The subjects comprise a single storey office pavilion in the popular business district of Kirkton Campus in Livingston. The existing layout has a number of suites built with stud partitioning around a central core with common meeting spaces, and welfare facilities.
The subject benefit from a substantial overall site area with parking provided to the front while expansion land lies to the side and rear.
Other benefits include:
- Mechanical ventilation system, with Gas Central Heating system throughout offices.
- Shower facility, cleaners cupboard, tea prep facilities
- Ability to increase parking to rear of property
- Secure entry system
Location
Located approximately 15 miles west of Edinburgh and 30 miles east of Glasgow, Livingston is the largest town in West Lothian with a population in excess of 60,000 people.
Livingston is a well-established office location benefitting from easy access to Junctions 3 and 3A of the M8 Motorway. There are also frequent bus and rail services connecting Edinburgh and Glasgow city centres.
3 Michaelson Square is situated within Kirkton Campus, a well established office district to the West of Livingston Town Centre. Neighbouring occupiers include Aviagen, Konica Minolta and Scion Technologies.
The property is approximately 7 minutes walk from Almondvale Town Centre and all amenities.
Accommodation
GIA - 1107.5 sq.m/ 11,921 sq.ft
NIA* - 993.5 sq.m/ 10,694 sq.ft
* In our interpretation on measurement, NIA assumes that all stud walls and corridors are removed to create more efficient lettable area.
Total site area - 0.47 hectares (1.16 acres)
Terms
PRICE:
Offers over £750,000 are invited for the the landlord’s freehold interest in the above premises subject to the various tenancies in place.
LEASE TERMS:
3 separate tenants currently occupy sections of the building on leases which generate a gross rent roll of £32,700 per annum exclusive, over approximately 50% of the lettable space of the building. We would comment that we feel the unlet space could command an additional rental of £39,500.
There is also an agreement with Vodafone realising £200 per annum.
Tenancy information can be made available to seriously interested parties.
RATEABLE VALUE:
Having regard to the Scottish Assessors Association website we note that the subjects are entered in the valuation roll at rateable value:
Landlords Entry/ Common area - £2,600
Landlords Entry/ Common Area - £1,850
Suite 1A - £8,400
Suite 1B - £14,200
Suite 2A - £6,400
Suite 2b-3 - £26,200
SUITE 3B, - £8,500
Car Park - £2,400
VAT:
The property is currently elected for VAT . It is assumed that any sale will be carried out under a Transfer of a Going Concern (TOGC).
ENERGY PERFORMANCE:
A copy of the Energy Performance Certificates (EPCs) for the subjects is available upon request.
LEGAL EXPENSES:
Each party will be responsible for the payment of their own legal costs. The purchaser will be responsible for the payment of any LBTT, registration dues and VAT incurred.
DATE OF ENTRY:
By agreement.
Specification
- Detached office premises/ laboratory accommodation
- Partly let and income producing
- Existing gross rent roll of £32,700 per annum exclusive, with ERV of £72,000 per annum
- Asset Management / Owner Occupier Opportunites