Multi-Let Office Investment with Value Adding Opportunities
Multi-let office investment opportunity in the town of Livingston. Prominent office building located in the well-established Almondvale Business Park, extending to 30,670 sq ft (2,849.34 sq m). Let to Bellway Homes, Nexperia UK Ltd and Energy Assets with an unexpired term of 8.27 years to expiry and 4.08 years to break. The building has been pro-actively managed and benefits from re-based rents. The total current passing rent of £269,472 per annum representing a low rate of £9.50 per sq ft. Asset management opportunities through letting vacant space and negotiating with existing tenants. Heritable tenure (Scottish equivalent of English Freehold).
Offers in excess of £2,250,000 are sought for our client's heritable interest in the property. A purchase of this level would provide the following yield profile:
Net Initial Yield: 10.48%* Equivalent Yield: 9.55% Reversionary Yield: 12.23%This equates to a low cap rate per sq ft of £73 assuming purchaser's costs at 5.87%.
* Triple net position following the deduction of vacant rates and service charge.
Located in the heart of Livingston, this purpose built warehouse facility is available with associated yard
Location
The subject premises are located at the north east side of Grange Road, which is accessed via Houstoun Road to the north and the A899 Livingston Road which lies approximately half a mile to the west. The M8 runs to the north of the subject premises and is accessed via Grange Road, Houstoun Road and the A899 via J3 which is about 5 minutes’ drive, whilst the A899 also provides a link to Livingston Town Centre which is also a 5 minute drive to the south west. The immediate surrounding area is predominantly industrial and commercial in nature and occupiers include Yodel, Iron Mountain, Prestige Leisure and Mitsubishi.
Externally the warehouse has 3 loading entrances to the warehouse all on the southern elevation of the property. The checking areas are flat roofed and this re-felted circa 2 years pervious to the date of inspection. One such area is free standing adjoined to the warehouse. It was historically a canopy that has been sealed. To the south west of the warehouse there is a large canopy section. In the yard there is a wash bay and additional parking section to the south east of the site and an employee car parking to the western elevation. There are two access gates to the site located to the southern edge of the site off Grange Road. The site is secured by a steel palisade fence. The site also had CCTV and floodlighting on all of the surrounds.
The premises comprise a stand-alone high quality industrial warehouse with offices and was original constructed in the early 1990's and subsequently extended in the year 2000. The premises themselves are of steel portal frame construction with a mixture of brick and blockwork cavity walls and insulated roof. The premises can be further describes as follows:Office - the front of the premises is attractively designed in brick and comprises a two storey office and welfare block providing a mixture of cellular and open plan accommodation throughout decorated to a high standard with raised floors and suspended ceiling with integrated lighting. Furthermore the premises benefit from a double height glazed attractive atrium reception.Heating to the offices is via a gas central system and the window fitments are double glazed.Warehouse - the warehouse accommodation is predominantly open plan benefiting from concrete floor and minimum eaves height of 7.6m r
The site is a greenfield site, rectangular in shape and has become inhabited by semi-mature tree and planting. To the north of the site runs the main railway line of Livingston and to the south lies Houston Road an arterial route which dissects the town north to south.
- Prominent location
- Excellent transport links
- Lies west of Livingston Town Centre
- Landscaped areas and open space will be provided within the development.
- constructed in a terrace formation to allow for maximum flexibility
- The service yard area will have a concrete finish with the car parking area constructed out of block paviers.
- The offices are constructed in a courtyard formation with a high degree of landscaping.
- Self contained open plan offices
- Designated on-site parking
- Award winning office development offering single floors; 2 storey buildings and building combination
- Buildings benefit from full DDA compliance
- Raised access floors
- Passenger Lifts
- Suspended ceilings
- GCN and generous parking (1:265 sq ft)
- Very Good 'BREEAM' rating
- Grade A office building in attractive landscaped business park setting
- Air Conditioning
- Generous Car Parking (1:360 sq ft)
- Raised floors
- Suspended ceilings
- EPC Score - E+
( Agency Pilot Software Ref: 62711 )
Unit 1 - 3,512 sq ftUnit 2 - 3,512 sq ftUnit 3 - 3,512 sq ftUnit 4 - 5,277 sq ft *Unit 5 - 5,712 sq ft *Unit 6 - 7,143 sq ft *Unit 7 - 5,347 sq ft *Unit 8 - 9,321 sq ft *Unit 9 - 23,564 sq ft ** - includes 1st floor mezzanine
The Eliburn disposal comprises 3 plots of development land. Major public infrastructure works have been completed providing high quality access, however further site works will be required. Generally, the sites are level in nature and benefit from mature landscaping.
The property comprises an impressive and modern detached Headquarters building combining a large production/warehouse facility with integrated two storey offices at the front. The building is situated on a prominent site fronting onto the main road through Kirkton Campus. The extensive site area of 11.5 acres has mature landscaping and extensive car parking to the front. The building could also be expanded to the west if required by a future occupant.The production/warehouse facility provides good quality and high specification accommodation with an eaves height of approximately 7 metres (23 feet). This area is serviced by a loading bay with four dock levellers and one drive in door.The office accommodation is to the front of the production area and is arranged over two floors with a central glazed reception area. The office accommodation is a mix of open plan and cellular offices with supporting kitchen, restaurant and male and female WC facilities.