COMMERCIAL DEVELOPMENT LAND, Drummond Crescent, Riverside Business Park, Irvine, KA11 5AN

Location

Irvine is located approximately twenty-eight miles to the west of Glasgow and seven miles west of Kilmarnock. Irvine benefits from good transport connections, being adjacent to the A78, A736, A737 and A71 road routes, the latter providing direct access to the M77 Motorway which connects with Glasgow. The A78 also provides access to Greenock, Ayr and onward to the ferry terminals at Stranraer, Troon and Ardrossan whilst the A76 provides a route to the south near the M74 Motorway in Dumfries and Galloway. Glasgow Prestwick Airport is situated nine miles to the south of the town.

Riverside Business Park lies to the rear of South Newmoor Industrial Estate, adjacent to the A71 Irvine to Kilmarnock trunk road. Occupiers within the immediate vicinity include GSK, Barony Universal Products Plc, Culzean Medical Devices Ltd and Stellar Europe LLC.

Description

The property comprises vacant land in two sections, which are generally level.

The land is covered in grass with mature trees running alongside part of the boundaries, with the remaining boundaries being a mixed of post and wire fencing or open.

Planning

Within the Local Development Plan the land is zoned for Industrial and Business use under Policies IND1, IND 4 and IND8. The site is also categorised as an Enterprise Area which provides business rate relief and capital allowances for eligible new life science businesses.

Interested parties should satisfy themselves in relation to planning and the Enterprise Area status and may wish to contact North Ayrshire Council at:

Cunningham House
Irvine
KA12 8GE
Tel: 01294 324319

Tenure

The heritable interest in the sites will be available to purchase, subject to a development agreement with clawback provision. Bids will have to be accompanied with development proposals, which will form the agreed basis the purchaser’s planning application over that period.

Title to the site will be transferred on completion of the development as agreed at the outset.

Offers in excess of the the following are invited for the heritable interest.

EAST PLOT£148,000
WEST PLOT£192,000

Interested parties should satisfy themselves in relation to any abnormal development costs and deduct these prior to bidding.

Development Agreement – The purchaser will pay the purchase price at the outset and agree to enter into a development agreement by way of a ground lease (at nil rental) and shall be bound to develop out the site as per their development plan and planning application over that period.

Clawback Provision – Should the purchaser alter the planning use for the site (in whole or part) within the first 10 years of ownership, to a higher value use, the vendor will be entitled to 50% of the uplift in value resulting from the change of use.

Legal Costs

Each party will be responsible for their own legal costs, with the purchaser liable for any Land and Buildings Transaction Tax.

VAT

The vendor has opted to tax and VAT will be payable on the purchase price.

Key Features

Rare opportunity to purchase land
Established business park location
Business rates discount scheme available in the area for qualifying sectors
TOTAL AREA 6.84 ACRES (2.77 Ha)