Refurbished office accommodation over two floors in central Wishaw. DDA compliant entrance to reception area, upgraded passenger lift, redecorated and new internal finishes, video security. Part let to Co-operative Insurance Society Ltd and Provident Financial Plc, the property offers asset management potential and a net initial yield of 14.71% on the current rental income of £XXX
Location
Wishaw is a town located to the south east of Motherwell and forms one of the main towns within the Lanarkshire area which includes Hamilton and Motherwell. North Lanarkshire has a population of around 325,000 with Wishaw itself having a population of approximately 29,000.
Wishaw is 16 miles south of Glasgow and is readily accessible to most major rail and motorway networks. The town is located within 2 miles of the M74 motorway network which in turn leads to the M73 and M8 road networks, providing access to the West of Scotland and beyond. A reasonable range of services and facilities are available within the
town, although superior quality facilities are available in Motherwell and Hamilton located a short distance to the west.
Hamish House is located in the heart of the commercial and retail centre of Wishaw, on the north side of Main Street near the junction with Kenilworth Avenue.
Accommodation
Description:
Suites A, B and C form the second floor with Suite D and Suites E&F making up the third floor of this modern four-storey building with retail accommodation on ground and first floor. Access to all of the upper floor offices is by a dedicated entrance on Main Street and a passenger lift is installed.
The subjects also benefit from a formal reception area, full upgrade to the passenger lift, complete redecoration and new internal
finishes, video camera security entry system and DDA compliant entrance door.
Terms
Covenant Information:
Provident Financial Plc – Provident Financial Plc are a AAA covenant with a turnover of £XXXm (2012). Profit before tax was £XXXm (2012). Provident Financial also have an undrawn bank facility of £XXXm (June 2012).
Co-operative Insurance Society Ltd – Co-operative Insurance Society Ltd are also a AAA covenant with a turnover of £XXXm (2011). Profit before tax was £XXXm (2011). Information provided by Experian Credit Check.
Proposal:
Offers over FOUR HUNDRED THOUSAND POUNDS (£XXX) exclusive of VAT are invited for our client’s heritable interest in the property, subject to the existing occupational leases. A purchase at this level would represent a net initial yield of 14.71% and an attractive reversionary yield of 24.88% after allowing for purchaser’s costs of 4.75%.