The estate comprises a terrace of five purpose built industrial units, with a larger standalone unit towards the north east corner of the estate. Units 1 to 5 comprise a steel portal frame structure, ranging from 523 sq m (5,634 sq ft) to 537 sq m (5,784 sq ft). Unit 6 has a timber Glulam portal frame with metal sheet external cladding and in total extends to 1,270 sq m (13,666 sq ft).
The estate is accessed via Clepington Road onto a tarmac service road with pedestrian footpaths to the front of the property.Car parking is provided to the front of the units with deliveries to the rear.
The site area extends to 2.05 acres (0.82 hectares). The total site coverage is estimated to be 48%.
Location
Dundee is Scotland’s fourth largest city with a resident population of around 150,000 people. The city is located on the north bank of the River Tay, approximately 96 kilometres (60 miles) north of Edinburgh and 105 kilometres (65 miles) south of Aberdeen. With two universities, a major further education college and an Institute for Arabic and Islamic Studies, Dundee has a student population of over 40,000.
Ninewells Hospital is an internationally renowned teaching hospital and a leading centre in cancer management. Dundee’s Waterfront is currently undergoing a dynamic £1 billion regeneration, including improvements to the railway station and an upgraded marina area. The £80 million project to create the new V&A Museum of Design completed in late 2018. The regeneration of the Waterfront is projected to attract an additional 300,000 tourists each year. Dundee has excellent road and rail communications with the A90/M90 linking to Edinburgh, Aberdeen and the wider motorway network. The city also sits on the east coast mainline railway.
Accommodation
Unit 1 Autosave Components 5,757 sq ft
Unit 2 Whittons Flooring Ltd 5,661 sq ft
Unit 3 Vacant 5,648 sq ft
Unit 4 Jewson Limited 5,784 sq ft
Unit 5 Jewson Limited 5,634 sq ft
Terms
TENURE The property is held on a Heritable Title (Scottish Equivalent of English Freehold).
WAULT The WAULT of the property is 2.78 to earliest expiries (As of 1 June 2019).
VAT The property is elected for VAT purposes. However, it is anticipated that the sale will be treated as a transfer of going concern (TOGC).
EPC A copy of the individual EPCs are available upon request.
SERVICE CHARGE The current service charge is £16,100 (£0.38 per sq ft).
PROPOSAL We are instructed to seek offers in excess of £2,450,000 (Two Million Four Hundred and Fifty Thousand Pounds Sterling). A purchase at this level would reflect an attractive Net Initial Yield of 9.05%.
Specification
▪ Heritable Interest (Scottish Equivalent of English Freehold.)
▪ Well located trade counter industrial estate fronting a major distribution route and within close proximity to the Kingsway, Dundee’s Outer Ring Road.
▪ Dundee is currently undergoing a significant regeneration process, with significant growth potential expected to create 7,000 jobs through the waterfront project.
▪ Comprising six individual units, totalling 3,916 sq m (42,150 sq ft)
▪ Fully income producing with a WAULT of 2.78 years to expiries.
▪ Current passing rent of £235,880 per annum.
▪ Offers are sought in excess of £2,450,000 (Two Million Four Hundred and Fifty Thousand Pounds), reflecting a Net Initial Yield of 9.05%, after allowing for standard purchaser’s costs. A purchase at this level would represent an attractive cap rate of £58.12 per sq ft.