46 serviced office suites in a variety of sizes, as well as a co-working lounge, 4 lettable meeting rooms (2-10 people) and a seminar suite that can seat up to 59 people, all finished to a high specification.
The ground floor is home to the co-working lounge as well as the popular Finnegans Café and Life Fit Wellness Falkirk, which offers unique integrated healthcare and exercise services.
The centre is fully telecoms & IT enabled and provides meeting rooms, along with common breakout areas and kitchens on each floor.
Location
This landmark property was previously the site of Falkirk’s General Post Office and is situated in the heart of the town, with easy access to the M9 motorway between Stirling and Edinburgh, 2 minutes walk from Grahamston Train Station.
Accommodation
We have been provided with the following net internal areas:
3rd Floor - 6,013 sq ft (558.6 sq m) GIA - 6,013 sq ft (558.6 sq m) - NIA
2nd Floor - 6,482 sq ft (602.2 sq m) GIA - 5,620 sq ft (522.1 sq m) - NIA
1st Floor - 7,695 sq ft (714.9 sq m) GIA - 6,646 sq ft (617.4 sq m) - NIA
Ground Floor - 8,240 sq ft (765.5 sq m) GIA - 6,433 sq ft (597.6 sq m) - NIA
TOTAL - 28,430 2,641 sq m) GIA - 24,712 sq ft (2,296 sq m) - NIA
Terms
Price - We are seeking offers in excess of £2.25 Million exclusive showing a net intial yield of 9.20%.
Licenses - Available on request.
EPC - The property has an EPC rating of A.
VAT - The property has been elected for VAT and therefore VAT will be payable on the purchase price.
Tenure - Heritable Interest (Scottish equivalent of English freehold).
Income:
Net operating income:
2022/23: £220,000 projected (first 8 months figures available)
2021/22: £155,000 (strong bounce-back despite half of year being subject to some restrictions)
2020/21: £108,218 (Covid restrictions in place for whole year. Despite this, the centre still remained profitable throughout)
2019/20: £133,000 (including first 8 months of COVID restrictions)
2018/19: £149,110
2017/18: £147,200
Capital Allowances - Further information available on request.
- Key Investment Considerations
- Fully let, with strong income return from diverse range of occupiers
- Popular co-working space in highly prominent town-centre location
- Demand for flexible, desirably located and amenity-rich workspaces in the UK grew by 22% in 2022 and the co-working market is showing no signs of slowing
- Continued strong growth of the Forth Valley economy – Stirling, Falkirk, Grangemouth and Clackmannanshire
Anti-Money Laundering Regulations - Under both HMRC and RICS Guidance, as property agents we are obliged to undertake AML diligence for both the purchasers and vendors (our client) involved in a transaction. As such, personal and or detailed financial and corporate information might be required before any terms are agreed or any transaction can conclude.
Specification
- Fully Let Premium Serviced Office and Co-working Investment
- Located in the heart of Falkirk, 2 minutes walk from Grahamston Train Station
- Landmark four storey building, fully renovated to provide a mix of co-working, meeting room and private office space, along with virtual office services
- Plug and Play
- Superfast fibre optic broadband
- 8 private, secure car parking spaces
- Onsite bicycle parking
- Café
- Fitness and Wellness Centre
- Common breakout area and kitchen on each floor
- Male, female, and disabled WC facilities on each floor
- Power consumption control in individual suites
- Thermostatically controlled skirting heating
- Opening / closing double glazed windows in all suites
- Energy efficient LED lighting
- CCTV security