MODERNMODERN BUSINESSBUSINESS PARKPARK INVESTMENTINVESTMENT ForFor SaleSale HAZELHAZEL HOUSE,HOUSE, STONEYFIELDSTONEYFIELD BUSINESSBUSINESS PPARK,ARK, INVERNESS,INVERNESS, IV2IV2 7PA7PA INVESTMENT SUMMARY LOCATION > Hazel House comprises a high specification two storey building constructed in 2004. Inverness is the commercial administrative and business centre > Stoneyfield Business Park comprises a modern office development with circa 50,000 sq ft of high quality for the Highlands and Islands region of Scotland with a business premises together with Holiday Inn Express, Travel Lodge and Howdens Garden Centre. population in the order of 65,000. It is one of the fastest > The property extends to a NIA of 538.26 sq m (5,794 sq ft) with 18 allocated car parking spaces providing a ratio growing cities in Europe and with the continued expansion of of 1:322 sq ft. the city, it is estimated that the population of the built up area > Let to Aberdeen Journals Ltd part of the DC Thomson group of companies, since construction in 2004. of Inverness will reach 100,000 by 2030. > Passing rent of ££92,50092,500 pperer aannumnnum SITUATION > FRI Lease until 28 November 2029, subject to TBO 28 November 2024. > We are instructed to seek offers in excess of ££1,250,0001,250,000 eexclusivexclusive ooff VVATAT. The subjects are situated within Stoneyfield Business Park lying > A purchase at this level will reflect an attractive NIY of6 .6.99%99% approximately 1 mile east of Inverness City Centre. Stoneyfield Business Centre has direct access onto the A96. Stoneyfield Business Park is well located and benefits from close provision of amenities offered at Inverness Retail Park, situated immediately to the south east. In addition the Business Park is A9 situated adjacent to the new University of the Highlands and A96 Islands Campus a 215 acre site being developed by Highlands and Islands Enterprise which will include the Scottish Agricultural College, a Health Science Centre together with a 7 8 9 Concept Hotel. 6 4 5 3 Nearby occupiers include Scottish Dental Care Group, 1 Healthcare, NHS Highland, Westminster Healthcare and Ernst & 2 Young. Howdens Garden Centre and a Travel Lodge are situated towards the entrance to the Park. INVERNESS 1 Hazel House A9 CAMPUS 2 Optimus 3 NHS Healthcare 14 Howdens Garden Centre 5 Ernst & Young 6 Tulloch Homes 17 Travel Lodge 8 Westminster Healthcare 9 Holiday Inn Express DESCRIPTION COVENANT Hazel House provides high quality office accommodation over two floors and extending AberdeenAberdeen JJournalsournals LtdLtd (SC015256)(SC015256) are owned by DC Thomson & Co Ltd which produces a to a total of 538.26 sq m (5,794 sq ft) with the following specification; variety of newspapers, magazines, media games and comics including The Press & Journal, Evening Telegraph, The Sunday Post, Aberdeen Citizen, Scot-Ads, The Beano, The > Suspended ceilings incorporating recessed diffused lighting Dandy, The People’s Friend, Platinum Magazine and The Scots Magazine. > Raised access floors > Fully DDA compliant The Press & Journal was first published in 1747 and is currently printed 6 days a week with > Passenger lift 6 geographical editions covering Aberdeen, Aberdeenshire, North East, Moray, Highlands > Allocated parking facilities & Island and Inverness itself. MANAGEMENT DC Thomson have offices in London, Manchester, Aberdeen, Glasgow and their head Stoneyfield Business Park is currently factored on a service charge basis payable by the office in Dundee. Turnover for Aberdeen Journals Ltd to 31st March 2018 was £24.68 Tenants/Occupiers. million showing profit before tax of £6.38 million. In a recent survey compiled by The Sunday Times, the Thomson family were rated 7th in the Scottish Rich List with a value of The Tenant also pays 3% for management to the Landlord (£2,775 ex VAT per annum). £1.401bn according to the paper. TENANCY The accommodation is let to Aberdeen Journals Ltd on full repairing and insuring terms expiring 28 November 2029, subject to a tenant only break option on 28 November 2024. The current annual rent is £92,500 or equivalent to £15.96 per sq ft inclusive of car parking. VAT The property has been elected for VAT. We anticipate the sale being treated as a Transfer of a Going Concern. Prospective purchasers should satisfy themselves in this respect. PRICE We have been instructed to seek offers in excess of£ 1£1,250,000,250,000 reflecting a net initial yield of 66.99%.99% assuming normal purchasers costs. FURTHER INFORMATION For further information and viewing arrangements please contact the sole agents: Disclaimer: Messrs Burns & Partners 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 Chris Paterson | t: 0131 2284466 | e: [email protected] 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 Burns & Burns and Partners Partners has any authority to make or give any representation or warranty whatever in relation to this property; (4) Unless otherwise stated all prices and rents are quoted exclusive of VAT. Prospective purchasers or tenants must satisfy 25 Rutland Square, Edinburgh, EH1 2BW themselves independently as to the incidence of VAT in respect of any transaction. Publication Date: November 2019 www.bap.co.uk.