Ocean Point One, 1 Ocean Drive, Edinburgh, EH6 6JB

INVESTMENT SUMMARYOcean Point One is a Grade A office building, strategically positioned within the Leith area of Edinburgh;Situated adjacent to Ocean Terminal shopping centre and Victoria Quay, the Scottish Government’s principal office and home to over 2,200 civil servants;Constructed in 2004 to a high specification, the property is arranged over ground and eight upper floors, providing 62,467 sq.ft of office accommodation and 35 on-site parking spaces giving an excellent car parking ratio of 1:1,785 sq.ft;Large, open plan floor plates, easily sub-divisible, provide future occupational flexibility;The property is let in its entirety to AWG Group Limited on eight occupational leases on FRI terms until 26th February 2024;The rent is reviewed to 85% of the open market rental value of prime city centre Grade A office, thus providing excellent prospects for a rental uplift at the next rent review on 27th February 2019;AWG Group Limited have a tangible net worth of £1.452 billion, a Dun & Bradstreet rating of 5A1 and a failure score of 100/100;Annual rental income of £1,343,041 per annum, equating to an average rate of £21.50 per sq.ft;Heritable interest (Scottish equivalent of English Freehold).Offers in excess of £15,330,000 (Fifteen Million and Three Hundred and Thirty Thousand Pounds) are invited for our client’s Heritable interest in the property.A purchase at this level would provide an initial yield of 8.25%, net of purchaser’s costs of 6.24%. The price reflects a capital rate of £245 per sq.ft.

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