Norseman & Westcott House

Home , B800 road, Currie railway station, Queensferry Crossing, South Queensferry

NORSEMAN & WESTCOTT HOUSE FORTH BRIDGES BUSINESS PARK SOUTH QUEENSFERRY EH30 9QZ

INVESTMENT OPPORTUNITY FOR TWO HIGH QUALITY OFFICE BUILDINGS ON A LARGE SITE AREA WITH THE MAJORITY LET TO THE SCOTTISH GOVERNMENT TRADING AS NHS SCOTLAND NORSEMAN & WESTCOTT HOUSE INVESTMENT OPPORTUNITY FOR TWO HIGH QUALITY OFFICE FORTH BRIDGES BUSINESS PARK BUILDINGS ON A LARGE SITE AREA WITH THE MAJORITY LET SOUTH QUEENSFERRY, EH30 9QZ TO THE SCOTTISH GOVERNMENT TRADING AS NHS SCOTLAND

Forth Road Bridge Forth Bridge

B800

INVESTMENT CONSIDERATIONS • Two high-quality office buildings totalling 36,140 sq ft located in the very heart of • The remaining 33% of the property is let to strong covenants in PROPOSAL West Edinburgh their own right, rated as very low risk or below average risk We are instructed to seek offers in excess of • 68% of income from the undoubted covenant of The Scottish Ministers, operating as • Located in an area of high development with a number of new £5,000,000 (Five Millions Pounds) subject NHS24, until 2027 (break 2022) projects in construction or completed in the immediate vicinity to contract and exclusive of VAT. A purchase • Ideally located just a 10 minute drive to Edinburgh Airport and 8 miles to Edinburgh • The NHS have recently carried out a substantial refurbishment at this level reflects a low capital of £138 City Centre, immediately south of the Forth Road Bridge to their first floor offices, demonstrating their commitment to psf and a Net Initial Yield of 8.62%, after the building • NHS24 is Scotland’s national telehealth and telecare organisation operating services allowing for purchaser’s costs of 6.59%. including Scotland’s 111 and NHS Inform • Substantial car park providing 129 car parking spaces with a ratio of 1:280 sq ft and large site area of 1.574 acres (0.637 hectares) • The property is fully let producing a rental income of £459,309 per annum (£12.71 per sq ft)

Site outline for identification purposes only. NORSEMAN & WESTCOTT HOUSE INVESTMENT OPPORTUNITY FOR TWO HIGH QUALITY OFFICE

FORTH BRIDGES BUSINESS PARK A84 BUILDINGS ON A LARGE SITE AREA WITH THE MAJORITY LET SOUTH QUEENSFERRY, EH30 9QZ A82 TO THE SCOTTISH GOVERNMENT TRADING AS NHS SCOTLAND

A91

E LS TH HIL ND K A9 D K A AR ON AR ND L P K M L P A915 A83 MO NA R A84 LO A LO IO PA ION CH NAT ST EG A92 LO HA RE R AC FO SS TH Doune Leven TRO BE Dunblane IZA EL EN UE Q A84 A91 M90 A921 A82 M9 A92 A811 Stirling Cowdenbeath Kirkcaldy A905 Alloa Bannockburn A905 Oakley Dunfermline Kincardine A985 A823(M) A811 A9 M80 A905 North Denny M876 Queensferry A803 Falkirk A904 A90 Dunbar A706 M9QUEENSFERRY Lennoxtown A803 A199 Linlithgow Edinburgh Greenock M80 Airport Haddington Dumbarton Cumbernauld A902 EDINBURGH A1 A78 Port A8 M8 Glasgow M8 Morningside A82 A720 M898 A701 Clydebank M80 M73 Livingston Kirknewton Glasgow A89 International S Airport M8 LL M8 M8 Airdrie HI GLASGOW D K L Coatbridge A71 N R IE TLA PA A6094 SH Paisley A74 EN AL UIR K A8 P ON M AR A77 M74 GI A68 DE L P RE A766 CLY NA A725 A70 IO A7 REG A737 Motherwell A702 East Kilbride Hamilton Forth A726 M77 A73 West Linton

M74 Lauder A701

West A703 Kilbride A721 Strathaven Lanark A78 Peebles A68

A77 Biggar Irvine Kilmarnock A71

A702 Douglas LOCATION Selkirk Edinburgh is Scotland’s Capital City and is the historic financial and administrative centre of Scotland, home Prestwick A7 to more FTSE 100 companies than any other city in the UK outside of London. It houses both the Scottish

Ayr CumnockParliament and the Scottish Government andA74 is( Mthe) UK’s most prosperous city outside London (Source: A70 Invest Edinburgh) but offers significantly lower labour and property costs. A77

EdinburghA76 is considered to be the UK’s most educated city with over 54% of the residents holding a degree.New There are 2 universities and 6 further education colleges in Edinburgh with over 80,000 students A78 Cumnock in the city. The University of Edinburgh is one of the oldest English-speaking universities in the world with a prestigious reputation amongst the top universities in the UK. Moffat Edinburgh is one of Europe’s largest banking centres, home to The Royal Bank of Scotland and parts of The Lloyds Banking Group, as well as some of Scotland’s largest financial institutions, such as Standard Life Aberdeen. Other major employers within Edinburgh include the City’s Council, Scottish Widows and Aegon. The city benefits from strong transport links, including the bullet train from London, an international airport and excellent road links:

CAR TRAIN (Edinburgh Train Station) AIR M9 3 miles Glasgow 44 mins Direct Flights from Edinburgh Airport to over M8 5 miles Newcastle 1h 24 mins 120 destinations. Glasgow 41 miles Manchester 3 hrs 15 mins Dundee 49 miles London 4 hrs 20 mins

TRAIN (Dalmeny) Edinburgh 19 mins NORSEMAN & WESTCOTT HOUSE INVESTMENT OPPORTUNITY FOR TWO HIGH QUALITY OFFICE FORTH BRIDGES BUSINESS PARK BUILDINGS ON A LARGE SITE AREA WITH THE MAJORITY LET SOUTH QUEENSFERRY, EH30 9QZ TO THE SCOTTISH GOVERNMENT TRADING AS NHS SCOTLAND

TOURISM Edinburgh remains a popular tourist attraction in the UK with yearly events such as the Edinburgh Fringe Festival; the world’s largest arts festival lasting 25 days and attracting more than 55,000 performances. There is also the International Film Festival, which is an annual fortnight of cinema screenings and related events taking place each June. It is estimated that the annual tourist expenditure in Edinburgh is in excess of £1.3 billion. There has been significant recent investment into the existing tourist attractions and infrastructure across the city, including the £47 million pound refurbishment of the National Museum of Scotland, the refurbishment of the Commonwealth Pool, the £285 million pound upgrade of Waverley Train Station, the £25 million pound Haymarket Interchange, and the £68 million pound extension of the Edinburgh International Conference Centre.

MAJOR CITY THAT IS ALWAYS GROWING Edinburgh has a population of 525,000 people with 2.4 million international visitors each year. It is the fourth largest tourist population in the world, when compared to local residents. Edinburgh’s population has increased by 13% in a decade and remains the UK’s fastest growing city, with a projected 20% increase in population by 2039.

Edinburgh’s ranking among big* cities

Education GVA† Employment Company NVQ4 per person rate start-ups or above

1 Edinburgh Bristol London London

2 London Edinburgh Edinburgh Edinburgh

3 Bristol Leeds Glasgow Manchester

4 Glasgow London Bristol Bristol

5 Leeds Newcastle Manchester Leeds

*8 core cities, plus London, Edinburgh and Glasgow. †Gross value added. (Source: Centre for Cities/The Economist) NORSEMAN & WESTCOTT HOUSE INVESTMENT OPPORTUNITY FOR TWO HIGH QUALITY OFFICE FORTH BRIDGES BUSINESS PARK BUILDINGS ON A LARGE SITE AREA WITH THE MAJORITY LET SOUTH QUEENSFERRY, EH30 9QZ TO THE SCOTTISH GOVERNMENT TRADING AS NHS SCOTLAND

Norseman House

Westcott House

SITE AREA SITUATION 1.574 acres The property is situated in West Edinburgh, just 8 miles northwest The popular Dakota Hotel Bar & Grill, Burger King and Tesco The property is a ten minute drive north of Edinburgh Airport (0.637 hectares). from Edinburgh City Centre, moments from Forth Bridge. It forms Superstore are all located opposite and the immediate area and other notable occupiers in the vicinity include M&S Simply part of the main commerce area of Queensferry and occupies a has recently seen considerable residential development, Food, Premier Inn, McDonalds and BP. prominent eastern position within the Ferrymuir Quarter, bound which is explored further in pages 8 and 9. by the A90 to the south and Ferry Muir Road to the north.

Site outline for identification purposes only. NORSEMAN & WESTCOTT HOUSE INVESTMENT OPPORTUNITY FOR TWO HIGH QUALITY OFFICE FORTH BRIDGES BUSINESS PARK BUILDINGS ON A LARGE SITE AREA WITH THE MAJORITY LET SOUTH QUEENSFERRY, EH30 9QZ TO THE SCOTTISH GOVERNMENT TRADING AS NHS SCOTLAND

DESCRIPTION The property comprises two modern, high-specification office buildings arranged over ground and first floors. The property benefits from well maintained landscaping across the site and a large car park comprising 129 parking spaces (8 disabled). The two office buildings are completely detached and of steel frame construction, with part brick and part panel cladding, situated under pitched metal roofing. A further description of each building can be found below:

NORSEMAN HOUSE:

Comprehensively Back-up Diesel refurbished offices generator with roller shutter doors LED lighting, carpet covered raised floors Double height and suspended ceilings reception area

The property is an L-shaped building with two separate wings and a reception area. One of the wings has been recently refurbished benefitting from LED lighting, carpeted raised floors and suspended ceiling. There is a roller shutter door providing access to the diesel back-up generator. There are two sets of metal staircases providing access to the first floor and the fire exit. The property benefits from double glazing, a lift and external bicycle storage.

WESTCOTT HOUSE:

4x self-contained office Bike storage and suites with Cat II lighting shower facilities and comfort cooling

WC facilities Fully fitted kitchen on each floor and break-out room

The property benefits from clean rectangular floor plates, carpeted raised floors and mineral fibre suspended ceilings with integrated Cat II lighting. The property is internally partitioned off to provide two self-contained office suites on each floor with individual entry systems. WC facilities are provided on both floors. The property benefits from double glazing, two sets of metal staircases on either end of the property, a lift and external bicycle storage. One of the office suites also has two showers installed for staff use.

ACCOMMODATION TABLE*

Floor Sq m Sq ft Ground 1,213.21 13059 Norseman House First 1,030.29 11090 Total 2,243.5 24,149 Ground 564.19 6073 Westcott House First 549.8 5918 Total 1,113.99 11,991 Property Total 3,357.49 36,140

*Measurements have been provided by the vendor, any interested party should carry out their own their own measured survey. NORSEMAN & WESTCOTT HOUSE INVESTMENT OPPORTUNITY FOR TWO HIGH QUALITY OFFICE FORTH BRIDGES BUSINESS PARK BUILDINGS ON A LARGE SITE AREA WITH THE MAJORITY LET SOUTH QUEENSFERRY, EH30 9QZ TO THE SCOTTISH GOVERNMENT TRADING AS NHS SCOTLAND

TENANCY

Norseman House

Unit Tenant Sq Ft* Start End Break Rent p.a. Rent per sq.ft.

Norseman House The Scottish Ministers 24,149 01/10/2002 30/09/2027 01/10/2022 £313,937 £13.00

*We understand that for the purposes of the rent review, the agreed floor areas are 27,425 sq ft which currently reflects £11.45 per sq ft.

Westcott House

Unit Tenant Sq Ft Start End Break Rent p.a. Rent per sq.ft.

Ground Floor, Suite 1 Risktec Solutions Ltd 2,307 13/08/2012 12/08/2022 £27,612 £11.97

Ground and First Floor, Suite 2 Hunter Boot Limited 6,739 08/03/2018 07/03/2028 07/03/2023 £80,760 £12.00

First Floor, Suite 1 InfoGraphics UK Ltd 2,945 01/12/2011 30/11/2021 £36,000 £12.22

2 Car Parking Spaces Risktec Solutions Ltd 13/08/2012 Rolling* £1,000

Total 11,991 £145,372

Grand Total 36,140 £459,309

*May be terminated at any time by either party giving 1 month’s prior written notice. NORSEMAN & WESTCOTT HOUSE INVESTMENT OPPORTUNITY FOR TWO HIGH QUALITY OFFICE FORTH BRIDGES BUSINESS PARK BUILDINGS ON A LARGE SITE AREA WITH THE MAJORITY LET SOUTH QUEENSFERRY, EH30 9QZ TO THE SCOTTISH GOVERNMENT TRADING AS NHS SCOTLAND

SOUTH QUEENSFERRY REDEVELOPMENT HOTSPOT Queensferry Crossing Bridge Forth Road Bridge

M90

B800 A9000

2 3

10 miles to 4 Edinburgh City Centre 1

B800

1 Development of 143 houses and flats with additional community facility 3 miles to Edinburgh Airport 2 Development of 44 residential units with parking 3 Vacant future redevelopment side – former Frankie & Benny’s 4 SUBJECT PROPERTY

Site outlines for identification purposes only. NORSEMAN & WESTCOTT HOUSE INVESTMENT OPPORTUNITY FOR TWO HIGH QUALITY OFFICE FORTH BRIDGES BUSINESS PARK BUILDINGS ON A LARGE SITE AREA WITH THE MAJORITY LET SOUTH QUEENSFERRY, EH30 9QZ TO THE SCOTTISH GOVERNMENT TRADING AS NHS SCOTLAND

Queensferry CURRENT MAJOR DEVELOPMENTS IN SOUTH QUEENSFERRY Crossing Bridge Forth Road Bridge

1 FORTH BRIDGE EXPERIENCE – Forth Bridge RECEPTION HUB Development of a Forth Bridge Walk Reception Centre; new A9000 sections of bridge access system; M90 new viewing platforms; associated H car parking; landscaping; servicing ope 1 tou n and alterations to existing vehicular R oa d and pedestrian accesses. New hal ls Ro ad B 2 FERRYMUIR (CORUS SITE) 924 125 DWELLINGS QUEENSFERRY 924 Residential development J1A d B Roa ss application for 124 homes. ’ne Bo

2 Statio 3 SPRINGFIELD HOUSING n Roa B

d a

3 7

k Land adjacent to Queensferry 0 h

9 e

Crossing authorised for B a d

a housing development of a 7 Dalmeny R

o d

150 homes.

h T 4 BUILYEON ROAD Bu ilye HOUSING DEVELOPMENT on A9 Roa 04 d A Mixed Use Development. Up 904 Ferry Muir to 980 homes, Primary School, 4 Rd B 80 Discount Foodstore, commercial 0 units, Care Home, play areas, J1A petrol station, two drive thru 6 restaurants, Civic Square, Public Greenspace.

A9000 8

5 SOUTH SCOTSTOUN HOUSING A90 0 0 New Development for 300+ homes.

6 FERRYMUIR RETIREMENT 5

HOMES (GLENFORTH COURT)

44 retirement homes (flats) A90 between Dakota Hotel and ex-Frankie & Benny’s restaurant. J1

7 QUEENSFERRY

HIGH SCHOOL BUILD

Details: Plans submitted include 8 0

the requested independent 0 M90 community access, 6 lane swimming pool, steam room, sauna and many other leisure DUNDAS PARKS facilities. Capacity for 1200 pupils. GOLF CLUB NORSEMAN & WESTCOTT HOUSE INVESTMENT OPPORTUNITY FOR TWO HIGH QUALITY OFFICE FORTH BRIDGES BUSINESS PARK BUILDINGS ON A LARGE SITE AREA WITH THE MAJORITY LET SOUTH QUEENSFERRY, EH30 9QZ TO THE SCOTTISH GOVERNMENT TRADING AS NHS SCOTLAND

TENANT INFORMATION The Scottish Ministers Hunter Boot Limited (Experian – Below Average Risk) Risktec Solutions Ltd (Experian – Very Low Risk) Infographics UK Ltd (Experian – Very Low Risk) The devolved government for Scotland is Founded in 1856, Hunter is a progressive British heritage Risktec Solutions is a specialist risk management consulting Infographics are a software development IT company, responsible for most of the issues of day to brand renowned for its iconic Original boot and holds two and training company, part of TÜV Rheinland. The company providing solutions in legal, regulatory and emergency day concern to the people of Scotland, including Royal Warrants of Appointment to HM The Queen and HRH assists clients in major hazard industries and commercial services to manage dynamic team-based organisations, health, education, justice, rural affairs and transport. The Duke of Edinburgh. and public sectors to manage health, safety, security, enable complex resourcing and support mobile working. Its powers are devolved from Westminster. environmental (HSSE), and business risk. The company has reported the following financial statement The company has reported the following financial statement in the last 3 years. in the last 3 years.

4 Jan 2020 29 Dec 2018 30 Dec 2017 31 Dec 2019 31 Dec 2018 31 Dec 2017 31 Mar 2019 31 Mar 2018 31 Mar 2017 Turnover £108,755,000 £113,825,000 £104,510,000 Turnover £21,747,855 £14,674,355 £28,125,954 Turnover - - - Pre-Tax -£11,601,000 £6,284,000 -£5,323,000 Pre-tax £1,320,103 £658,916 £1,236,147 Pre-Tax - - - Profit Profit Profit Total £36,229,000 £50,813,000 £51,816,000 Total Net -£183,495 £1,151,569 £6,422,441 Total £938,714 £920,985 £705,313 Net Worth Worth Net Worth

EDINBURGH FRINGE OFFICE MARKET COMMENTARY Edinburgh is considered as the powerhouse of the Scottish economy and has benefitted from one of the highest average compound annual growth rate of regional cities with prime rents growing 4.9% per annum over a five year period. It is the most prosperous regional city in the UK with much lower property and labour costs than London. Edinburgh is considered to be the second best office location in the UK, with more FTSE 100 companies than any other regional cities, outside of London. South Queensferry, is an attractive fringe location due to its low rental profile and close proximity to Edinburgh City Centre.

PRIME OUT OF TOWN RENTS PRIME CITY CENTRAL AT AT £21.00 PER SQ FT £35.00 PER SQ FT

Address Tenant Date Size £/psf Term West One Business Park, 6 Redheughs Rigg, Hermiston Gait EH12 9DQ Randolph Hill Group Ltd Mar 2020 3,953 sq ft £14.24 10 year term Currie House, 597 Calder Road, Hermiston Gait, EH11 4HJ Sykes Global Jan 2020 3,144 sq ft £16.00 2 year term Lochside House, 3 Lochside Way, Hermiston Gait, EH12 9DT NuCana BioMed Ltd Dec 2019 4,236 sq ft £22.50 11-12 Lochside Place, Hermiston Gait, EH12 9HA Keysite Technologies UK Feb 2020 10,948 sq ft £22.00 EPC Norseman House has an EPC Rating of D & Wescott House has an EPC Rating of C.

VAT TBC - The property has been elected for VAT and we would expect the transaction to be treated as a Transfer of a Going Concern (TOGC).

ANTI-MONEY-LAUNDERING A successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed.

DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/EdinburghQueensFerry

PROPOSAL We are instructed to seek offers in excess of £5,000,000 (Five Millions Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a low capital of £138 psf and a Net Initial Yield of 8.62%, after allowing for purchaser’s costs of 6.59%

For further information or to make arrangements for viewing please contact:

Liam Stray Alex Butler Gergo Petrovics 07956 981575 07801 219 888 07961 234029 [email protected] [email protected] [email protected]

allsop.co.uk

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 11.20