An opportunity to acquire a prominent industrial unit situated in Dundee's premier industrial location, Wester Gourdie Industrial Estate.
( Agency Pilot Software ref: 12532 )
Location
Dundee is located on the east coast of Scotland on the banks of the River Tay. Dundee is Scotland’s fourth largest city with a resident population of approximately 150,000 and wider catchment of over 500,000. The city is situated approximately mid-way between Aberdeen, 65 miles to the north and Edinburgh 60 miles to the south. Dundee has a proud manufacturing heritage and is the regional centre for employment. The city boasts two universities and is a growing centre of excellence in the fields of computer science and biotechnology. Regeneration of Dundee’s waterfront has seen investment of over £1bn and the arrival of the V&A, adding to Dundee’s reputation in arts and design.
Accommodation
Encon Insulation 52,088 sq m( 4,839.14sq ft )
Terms
TENURE Heritable Title (Scottish equivalent of English Freehold)
Tenancy Block 9 Let to Encon Insulation Limited on FRI terms expiring 9th February 2037 at a rent of £263,000 per annum (£5.05 psf), subject to a tenant only break option on 28th February 2032. The next rent review is on 10th February 2027 and 5 yearly thereafter. The lease is subject to a Schedule of Condition.
VAT The property is elected for VAT, however, it is envisaged the transaction will be treated as a TOGC.
EPC Encon Insulation - EPC B (25) A copy of the EPC is available in the data room.
ANTI-MONEY LAUNDERING Under both HMRC and RICS guidance, as property agents we are obliged to undertake
AML diligence for both the purchasers and vendors (our client) involved in a transaction. As such, personal and or detailed financial and corporate information might be required before any terms are agreed or any transaction can conclude.
INVESTMENT PROPOSAL Offers in excess of £3,800,000 are invited for the benefit of our clients heritable interest (Scottish equivalent to English freehold) subject to contract and exclusive of VAT. A purchase at this level would provide a very attractive net initial yield of 6.50% and a low capital value of £72.95 psf assuming purchasers costs of 6.50%.
Specification
- Full warehouse roof overlad + insulation
- Rooflight replacement
- New proprietary gutter system to warehouse