The subjects comprise a modern semi-detached industrial workshop/warehouse unit with office accommodation and staff welfare facilities. The unit is of steel portal frame construction with concrete block walls under a pitched roof overclad with insulated profile metal sheets and incorporating translucent panels. The warehouse has a solid concrete floor. Lighting is provided throughout via halogen spot-lamps.
Vehicle access is provided via 2 No. metal roller shutter doors. The office and ancillary accommodation including toilets and a staff kitchen/breakout area are to a modern specification. The front elevation benefits from double-glazed aluminium-clad timber windows. Walls are painted plasterboard and floors are of solid concrete construction finished with a mix of laminate and carpet. The office has a suspended ceiling incorporating lighting.
Location
Grantown on Spey (2011 Census; population 2,430) occupies a strategic position in the heart of Badenoch & Strathspey within the Cairngorms National Park. The town is firmly established as one of the main settlements in the local hierarchy. It was designed as a planned town with a distinctive grid style layout and lies on the River Spey halfway between the Cairngorm and Lecht ski areas. The town is surrounded by ancient woodlands which provides a unique habitat for a wide variety of wildlife. Grantown is located approximately 35 miles south of Inverness and 15 miles north of Aviemore.
Despite its relatively modest population, Grantown enjoys a favourable range of local facilities and amenities. It is an established all-year holiday destination particularly for outdoor enthusiasts and is popular in the winter season with skiers and snowboarders. It is a central base for those fishing on the River Spey, climbing, walking and exploring the countryside. The town is also conveniently located for the 70-mile long famous Speyside Malt Whisky Trail.
The Cairngorms National Park is the UK’s largest National Park at 4,528 square kilometers, comprising about 6 per cent of Scotland’s land area. Circa 17,000 people live in the Park and a further 1.4 million people visit it each year. The subjects are located within the popular Achnagonalin Industrial Estate approximately one mile east of Grantown-on-Spey town centre. The Estate has a captive market being the dominant industrial estate for the area.
Accommodation
The property extends to approximately 549.92 m² (5,918 ft²)
Terms
The proposed tenant is Angus & Mack Limited (Company number SC371855), a well-established local business formed in 2010. The company specialises in environmentally conscious timber design and manufacture, producing bespoke feature staircases, custom kitchens, and fitted interiors.
LEASE INFORMATION The property is available subject to a new 10-year lease being in place on Full Repairing and Insuring terms subject to an ingoing Schedule of Condition. There will be no break options included within the lease resulting in a full 10 years unexpired term certain being provided to the lease end date. An initial rent of £34,500 per annum, exclusive of VAT will apply at commencement of the lease with an upward only rent review due at the end of Year 5 of the lease.
SALE TERMS VAT This is a Sale & Leaseback opportunity, offered “For Sale” with the benefit of a new 10-year lease from the settlement date. A fixed price of £400,000, exclusive of VAT is sought in respect of our client’s heritable interest (Scottish Equivalent of English Freehold) in the property subject to the proposed occupational lease. Based on a rental income of £34,500 per annum (£5.83 per sq ft), exclusive of VAT, a purchase price at this level represents a Net Initial Yield of 8.30% after deduction of normal purchaser’s costs. We belief there are strong reversionary prospects. The property is elected for the purposes of VAT. However, we anticipate that the sale will be treated as a Transfer of a Going Concern.
LEGAL COSTS Each Party will be responsible for their own legal costs incurred in any transaction. In the normal manner, the purchaser will be responsible for LBTT, Registration Dues and VAT thereon
Specification
- INDUSTRIAL UNIT WITH ANCILLARY OFFICES
- WELL-ESTABLISHED ACHNAGONALIN IND. ESTATE
- EASY ACCESS TO A95 & A939
- FLOOR AREA: 550 M² (5,918 FT²)
- EXTENSIVE YARD & PARKING
- RENTAL INCOME: £34,500, PA (£5.83 FT²)
- NEW 10-YEAR FRI LEASE
- FIXED PRICE: £400,000
- NET INITIAL YIELD: 8.30 %
- LOW CAPITAL RATE £68 PSF