The subjects comprise a detached warehouse facility in two bays, both of steel portal frame construction with brick/block infill walls with corrugated sheeting above. The roof has been over-clad with profile aluminium sheeting.
A two storey office section is located to the front of the east-most bay incorporating open plan and cellular office accommodation on both floors.
Location
The property is situated within Cloberfield Industrial Estate approximately 1 mile north west of Milngavie Town Centre. The estate is an established and well recognised industrial location within the north side of Glasgow and other occupiers include SCA Packaging, Murray Packaging and Allander Coaches. The location of the subjects is shown on the attached plan.
Accommodation
From measurements taken on site and in accordance with the RICS Code of Measuring Practice (6th Edition) we calculate the gross internal area to be approximately as follows:-
Warehouse - 22,862 sq ft (2,123.97 sq m)
Offices - 3,619 sq ft (336.21 sq m)
TOTAL - 26,481 sq ft (2,460.18 sq m)
The building has a minimum internal eaves height of approximately 4.37 m (14’ 4”).
Terms
PRICE - Offers over £XXX are invited for our client’s investment interest.
LEASE TERMS - The premises are leased to Clockwork Removals Limited on a full repairing and insuring lease (subject to a Schedule of Condition) from 1 December 2015. The current rental is £XXX per annum. The above rental levels at £XXX-£XXX psf are considered to be very attractive to the sitting tenant.
Specification
- Detached warehouse with offices – 26,481 sq ft (2,460.18 sq m)
- Current Rental Income - £XXX per annum
- Increased Rental Income - £XXX per annum (from December 2017)
- 5 year lease to 30th November 2020
- Mutual break option 30th November 2017
- Offers over £XXX are invited
- Net Initial yield – 10% after deduction of acquisition costs and 10.44% on reversion
- Quality covenant