezzanine space extending across the entire first floor and installation of further windows to provide high quality two storey office space. The tenant is liable to reinstate at expiry of the lease. The accommodation is divided into a range of suites or workplaces and server rooms. Male, female and disabled WCs together with meeting rooms, tea prep/rest room facilities are provided on each floor. The floors are served by a disabled lift and internal staircase. Generally the accommodation benefits from fitted carpets, suspended ceilings, recessed fluorescent lighting and air conditioning. There is 24/7 onsite staffing and CCTV video and infrastructure monitoring. Further information on the facility can be found using the following link. www.sungardas.co.(UK)/Company/Locations/(UK)-Locations/ Pages/(UK)-Locations.aspx Accommodation We have measured the subjects in accordance with the RICS Code of Measuring Practice (6th Edition) and estimate the gross internal area of the property to be approximately as follows: Ground Floor 2,678.56 sqm (28,832 sqft) First Floor* 287.56 sqm (3,095 sqft) Total 2,966.12 sqm (31,927 sqft) *original construction We estimate the gross internal area for the actual accommodation (including tenant improvements) to be in the order of 51,666 sq.ft. and a further breakdown can be provided. We estimate the total site area to extend to approximately 1.052 hectares (2.599 acres). Tenure Outright ownership / heritable interest (Scottish equivalent of freehold). Tenancy The property is let to THUS Group Holdings Ltd on a full repairing and insuring lease for a term of 20 years from 7 September 1999 to 6 September 2019. The current passing rent is £163,500 per annum. The rent review, as at September 2014, was not actioned. The property is sub-let to Sungard Availability Services (UK) Ltd until expiry of the headlease. The sub-tenant has undertaken extensive alterations and improvements to the property with the approval of the landlord and on the basis that the premises are generally reinstated upon expiry of the lease. Tenant Covenant Viewing and Further Information THUS Group Holdings Ltd is a telecommunications services and equipment company which was acquired Viewing is strictly by appointment through the sole by Vodafone Group in July 2012. The company have a selling agents: Dun & Bradstreet rating of 5A1. Their latest accounts filed in March 2014 showed a tangible net worth in Ryden LLP excess of £248.864M. 46 Castle Street, (www.thus.net) Edinburgh EH2 3BN The sub-tenant Sungard Availability Services (UK) Tel: 0131 225 6612 Ltd provide business continuity and disaster recovery services. The company have a Dun & Bradstreet Ford Swanson Nick Armstrong rating of 4A1. Their latest accounts filed in December 2013 showed sales turnover of £182.484M, profit before DDI: 0131 473 3236 DDI: 0131 473 3223 taxes of £11.385M and a tangible net worth of £25.138M. Email: [email protected] Email: [email protected] (www.sungard.co.uk) VAT The property is elected for VAT. VAT will be payable on the purchase price, however it is anticipated that a sale will be enacted by way of a Transfer of a Going Concern (TOGC). Investment Proposal We are instructed to seek offers in excess of £1.63M exclusive of VAT for the benefit of our client’s outright ownership interest. A purchase at this level reflects a net initial yield of c.9.5% assuming purchaser’s costs of 5.8%. EPC Rating The building has an energy performance rating of D. A copy of the certificate can be made available upon request. Messrs Ryden 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 Messrs Ryden has any authority to make or give any representation or warranty whatever in relation to this property. January 2015.
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