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
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.