The property comprises 3 adjoining two storey brick built office buildings under pitched and slated roofs.
Each building benefits from its own dedicated entrance. The buildings are set on a sloped site surrounded by attractive landscaped gardens. A generous dedicated car park for c.63 cars is provided directly adjacent to the subjects providing a ratio of approximately 1:250 sq.ft.
Units 1A to 2B are located in the northern most building closest to the business park entrance. This building has been sub-divided to suit multi-occupancy accommodating Pearson Driving Assessments and Iggesund Paperboard in units 1A and 1B and Canon Medical Systems and SCRT in units 2A and 2B. Units 3 and 4 are leased in their entirety to the Central Scotland Valuation Joint Board and are interconnected in part with Unit 4 also containing an 8 person passenger lift.
The buildings provide good quality, flexible, open plan space, generally benefiting from the following specification:
- Full raised access flooring
- Suspended ceiling with modern recessed fluorescent light fitments
- Gas fired central heating throughout
- Male, female and disabled toilet facilities
- Dedicated tea prep facilities
Location
Situated in the heart of Scotland at Junctions 6 and 10 of the M9 and within close proximity to the M80, the city draws on a significant catchment readily accessible through its strong communication links. There are excellent rail links to the surrounding area with direct services to Perth, Glasgow Queen Street and Edinburgh Waverley stations. The city is also a popular commuter location due to its close proximity and easy access to Glasgow (26 miles) and Edinburgh (36 miles).
Its strategic location along with exceptional quality of life has helped to attract new residents, business and visitors. The city boasts a strong commercial base with further education, local government and financial services making up the main employment sectors.
Major employers in the city include HSBC, Maxxium UK, Avant Homes, Xaffinity, Robertson Group and Cascade Technologies. The University of Stirling boasts approximately 12,300 students and employs over 1,400 staff. The city’s population is projected to increase by 4.8% to 105,860 people by 2028 significantly ahead of the projected increase for Scotland over the same period.
The subjects are located within the well-established Laurelhill Business Park in the Kings Park area of Stirling approximately 0.5 miles south-west of the city centre. Laurelhill Business Park is well served by public transport and positioned for easy access to the M9 and M80 motorways. Other significant occupiers attracted by the high quality environment and surrounds include Scottish Enterprise, Scottish Sea Farms and Skills Development Scotland within Laurel House and The Civil Aviation Authority & Expro Group within Kings Park House.
The immediate surrounding area provides a mixture of parkland (Kings Park), leisure (Stirling Golf Club, Park Lodge Country House) and high value residential use
Accommodation
Unit 1A - 1,152 sq ft
Unit 1B - 1,319 sq ft
Unit 2A - 1,100 sq ft
Unit 2B - 1,307 sq ft
Unit 3-4 - 10,786 sq ft
Terms
TENURE - Outright ownership (Scottish Equivalent to English Freehold).
SERVICE CHARGE - There is a service charge in place for the property. A copy of the current budget can be provided to interested parties. The current service charge is running at c.£2.31 sq.ft per annum.
TOTAL INCOME - The total income is £145,936 per annum.
EPC - The property has an EPC RATING of D.
VAT - The subjects are elected for VAT and accordingly VAT will be charged on the purchase price. It is anticipated that the sale can be treated by way of a Transfer of a Going Concern (TOGC).
PROPOSAL - WE ARE INSTRUCTED TO SEEK OFFERS IN EXCESS OF £1.3M FOR THE BENEFIT OF OUR CLIENT’S OUTRIGHT OWNERSHIP INTEREST. BASED INCOME OF £145,936 PER ANNUM A PURCHASE AT THIS LEVEL WOULD OFFER A NET INITIAL YIELD OF 10.60% AFTER DEDUCTION OF PURCHASER’S COSTS.
Specification
- HIGH YIELDING MULTI-LET OFFICE INVESTMENT
- LOCATED ON ESTABLISHED BUSINESS PARK CLOSE TO STIRLING CITY CENTRE
- COMPRISES CIRCA 1,455 SQ M (15,664 SQ FT) PLUS 63 CAR SPACES
- STRONG COVENANTS AND DIVERSE TENANT MIX
- ASSET MANAGEMENT OPPORTUNITES
- OFFERS OVER £1.3M (EXCLUSIVE OF VAT)
- ATTRACTIVE NET INITIAL YIELD OF 10.60%