Investment - Industrial Upon the instruction of Rio Tinto Alcan Of potential interest to investors, developers and owner/occupiers Cromarty Firth Industrial Park, Invergordon, Ross-shire, Scotland, IV18 0LE October 2011 • High yielding, multi-let industrial park on a site extending to over 240 acres. • Adjacent to Cromarty Firth Port – the UK’s premier Inspection, Repair & Maintenance Port. • 136 acres of potential development land. • Significant opportunity for asset management and income generation. gva.co.uk/investment Location Executive Summary The subjects are located within the Inner Moray Firth district of the Highlands Region which has an indigenous population of • Situated on a prominent site to the North of the approximately 144,375. It’s main sectors of activity include Cromarty Firth in the town of Invergordon all to public sector, tourism, life sciences, financial and business the South of the A9 between Dingwall and Tain, services. approximately 24 miles North of Inverness. • Former Aluminium Smelter plant (closed in 1981) The district’s level of unemployment has been consistently lower which has been proactively remediated having than that of the Scottish average and there are a number of Invergordon regard to use in accordance with Land Quality major initiatives to drive growth in emerging sectors including the assessments, in consultation with SEPA and renewable energy sector using Cromarty Firth as a major deep- Highland Council. water facility. Inverness • Approximately 261,000 sq ft of industrial Cromarty Firth Industrial Park is located in Invergordon just to accommodation offering a variety of unit sizes. the South of the A9, midway between Dingwall and Tain and Aberdeen • Approximately 18.5 acres of open secure approximately 24 miles North of Inverness. storage land. The site is located to the North of the town of Invergordon SCOTLAND • Approximately 136 acres of development land. adjacent to the Inverbreakie Industrial Estate where Whyte & Mackay are a principal occupier. • Income - £475,000 pa, net of insurance, utility Dundee and service charges. • Potential ERV of £656,000 pa. • 14 tenants with unexpired terms between 1-5 Glasgow Edinburgh years. • Offers in excess of £4.48M are invited comprising the following: – Cromarty Firth Investment Park - £3.725M – Development Land - £750,000 Leeds Cromarty Firth Industrial Park, Invergordon, Ross-shire, Scotland, IV18 0LE Manchester Liverpool Birmingham ENGLAND WALES Cardiff Bristol London Description Schedule of Areas Cromarty Firth Industrial Park is planned to form a substantial industrial complex of approximately 240 acres. The complex Unit No Tenant GIA (Sq Ft) Site Area (acres) has been planned to provide a mixture of warehouse, workshop, 1 Highland Waster Services 237 - office and open storage accommodation. 2/1 Alcan 2,206 - The Park benefits from connectivity direct to the port which is 2/2 Highland Scot Car Club 3,358 - used by tenants for the import and export of bulk materials and 2/3 Vacant 10,269 - for the load-out of substantial fabricated units for use in the oil industry and renewable energy sector. 9 Highland Waste Services 2,260 0.59 16 Lyndon Scaffolding plc 2,583 0.21 The site was developed in the mid 90’s after a period of 17 Vacant 51,841 - extensive decommissioning of the former aluminium smelter plant that operated on the site from 1971 to 1981. The 20 + 21 (yard) + 17 (yard) Babcock Network 761 1.69 development of the site included infrastructure upgrading to the * 21/1 Ferguson Transport - 0.52 adoptable standards of the local authority and utility providers * 21/4 G L Scaffolding - 0.67 and the subsequent adoption of roads, street lighting and the electricity distribution and supply. Potable water supply and * 21/5 Highland Waste Services - 2.48 surface and foul water treatment is provided by the Landlord, * 21 (6-8) Bruce Lindsay Coal - 3.02 and tenants are charged for these services based on the Scottish Water tariff current at the time. 24 Vacant 409 0.01 25 (1,2) Vacant 7,546 0.77 The service charge for 2011 is budgeted for a total of £46,700 of 25/3 Port Services 3,746 1.15 which 63% is presently recoverable from tenants. 26 Highland Council 27,460 1.29 The majority of the industrial buildings are of steel frame 27 Vacant 8,202 0.58 construction with concrete floor, concrete dado walls with 29-30 Isleburn 61,442 6.58 profiled aluminium sheets above, all under a pitched aluminium sheet roof incorporating translucent Perspex panels for natural * 32 Balcas - 12.58 lighting. The Park has attracted a variety of occupiers in the service, * denotes storage land distribution, waste, energy and steel fabrication sectors. Most recently terms have been agreed for a major Bio-mass plant to be sited at the park subject to planning, all to be operated by CPH Limited. Cromarty Firth Industrial Park, Invergordon, Ross-shire, Scotland, IV18 0LE Tenancy schedule Unit No Tenant Term (years) Expiry Date Rent (p.a.) Next Rent Review Notes 2(2) Highland Slot Car Club 10 14.08.2014 £60.00 15.08.2013 Based on RPI 9 Highland Waste Services Ltd 10 (Tenant has option to extend 31.07.2015 £7,845.60 01.08.2015 Lease to Highland for 10 years) (if lease continues beyond expiry) Waste Services not yet Based on higher of RPI/market rent completed 16 Lyndon Scaffolding Plc 1.5 22.11.2012 £6,542.89 ----- 17, 20 and Babcock Network Limited 2 ----- £27,458.31 ----- Lease not yet 21(Yard) completed 21(1) Yard Ferguson Transport (Spean 5 18.03.2015 £4,092.00 19.03.2015 (if lease continues beyond Bridge) Limited expiry) Based on RPI 21(4) G L Scaffolding Limited 9 30.06.2013 £5,001.52 01.07.2013 (if lease continues beyond expiry) Based on RPI 21(5) Highland Waste Services Limited 10 (Tenant has option to extend 31.07.2015 £35,532.98 01.08.2015 Variation (to add part for 10 years) (if lease continues beyond expiry) of Unit 21 Yard) not yet Based on higher of RPI/market rent completed 21(6-8) John Kelly Fuels (Ireland) Limited/ 5 22.10.2012 £43,214.66 23.10.2013 Bruce Lindsay Coal Limited (if lease continues beyond expiry) Based on RPI 25(3) Port Services Limited 5 21.10.13 £18,642.76 22.10.2014 Variation and partial Based on RPI renunciation (to remove Unit 25(1-2) not yet completed 26 Highland Council 15 28.02.2020 £72,000.00 01.03.2015 (Tenant has option to terminate Based on market rent on 01.03.2014, 01.03.2016, 01.03.2018) 29-31 Isleburn Limited 9 24.09.2016 £168,037.83 25.09.2015 Based on lower of 2.5% p.a. increase/RPI 4.808 ha, 2 silos, Balcas Bioenergy Limited 75 (Tenant has option to 24.02.2083 £77,700.00 25.02.13 Based on 2.5% p.a. increase etc. terminate on 25.02.2033) Land Orange Personal 20 (Tenant has option to 11.08.2022 £5,337.13 12.08.2011 Communications Limited terminate on 12.08.2012 and Based on higher of RPI/market rent 12.08.2017) Land Saltburn Community Association 21 (Landlord has option to 11.01.2025 £1.00 (if demanded) ----- terminate on giving at least 3 months’ notice) Land Combined Power & Heat 50 (Tenant has option to ---- Annual Fee £4578.00 Annual Fee: 02.04.12, based on RPI Missives have not yet (Highland) Limited terminate on 25th anniversary of Rent Rent: Each 5th anniversary of date of been purified Entry Date) £45,778 Index-linked entry, based on RPI Cromarty Firth Industrial Park, Invergordon, Ross-shire, Scotland, IV18 0LE Cromarty Park - Layout Park Cromarty Firth Industrial Big Ditch Ward Bdy Firth Industrial JohnstonesDitch Track Park, Track I nd ustria lP ark Invergordon, c oncrete carriageway oncrete c N O R T H 1100 mmfence wire post and 1100 high 1100 mmfence wire post and 1100 high 1100 mm fence wire post and 1100 high grass ed ed area grass c oncrete carriageway oncrete c 2m high c hain link fence hainlink 2m c high c oncrete carriageway oncrete c PORT SERVICES 1100 mmfence wire post and 1100 high c oncrete carriageway oncrete c tone hips s c tone hips s c UNIT UNIT 25/3 grass ed ed area grass c oncrete retaining push retaining oncrete wallc 1100 mmfence wire post and 1100 high c oncrete retaining push retaining oncrete wallc 1100 mm fence wire post and 1100 high 1100 mmfence wire post and 1100 high UNIT 25/1/2 UNIT c oncrete surface oncrete c Ross-shire, grass ed ed area grass ed area grass c oncrete carriageway oncrete c 1100 mmfence wire post and 1100 high grass ed ed area grass tarredcarriageway tarred pavement mm fence wire post and 1100 high ed area grass tarred tarred pavement carriageway oncrete c tarred pavement tone hips s c UNIT21 5 SERVICES WASTE HIGHLAND UNIT 21 6-8 COAL (JOHN LINDSAY KELLEY FUELS) BRUCE tone hips s c 2m high c hain link fence hainlink 2m highc tone hips s c Track 2m high c hain link fence hain link 2m high c 2m high c hain link gates hainlink 2m c high 2m high c hain link fence hainlink 2m c high N O R T H tone hips s c c oncrete carriageway oncrete c 2m high c hain link fence hainlink 2m c high 1100 mmfence wire post and 1100 high tone hips s c grass ed ed area grass UNIT 24 UNIT nrt adsurfacinghard oncrete s c c oncrete retaining push retaining oncrete wallc 1100 mmfence wire post and 1100 high grass ed ed area grass 2m high c hain link fence hainlink 2m highc 1100 mmfence wire post and 1100 high c oncrete carriageway oncrete c grass ed ed area grass 2m high c hain link fence hainlink 2m c high Scotland, 2m high c hain link fence hainlink 2m highc UNIT UNIT 26 HIGHLAND COUNCIL 1100 mm fence wire post and 1100 high grass ed ed area grass grass ed ed area grass 2m high c hain link fence hainlink 2m highc 1100 mmfence wire post and 1100 high c oncrete carriageway oncrete c tarred