BUCHANAN GATE BUSINESS PARK - STEPPS, G33 6FB - Cushman & Wakefield
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1 BUCHANAN GATE BUSINESS PARK STEPPS, G33 6FB MULTI-LET OFFICE INVESTMENT
INVESTMENT SUMMARY
Excellent communication
Highly successful business park
Strong local occupational links. Well placed for access
with high profile occupiers,
market with very limited to all three major central belt
including: BAM, Scottish Water
availability on the park. cities; Glasgow, Stirling and
and Barratt Homes
Edinburgh.
Multi-let to
Both tenants did not
exercise recent break options, + Current income of
demonstrating commitment
to the location. AWULT of 6.34 years to expiry
£116,935 pa
and 3.73 years to break
Absolute Ownership
(Scottish equivalent of Offers in excess of 11.10% niy
English Freehold) £1,000,000 after allowing for
purchaser’s costs
2 Cushman & Wakefield 1 Buchanan Gate Business Park
J3 M8
CITY MINUTES MILES
Glasgow 10 9
< Glasgow City Centre
< Glasgow Airport Edinburgh 50 45
Stirling 25 21
Perth 60 59
1 BUCHANAN GATE
Buchanan Business Park is situated adjacent
to Junction 3 of the M80 motorway. The park
benefits from excellent communication links Planning permission
for 30,000 sq ft office
and is within 10 minutes’ drive of Glasgow
City Centre. Stepps railway station is within
10 minutes walking distance and provides
regular services to Glasgow Queen Street
and Cumbernauld. The M8, M73, & M74
motorways are within a few minutes’ drive of
the Pavilions.
Cushman & Wakefield 1 Buchanan Gate Business Park 3
DESCRIPTION The subject property comprises a two storey office pavilion, providing modern, open plan accommodation. The subjects provide on-site car parking provision totalling 30 car parking spaces, a ratio of one space per 336 sq ft. and benefits from the following specification: • Raised access floors with 150mm clear void • VRV air conditioning system for building heating & cooling • Fibre optic telecom connection • 2.7m clear floor to ceiling height • Suspended ceiling throughout • Full disabled access • 1 passenger lift Excellent Amenities The property benefits from excellent local amenities including a Brewers Fayre family pub with children’s play area, an 80 bed Premier Inn hotel and a Bannatynes Health Club. Opposite the Business Park there is the Garfield House Hotel, a 47 bed Best Western Hotel. In addition there is a Co-Op supermarket situated within Stepps. Westerwood Golf & Leisure Centre is located a short distance from the Pavilions just off the A80 at Cumbernauld. 4 Cushman & Wakefield 1 Buchanan Gate Business Park
TENANCY
The subject property has been measured on a net internal basis in accordance with the RICS Code of Measuring Practice (6th Edition) and
approximate areas are as follows:
LEASE LEASE BREAK RENT RENT
FLOOR TENANT AREAS RENT COMMENTS
START EXPIRY DATE REVIEW PSF
2017 break option not exercised. Subject to Schedule of
Aecom Ltd and Morrison Condition. Tenant entitled to 6 months rent free if break
466.99 sq m
Utility Services trading option at 1 Dec 2020 is not exercised. Service charge
Ground 5,027 sq ft 01/12/2014 30/11/2026 01/12/2020 01/12/2020 £50,960 £10.13 capped at £30,576 pa, subject to annual RPI uplift.
as The Caledonia Water
Landlord’s current shortfall is £5,550.08 pa, to be topped
Alliance up by vendor. Exclusive right to 15 car parking spaces.
2017 break option not exercised. Service charge capped
ISG Construction 470.42 sq m at £20,508.32 pa, subject to annual RPI uplift. Landlords
First 28/02/2011 27/02/2021 – 10/10/2021 £65,975 £13.03 current shortfall is £15,440.60 pa, to be topped up by
Limited 5,064 sq ft
vendor. Exclusive right to 15 car parking spaces.
937.41 sq m
Total £116,935
10,091 sq ft
TENANT COVENANT
The Caledonia Water Alliance is a joint venture Morrison Utility Services Ltd (04530602) has an ISG Construction Ltd are a construction services
formed by Morrison Utility Services Ltd and Aecom Experian rating of 100, which represents “Very company specialising in fit out, technology,
Ltd to support the delivery of Scottish Water’s water Low Risk”. Year-end accounts to 31 March 2016 construction and development. Over 2,800 people
infrastructure element of its capital investment reported: are employed by the company in more than 23
programme. countries.
Aecom Ltd (01846493) has an Experian rating of 98, ISG Construction Ltd (00450103) has an Experian
which represents “Very Low Risk”. Year-end accounts rating of 75, which represents “Below Average Risk”.
to 02 October 2015 reported: Year-end accounts to 31 March 2015 reported:
TURNOVER PRE-TAX PROFIT NET WORTH TURNOVER PRE-TAX PROFIT NET WORTH TURNOVER PRE-TAX PROFIT NET WORTH
£257,474,000 £8,991,000 £8,726,000 £613,966,000 £23,808,000 £ 150,213,000 £533,330,000 £-8,204,000 £14,658,000
Cushman & Wakefield 1 Buchanan Gate Business Park 5
TENURE PROPOSAL
The property is held Absolute Ownership (Scottish equivalent We are instructed to seek offers in excess of
of English Freehold). £1,000,000 (One Million Pounds Sterling) subject
to contract and exclusive of VAT for the Absolute
SERVICE CHARGE Ownership. A purchase at this level would reflect a
net initial yield of 11.10% after allowing for purchaser’s
costs of 5.33% based on Scotland’s Land and
The current service charge budget for the year ending Buildings Transaction Tax (LBTT).
31st December 2017 is £72,075. Further details can be
provided upon request.
CONTACT
EPC Calum Cowe
Tel: +44 (0) 131 222 4517
The property currently has an ‘E’ rating. A copy of the energy
performance certificate is available upon request. Email: calum.cowe@cushwake.com
Erin Mills
VAT Tel: +44 (0) 131 222 4564
Email: erin.mills@cushwake.com
The property has been elected for VAT and therefore VAT will be
payable on the purchase price. However, it is anticipated that the
sale will be treated as a Transfer Of a Going Concern (TOGC).
MISREPRESENTATION ACT
Cushman and Wakefield LLP (and any joint agent appointed) on their own behalf and for vendors or lessors of this property, whose agents they are, give notice that: (i) These particulars are produced in good faith, but are
a general guide only and do not constitute any part of a contract and must not be relied upon as statements or representations of fact. (ii) No person in the employment of the agent(s) has any authority to make or give
representation or warranty whatever in relation to this property. (iii) the property is offered subject to contract and unless otherwise stated all rents and outgoings are stated exclusive of VAT (iv) Floor areas, measurements
or distances given are approximate (v) Nothing in these particulars should be deemed a statement that the property is in good condition, or that any services or facilities are in working order. (vi) Unless otherwise stated, no
investigations have been made regarding pollution, or potential land, air or water contamination. Interested parties are advised to carry out their own investigations as required. May 2017.You can also read
