The subjects comprise two detached single storey converted light industrial buildings with steel portal frame and concrete slab construction surmounted by pitched roofs.
The buildings are currently utilised as a serviced office facility providing 37 suites in its current configuration. Each suite is fitted out to a high standard with the floors being carpeted whilst the walls are plastered and painted and the ceilings are of suspended tile.
The main building has a large boardroom which tenants are able to use and each building also provides a kitchen, male, female and disabled w.c.
The site provides a good level of private onsite parking and attracts a diverse range of occupiers including care operators, professional services and e-commerce businesses.
Location
Stirling is a city in central Scotland. Stirling is a centre for local government, higher education, tourism, retail, and industry. The 2011 census recorded the population of the city as 45,750; the wider Stirling council area has a population of about 91,000. The City is reputed to be the third fastest growing area of Scotland in terms of population.
Stirling is well located in central Scotland being almost equidistant between Glasgow, Edinburgh and Perth. The city benefits from good transport links to include a mainline railway, bus depot and easy access onto the Motorway network.
The subjects are located on the western side of Whitehouse Road within Springkerse Industrial Estate. Springkerse Industrial Estate forms the main industrial area within Stirling and is well occupied with light industrial and trade counter users including Jewson, ATS Euromaster and MKM Buidling Supplies. Springkerse retail park is just 0.7 miles away and includes occupiers such as Morrison's, B&Q, Pets at Home, Costa and McDonald's.
Accommodation
From sizes taken during our inspection we calculate the subject property, measured in accordance with the RICS Code of Measurement Practice (second edition, January 2018) to extend to the following approximate areas:
Block 1 - 8,033 sq ft (746.3 sq m) GIA - 5,498 sq ft (510.8 sq m) NIA
Block 2 - 9,088 sq ft (844.3 sq m) GIA - 6,995 sq ft (649.9 sq m) NIA
TOTAL - 17,121 sq ft (1,590.60 sq m) GIA - 12,493 sq ft (1,160.70 sq m) NIA
Terms
Proposal - Offers over £545,000 are invited for the Heritable interest.
Asset Management Opportunities - Interested parties could continue to manage the site as a business centre whilst trying to re-gear existing leases. Fully occupied the property would offer a gross yield of circa 18%. Alternatively, the existing buildings could be converted back to light industrial use, or the site could be fully redeveloped for a range of uses including offices, trade counter, industrial or drive thru subject to planning.
VAT - All prices, premiums and rents quoted are exclusive of VAT.
Planning - All queries in relation to redevelopment/ reconfiguration of the subjects should be addressed to Stirling Council Planning Department.
EPC - Block 1 – G Block 2 – F
Closing Date - A closing date may be set and all interested parties should make a note of interest at the offices of the Sole Agent. We reserve the right to sell the property without setting a closing date and we are not obliged to accept the highest or indeed any offer for the sale of the property.
Specification
- MULTI LET INVESTMENT
- OFFERS OVER £545,000
- WELL ESTABLISHED LOCATION
- GROSS ANNUAL RENTAL £70,983
- GROSS INITIAL YIELD 12.44%
- SITE EXTENDS TO APPROXIMATELY 1 ACRE