The property comprises a highly specified industrial/office building built in 2015 of steel portal framed construction with a dedicated storage yard and car park. The tenant has carried out some alterations to provide additional office and mezzanine storage in the workshop. Externally, the tenant has erected a temporary warehouse in the yard and an inspection pit. Internally, the building is divided to provide three floors of offices together with a high bay warehouse/workshop. The property has the following specification.
( Agency Pilot Software ref: 14661 )
Location
The property is located on Silvertrees Drive within Silvertrees Business Park as shown on the extract from the street plan. Westhill is a popular and long established satellite town which lies 7 miles west of Aberdeen city centre. Westhill Industrial Estate was developed in the 1980s and the town’s commercial and industrial area has grown steadily through subsequent decades and now covers around 90 acres. Over the years Westhill has established itself as a globally recognised energy centre for subsea engineering whilst also attracting a range of companies from other sectors. Some notable occupiers include Total, Schlumberger, Subsea 7, Acumen, Marsh, CALA, Boskalis and Stewart Milne Construction.
Accommodation
Workshop 6,884sq ft (639.52 sq m)
Offices 12,314 sq ft (1,144.01sq m )
Mezzanine 711 sq ft (66.06sq m )
TOTAL 19,909 sq ft (1,849.59sq m )
Concrete Yard 24,390 sq ft (2,266sq m )
Terms
EPC The property has an EPC rating of B23.
Tenure The property is held on a Heritable title, equivalent of English Freehold.
Tenancy The property was let on FRI terms to ROVOP Limited from 2 February 2015 for an original period of 15 years and subsequently extended to 31 January 2036. The passing rent is £312,000 per annum subject to review to the higher of open market rent and the rent preceding the review date increased by 2.5% per annum compounded. Following the lease variations the review dates are 1 February 2026 and 2030 and we have calculated the minimum uplifts to be £409,371 per annum and £451,869 per annum respectively.
Tenant Covenant ROVOP is a specialist global robotics company with an unrivalled track record of reliability and a technologically advanced fleet of subsea remotely operated vehicles (ROVs). The company is headquartered in Aberdeen with satellite premises in the USA, Netherlands and UAE. The company provides ROV services across three key sectors – Offshore Wind, Oil & Gas and Power & Telecommunications. ROVOP was founded in 2011 and has grown to become the world’s largest independent ROV provider with an investment of over $100m in a fleet of >50 ROVs. The group is backed by private equity firm Blue Water Energy LLP and is well placed to facilitate the global energy transition. The company is cash generative at operating level with increasing profitability as the global international ROV market continues to grow.
Specification
- 11.8m eaves height
- High bay fluorescent lights
- Gas fired warm air blowers
- Electrically operated roller shutter doors
- Overhead 40t crane (tenant fitting)
- Mezzanine for additional light storage