Norseman & Westcott House
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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 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.