The subject property comprises a semidetached modern industrial building constructed around 2000. It is of brick and blockwork construction with profiled metal sheeting to the external elevations above ground level. The subjects are surmounted by a shallow pitched and profiled metal sheet roof which incorporates translucent light panels. There is an automatic roller shutter vehicular access door and a separate pedestrian / customer access to the trade counter/showroom area.
Internally the subjects have a main warehouse, trade counter/showroom area, offices, toilet facilities and a kitchen. This is an upper floor accessed off the office area which leads to further office/boardroom accommodation and toilet facilities. This area connects to a large mezzanine which provides additional storage facilities. Heating is provided by warm air blowers and gas central heating. The eaves height within the main warehouse is 5.04m approximately.
The site is fully enclosed by metal palisade fencing and is accessed via metal swinging gates. There is 24 hour CCTV Security and a dedicated yard provides 8 private car spaces.
Location
The property is situated within an established industrial/trade counter location in Govan, which lies approximately two miles to the west of Glasgow city centre and is directly accessible from the M8 motorway (Junction 24). Robert Drive itself has convenient access off Govan Road, which is one of the main arterial road routes leading from Glasgow city centre. Nearby occupiers include CCF, Black and Lizars, Jewsons, Morris and Spottiswood, Topps Tiles, Bell Building Projects and Howdens.
Accommodation
We have measured the subject in accordance with the RICS Code of Measuring Practice 2007 (Sixth Edition) and evaluate the undernoted approximate floor area.
Warehouse - 453.17 sq m (4,877 sq ft)
Ground Floor Office/Trade Counter - 128.68 sq m (1,385 sq ft)
First Floor Office - 86.91 sq m (935 sq ft)
Mezzanine - 168.48 sq m (1,813 sq ft)
Total - 837.24 sq m (9,010 sq ft)
Terms
TENURE - Heritable (Scottish equivalent of Freehold)
TENANCY - The property is let on Full Repairing and Insuring terms to Edmundson Electrical Ltd from 28 November 2003 until 27 November 2023 with a rent review on 27 November 2018. The current passing rent is £38,000 per annum. A copy of the lease can be provided to interested parties upon request.
COVENANT - Edmundson Electrical Ltd has a Credit Safe Rating of 91/100, with 2015 turnover of £1.27bn and pre-tax profit of £72.8m.
EPC - The property has an EPC rating of E. A copy of the report is available on request
VAT - The property has been elected for VAT purposes and VAT is charged on the rent. VAT therefore is payable on the purchase price however we envisage that any sale will be conducted by way of a Transfer of a Going Concern (TOGC).
PROPOSAL - We are instructed to seek offers in excess of £440,000 (Four Hundred and Forty Thousand Pounds), subject to contract exclusive of VAT.
A purchase at this level reflects a net initial yield of 8.30% after taking account of acquisition costs and LBTT of approximately 4.08%.
Specification
- Located within an established industrial location
- Modern semi-detached industrial unit with trade counter consent extending to 9,010 sq.ft
- Let to Edmundson Electrical Ltd T/A A&D Cartwright till 27 November 2023
- Passing rent of £38,000 per annum
- Offers over £440,000 exclusive of VAT
- Net initial yield of 8.30% Assuming standard purchasers costs and LBTT