Thermopylae House, Teekay House & Proserv House, Westhill, Aberdeen - Prime Long Income Investments With Guaranteed Rental Growth
- Teekay House is let to Teekay Petrojarl UK Limited (guaranteed by Teekay Corporation) until 31st March 2028 at a passing rent of £430,066 per annum and benefits from upward only rent reviews with minimum uplifts. We calculate the next uplift, due at 4th March 2018 to be £498,576 per annum, the vendor will ‘top up’ the rent to this level. We calculate the subsequent 2023 and 2028 rent reviews to provide minimum rental uplifts of £577,999 per annum and £670,074 per annum respectively. The tenant has 2 options to extend the lease by a further 5 years.
- Teekay House provides modern office accommodation extending to 19,985 sq ft of over ground, first and second floors together with 77 parking spaces.
- Proserv House, is let to Proserv UK Limited (guaranteed by Proserv Group Incorporated) until 8th November 2033 at a passing rent of £549,947 per annum and benefits from upward only rent reviews with minimum uplifts. We calculate the next uplift, due at 9th August 2018 to be £559,097 per annum, the vendor will ‘top up’ the rent to this level. We calculate the subsequent 2023, 2028 and 2033 rent reviews to provide minimum rental uplifts of £646,704 per annum, £739,116 per annum and £856,857 per annum respectively.
- Proserv House provides modern office accommodation extending to 24,173 sq ft of over ground, first and second floors together with 65 parking spaces.
- Thermopylae House is let in its entirety to Kongsberg Maritime Limited (guaranteed by Kongsberg Gruppen ASA) until 12th February 2028 at a passing rent of £572,901 per annum.
- The lease incorporates provision of 5 yearly fixed rental uplifts with the next uplift due in June 2022 to £664,150 per annum and the final uplift due in June 2027 to £769,931 per annum;
- Thermopylae House provides modern office accommodation extending to 26,878 sq ft benefitting from 88 car spaces providing an excellent parking ratio of 1:305 sq ft;
- The overall WAULT is 12.07 years to expiry.
- Heritable Interest (Scottish Equivalent of English Freehold).
Offers in excess of £19,800,000 (Nineteen Million, Eight Hundred Thousand Pounds Sterling) are sought for the benefit of our client’s heritable interest in the properties, subject to contract and exclusive of VAT.
Assuming an initial rent roll of £1,630,574 per annum, purchase at this level provides the following yield profile after purchaser’s costs at 6.25%:
(Date - Yield)
Consideration may be given to the sale of the properties separately or as packages subject to negotiation.