Stoneywood House is a stunning Grade B listed property built in 1850 surrounded by landscaped grounds. The property comprises a granite stone main building with pitched slate roof over four storeys constructed in a Scottish Baronial style. The property also benefits from excellent views over the River Don. Stoneywood House’s prime location provides an attractive balance between countryside tranquillity and city connectivity being only a short distance from the A90, Aberdeen International Airport and Dyce Station.
Internally, the building has been sympathetically modernised with many original features retained. The property is currently used as a conference and corporate hospitality facility including guest accommodation.
Location
Stoneywood House is located on the periphery of Dyce, a vibrant residential and commercial location within Aberdeen City.
The subject property is 9.7 km (6 miles) north west of Aberdeen city centre and accessed from Stoneywood Terrace which connects to Stoneywood Road (A947). Stoneywood Road joins Pitmedden Road and Wellheads Drive (for Aberdeen International Airport) to the north and the A96 to the south.
The A96 connects with the A90 which is the main trunk road linking Aberdeen to Inverness in the north and Dundee, Edinburgh and Glasgow in the south. The new Aberdeen Western Peripheral Route (AWPR) will be completed in 2018 and will pass 4 km (2.5 miles) to the north west of the subject property. Dyce also benefits from a main line railway station approximately 1.6 km (1 mile) to the north of the subject property which provides frequent services to Aberdeen, Perth, Glasgow and London.
Aberdeen International Airport is located approximately 4.8 km (3 miles) to the north west.
Accommodation
FISHING RIGHTS - Fishing rights on the River Don may be available by separate negotiation.
SITE - The total site area is 1.32 hectares (3.26 acres). The attached Ordnance Survey extract indicates the approximate dimensions of the subjects.
RIGHT OF ACCESS - The vendor will retain a right of access with regards to the driveway. This right will subsist until 31st December 2017 at which time it will be extinguished.
ACCOMMODATION - The subjects provide the following accommodation measured on a Gross Internal Area basis:-
Lower Ground Floor - Laundry and Storage - 83.8 sq m (902 sq ft)
Ground Floor - Reception, Kitchen & Dining - 457.0 sq m (4,919 sq ft)
First Floor - Bedrooms, Bathrooms & Janitor - 329.6 sq m (3,548 sq ft)
Second Floor - Bedrooms, Bathroom & Shower room - 169.4 sq m (1,823 sq ft)
TOTAL - 1,039.8 sq m (11,192 sq ft)
Terms
TENANCY - The property is let to ARJO Wiggins Fine Papers Limited (Company No: 00961440), on Full Repairing and Insuring terms subject to a Schedule of Condition, from 31st December 2012 until 30th December 2027. The lease is subject to two mutual breaks on 31st December 2017 and 31st December 2022, providing the purchaser with flexibility to potentially secure vacant possession.
The current rent is £106,343.75 per annum
The rent is reviewed by two mechanisms:-
1) Annually (The Annual Review Date) on the 31st December of each year the rent is increased by 3.75% and;
2) 4 Yearly Open Market Review (The Open Market Value Review Date) on the 31st December 2016, 2020 and 2024.
The open market value review is to be the higher of:
a) The sum determined in accordance with the annual review date.
b) The Open Market Rent on the relevant Open Market Value Review Date (2016, 2020 and 2024).
The Open Market Review increase shall not exceed the sum calculated by applying a 5.00% annual compounded increase of the yearly rent at the Date of Entry (in the case of the first Open Market Value Review Date) or the yearly rent payable immediately after the previous open market review date.
The Open Market Value Review will never operate so as to reduce the rent that would otherwise be payable by applying the annual increase in the yearly rent at the Annual Review Date.
PRICE - We are instructed to seek offers in excess of £1.2 Million (One Million Two Hundred Thousand Pounds), exclusive of VAT, for our client’s heritable interest in the subject property.
A purchase at this level will provide an attractive net initial yield of 8.4% after allowing for normal purchasers costs of 5.80%. The yield profile will naturally improve with each annual uplift providing a minimum guaranteed yield of 9.4% at the end of 2016.
VAT - The property has been elected for VAT, however it is anticipated that the sale will be treated as a TOGC.
RATING - The subject property is included as part of a larger entry and consequently no separate Rateable Value is available.
ENERGY PERFORMANCE CERTIFICATE - The subjects have a current Energy Performance Certificate of “G”.
Specification
- A prime well secured mansion house investment
- Substantial site on the periphery of Dyce
- Only 3 miles from Aberdeen International Airport