• Located on one of Scotland’s premier industrial estates;
• Modern industrial workshop with 3 dedicated parking spaces;
• New 7 years and 6 month FRI lease from 1st March 2018;
• Let to Boundless Workshop Limited;
• Passing rent of £XXX per annum;
DESCRIPTION
The subjects comprise a mid-terraced industrial unit of concrete portal frame construction with a mixture of brick in-fill and metal cladding. It forms part of a highly popular development of light industrial units/workshops set around a central courtyard.
Internally, the unit presents a large open plan workshop space accessed by an electric roller shutter door (3 metres wide) and a pedestrian door from a communal car park.
Off the main workshop space is an office area which incorporates a kitchen leading through to a separate WC.
Location
Edinburgh is the capital city of Scotland, located approximately 400 miles north of London and 45 miles east of Glasgow. It is one of the six cities categorised by PMA as a major city and, consequently, benefits from a significant catchment population.
Road communications are excellent with the M90 located to the north, the M8 and M9 to the west and the A1 trunk road to the south which provide links to all major cities in the UK. The city is well served by the rail network, with direct and frequent services to London (Euston and Kings Cross) and Glasgow with fastest journey times of approximately 4 hour 32 minutes and 51 minutes respectively. Edinburgh also benefits from one of Britain’s fastest growing airports, providing both domestic and international flights.
SITUATION
Sighthill Industrial Estate enjoys a strategic location situated approximately 4 miles west of Edinburgh city centre. It is ideally positioned for access to the principal road networks including the Edinburgh City Bypass (A720) and M8 interchange at Hermiston Gait.
The subjects form part of the popular Bankhead Workspace development which is accessed off Bankhead Terrace, close to the junction of Bankhead Place. The adjoining units in the development are occupied by a range of companies including Napier University, Scot Shirts and Artisan Roofing. Other occupiers on the Sighthill Industrial Estate include Lloyds Banking Group, Jarvie Plant Group, Toolstation and Screwfix.
Access to public transport is available within a short walking distance including bus stops and the Bankhead tram stop.
Accommodation
According to our recent measurement survey the premises contain the following approximate gross internal area:
188 sq m (2,023 sq ft)
Terms
PROPOSAL
We are instructed to seek offers in excess of £XXX (TWO HUNDRED AND FIFTY THOUSAND POUNDS STERLING) exclusive of VAT.
A purchase at this level would show an attractive net initial yield of 7.00%, after allowing for purchasers’ costs of 3.00%.
Specification
CAR PARKING
There are 3 dedicated car parking spaces available with the property.
TENURE
The property is held on a heritable title (the Scottish equivalent of English freehold).
TENANCY DETAILS
The subjects are currently let to Boundless Workshops Limited on a new 7 year and 6 months lease from 1st March 2018 expiring 31st September 2025 at a passing rent of £XXX per annum. The lease is subject to a 3 yearly rent review pattern on an upwards only basis.
The lease is drawn up on a Full Repairing & Insuring basis subject to a photographic schedule of condition. A deposit of £XXX is held in escrow.
RATEABLE VALUE
According to the Scottish Assessor’s website (www.saa.gov.uk) the subjects have a Rateable Value of £XXX effective 1st April 2017. The uniform business rate for the current year is £XXX pence in the pound.
Occupiers may be eligible for 100% rates relief through the Small Business Bonus Scheme if the combined rateable value of all their business premises in Scotland is £XXX or less.
UTILITIES
The property is served by mains electricity (3 phase power supply) and water.
ENERGY PERFORMANCE CERTIFICATE
The Energy Performance Certificate rating is E.
VAT
VAT has not been elected and therefore VAT is not payable in addition to the purchase price.
LEGAL COSTS
Each party shall be responsible for their own legal costs incurred in connection with the transaction.
VIEWING AND FURTHER INFORMATION
By contacting either of the joint selling agents:
Allied Surveyors Scotland plc
24 Walker Street, Edinburgh, EH3 7HR
Tel: 0131 357 4455
Iain W. Mercer
Director of Commercial Agency (East)
07713 626887
Iain.mercer@alliedsurveyorsscotland.com
Sheridan Property Consultants
37 One, 37 George Street, Edinburgh EH2 2HN
Tel 0131 300 0296
Stewart Sheridan
07740 940898
stewart@sheridanproperty.co.uk
Graeme Millar
07523 512804
graeme@sheridanproperty.co.uk