FIFE MOTOR VILLAGE DUNFERMLINE KY11 7EG - AUTOMOTIVE PROPERTY
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Motor Retail Investment
Fife Motor Village
DUNFERMLINE KY11 7EG
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Fife Motor Village
Dunfermline
Motor Retail Investment
HIGHLIGHTS
Prominent location with good accessibility to Immediate and medium term asset management
M90 motorway, A92 dual carriageway, and A907. opportunities.
Modern buildings comprising 56,946 sq ft (5,290 sq m) Offers in excess of £4,828,500 for the Feuhold
with extensive parking and good road frontage on a interest, subject to contract and exclusive of VAT. This
6.87 acres (2.78 hectares). would provide the purchaser with a net initial yield of
8.00% after purchaser’s costs of 5.8%.
Rental Income of £408,687 per annum from 7 tenants
ERV £435,000 by end of 2017.
Strong and diverse tenant profile
Projected Reversionary Yield 8.52% NIY
4 car dealership tenants in the top 30 franchised
dealer groups in the UK representing 25% of the
new car sales market.
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4
A91
Glenrothes
6
Fife Motor Village
11
M9 A91
5
10 A92
4
Dunfermline
11 Stirling M90 Kirkcaldy
A8
Motor Retail Investment 9 Dunfermline
A985 3 FIFE
Dalgety Bay
M80 7
3 MOTOR VILLAGE
2
1 Falkirk
4 5
M9
location
n 4
1
1 EDINBURGH A1
A73
1 3 2
0 3 A720
M80
Dunfermline is a large Edinburgh commuter town with good road communications with nearby M73 M8 Livingston
26
29 27 Airdrie 4
roads including the A907 which meets the M90 and A92 to the east of the town at the Halbeath 24
1
A8 5
6
25
1
Interchange. This connects the town to Perth (25 miles to the north), Edinburgh (18 miles to the A7
A7
ey
3 GLASGOW
02
south), and Kirkcaldy (12 miles to the east). Edinburgh Airport is some 13 miles south of Dunfermline. 4
5
Wishaw A7
Hamilton 6
A726
A7
Dunfermline has a resident population of 39,229 (Census 2011) making the town the second largest
A703
3
1
A
East Kilbride
A7
Carluke
settlement in Fife county. Fife has a resident population of 349,429 (Census 2011), the third largest 8
authority by population in Scotland. Dunfermline is a popular market town for tourists and local M74 A72
1
shopping. Major facilities at Dunfermline include Carnegie Drive and Halbeath Retail Parks where Lanark
7
These plans are for identification purposes only. Their accuracy can in no way be guaranteed.
A7
tenants include Homebase, B&M, Argos, Pets at Home, Halfords, B&Q, Matalan, Farmfoods, arnock
Reproduced from the Ordnance Survey Map with permission of the Controller H.M.S.O Crown Galash
and Dreams. There is also Kingsgate Shopping Centre where anchor tenants are Debenhams, and copyright reserved. Licence No. ES100018525 Peebles
Marks & Spencer.
A92
M90
S E AT R OA D
HALBEATH
INTERCHANGE B9 2 5
SITUATION
K ING
J3
HALBEATH CROSSGATES
RETAIL PARK
HALBEATH FIFE
B9 8 1
MOTOR VILLAGE
The property is located to the east of Dunfermline town centre in a prominent position at the A907
WAY IN G
A92
L
Halbeath Interchange, where the M90 motorway, A92 and A907 meet. The site is located fronting J3
DE R
IN V E R K
SAN
the Abercromby Court dual carriageway. LYNEBANK
ROUNDABOUT
E IT HI NG
FIFE
The site is opposite the Fife Leisure Park, with major occupiers including; Odeon cinema,
R OA D
LEISURE PARK
Bannatynes Health & Fitness Club, Carlton Bingo, Bowlplex, Premier Inn, KFC, MacDonalds, SAN
DP I
PE
R
Frankie & Bennys, Costa Coffee, and Bella Italia. The property is also located just south of the
DR
Halbeath Park & Ride facility. This is a new facility that opened in November 2013 and provides
a bus park & ride scheme from the west of Fife to Edinburgh and Glasgow as well as a high
frequency link to Dunfermline town centre. M90
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Fife Motor Village
S
Dunfermline
Motor Retail Investment
DESCRIPTION A 92
El Sub Sta
Regency House
The site contains seven buildings; five car dealerships, a retail trade centre unit and
a truck servicing facility. There are four detached car dealerships to the west of the
7
site, with the Toyota & Honda dealership and the other properties in a terraced unit Unit
7A MAN
towards the east of the site. Unit wfix ks
Scre ct
Truc
5&6
Unit ta Dire
Externally the site provides for demised vehicle display spaces for each car T yo a
o
nd
Peu
& Ho
Uni ot
dealership at the front of the units, which are visible from the dual carriageway, with
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further demised service and car parking areas to the rear. The Screwfix unit has
Un ault
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it 3
eleven spaces demised to the front, and the Man Truck and Bus unit has its own
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Un da
yard area to the front of the building.
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0m 25m 50m 75m
Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:1652
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Fife Motor Village
Dunfermline
Motor Retail Investment
TenancIES Tenure
The buildings sit on a 6.87 acres (2.78 hectares) site and have a site density of 19%. All leases bar unit 7 subject to Feuhold (Scottish equivalent of freehold)
photographic schedules of condition. Rents due on Scottish Quarter Days: 28/02, 28/05, 28/08 and 28/11.
GIA Floor Rent Lease Unexpired Tenancy
Demise Franchise Tenant Rent Rent psf Lease Start Break Comments
Area (Sq ft) Review Expiry term* income %
10 year lease extension at the passing
Unit 1 Volkswagen 6.354 Specialist Cars (Aberdeen) Ltd. £60,000 £9.44 29/11/04 n/a 28/11/14 n/a 0.5 15% rent is currently being progressed with
the tenant.
Reviews to RPI: on assignment from
Hamish Irvine & John Irvine t/a
Unit 2 Skoda 6.573 £55,402 £8.43 25/11/05 n/a 24/11/15 n/a 1.5 14% Graeme P Chatham (East) Ltd. with
West End Garages
surety from Greame P Chatham Ltd.
Unit 3 Renault 6.428 Parks of Hamilton (Holdings) Ltd. £55,000 £8.56 01/05/12 01/05/17 30/04/22 01/05/17 2.9 13% Tenant only break on 6 months notice
Vertu Motors (Property) Ltd.
Unit 4 Peugeot 6.944 £61,000 £8.78 09/09/10 09/09/15 08/09/25 09/09/20 6.3 15% Tenant only break on 12 months notice
Guarantor: Vertu Motors plc.
* Term agreed for reversionary lease for
9 years wef 22 July 2015 at £110,000
Unit Toyota Eastern Western Motor Group Ltd;
13.378 £104,750 £7.83 23/07/03 n/a 22/07/15 22/07/20 6.1 26% p.a subject to 6 months rent free. Review
5&6 & Honda Guarantor: Eastern Holdings Ltd.
and mutual break on 22 July 2020.
Subject to 15 months notice.
Schedule of Conditions covering
Unit 7 a n/a 3.789 Screwfix Direct Ltd. £19,535 £5.16 25/06/12 25/06/17 24/06/22 25/06/17 3.0 5% roof only; tenant only break on
6 months notice.
Unit 7 MAN Trucks 13.480 Man Truck & Bus UK Ltd. £53,000 £3.93 05/04/00 05/04/15 04/04/20 n/a 5.8 13% Roof excluded from repairing obligation.
Totals 56,946 £408,687 4.1
*Assumes extensions on Units 5 & 6 completed.
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Fife Motor Village
Dunfermline
Motor Retail Investment
Covenant Information
The schedule below details the D & B ratings of the various tenants:
PROFIT/LOSS Tangible
UNIT TENANT D & B RATING TURNOVER before taxes net worth year end
Specialist Cars
1 3A 2 £203,513,157 £4,234,359 £7,063,390 31 December 2012
(Aberdeen) Ltd.
Hamish Irvine and
2 John Irvine t/a West n/a n/a n/a n/a n/a
End Garages Ltd.
Parks of Hamilton
3 5A 1 £347,091,459 £12,174,471 £39,784,568 31 March 2013
(Holdings) Ltd.
Vertu Motors 2A 1 £4,578,000 £861,000 £3,679,000 28 February 2013
(Property) Ltd.
4
Vertu Motors Plc. 5A 2 £1,684,532,000 £15,842,000 £120,981,000 28 February 2014
(Guarantor)
Eastern Western 3A 1 £350,007,000 £418,000 £11,193,000 31 December 2012
Motor Group
5&6
Eastern Holdings Ltd. 4A 1 £345,471,000 £776,000 £22,630,000 31 December 2012
(Guarantor)
7a Screwfix Direct Ltd. 5A 1 £577,247,000 £34,223,000 £191,332,000 02 February 2013
MAN Truck and Bus
7 5A 1 £491,445,000 £7,759,000 86,824,000 31 December 2013
UK Ltd.
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Fife Motor Village
Dunfermline
Motor Retail Investment
Unit 1 – Volkswagen
Specialist Cars is part of John Clark Motor Group, which is Scotland’s 4th largest motor trade groups with
21 outlets covering Aberdeen, Dundee, Dunfermline, Edinburgh, Kirkcaldy, Perth, and Cupar representing
Audi, BMW, BMW Bikes, Jaguar, Land Rover, Mini, Nissan, Seat, Skoda, Volkswagen, and Volkswagen
Commercial Vehicles. The Group ranked 23 in the Motor Trader Top 200 Dealer Groups by turnover
(November 2013). Specialist Cars operate the Volkswagen franchise at Dunfermline Motor Park. Please see
their website www.john-clark.co.uk for further details.
Volkswagen is one of the leading brands in the UK with the third largest market share of 8.69% 2014 year
to date, and is regarded by dealers as one of the most valued franchises according to the Dealer Attitude
Survey Winter 2013-2014.
Unit 2 – Skoda
West End Garages is a family business established in 1987, and has 3 Skoda dealerships in
Edinburgh, Dunfermline, and West Lothian. The lease of this unit was assigned in September 2012
from Graeme P. Chatham (East) Ltd to Hamish E. T. Irvine and John C. M. Irvine, trading as West End
Garages. At the time of the assignment the landlord was provided with a personal net worth statement
of circa £12,000,000 by the Tenant. For further details on West End Garages please see their website
www.westendskoda.com
Skoda has been part of the Volkswagen Group since 1991. It has a current UK market share of 3.09% (2013:
2.74%) and has a 132 strong network in the UK. It is ranked by dealers above average as a valued franchise
according to the Dealer Attitude Survey Winter 2013-2014.
Unit 3 – Renault
Parks Motor Group is one of Scotland’s leading independent motor groups locations throughout Glasgow,
Lanarkshire, Ayrshire, and Fife. The company is wholly owned by Douglas Park who founded the business in
1971. In addition to the motor vehicle retailing, it also operates 4 petrol forecourts, 2 bodyshop repair centres,
and a fast-fit outlet as well as Park’s of Hamilton, a luxury coach business. Parks Motor Group is ranked 27 in
the Motor Trader Top 200 Dealer Groups by turnover (November 2013). They operate Renault franchise out
of Dunfermline. Please see their website www.parks.uk.com for further details.
In the UK, the Renault brand incorporates both Renault and Dacia franchises which account for a market
share of 3.48% 2014 year to date.
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Fife Motor Village
Dunfermline
Motor Retail Investment
Unit 4 – Peugeot
Vertu Motor Group is one of the fastest growing motor groups in the UK, and is currently ranked 8th in the
Motor Trader Top 200 Dealer Groups by turnover (November 2013) with 108 sales outlets throughout the UK.
Vertu trades as Bristol Street Motors in England and Macklin Motors in Scotland. They operate the Peugeot
franchise from Dunfermline and have 9 other Peugeot dealerships nationally For further information please
visit their website www.vertumotors.com
Peugeot has a market share of 4.51% 2014 year to date making it the 8th largest franchise in the UK. It is
part of PSA Peugeot Citroen which is Europe’s 2nd largest car manufacturer. In the UK, their best-selling car
is the Peugeot 208 which sold 23,294 units in 2013.
Unit 5 – Toyota and Honda
Eastern Western Motor Group is Scotland’s second largest motor group and ranked 25 in the Motor
Trader Top 200 Dealer Groups by turnover (November 2013). They have over 30 dealerships representing
20 franchises across Scotland and North East England. It is a privately owned group which was established
back in 1927. Toyota and Honda are the franchises they operate out of Dunfermline. Please see their website
www.easternwestern.co.uk for further details.
Toyota is the world’s biggest manufacturer and has two manufacturing plants in the UK in Derbyshire and
Deeside. Toyota has the 9th largest market share out of a total of 47 franchises in the UK at 3.99% 2014 year
to date.Honda has a 176 site network in the UK with a market share 2014 year to date of 2.37%.
Unit 6 – Screwfix
Screwfix is the UK’s largest supplier of Trade Tools, Plumbing, Electrical, Bathrooms and Kitchens with 335
stores nationwide. It is a subsidiary of Kingfisher Plc, Europe’s leading home improvement retail group, which
also own B&Q.
Unit 7 – MAN Truck and Bus
MAN Truck and Bus is part of the MAN Nutzfahrzeuge Group, which is the largest subsidiary of the
MAN Group. MAN Truck and Bus Ltd has its head offices at Swindon and Sandbach, and offers a range of
commercial vehicles, buses, coaches, and industrial engines throughout the UK.
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Fife Motor Village
Dunfermline
Motor Retail Investment
EPC vat PROPOSAL
EPCs and recommendation reports for the We understand that the properties have been We have been instructed to seek offers in
individual units are available on request. elected for VAT. excess of £4,828,500 for the Feuhold interest,
subject to contract and exclusive of VAT.
An acquisition at this level will provide the
purchaser with a net initial yield of 8.00% after
allowing for purchaser’s costs of 5.8%.
Further Information
For further information or to arrange an inspection, please contact:
John Knight Bill Bexson
Tel: 020 76297282 Tel: 0844 560 7525/ 07831 827442
john.knight@struttandparker.com bbexson@automotive-property.com
HEAD OFFICE Tom Higgs HEAD OFFICE Kristina Simpson
13 HILL STREET Tel: 020 7318 4696 Automotive Property Consultancy Tel: 0844 560 7525/ 07585 705 336
LONDON W1J 5LQ 100 Pall Mall
TEL: +44 (0)20 7629 7282
tom.higgs@struttandparker.com St James
ksimpson@automotive-property.com
FAX: +44 (0)20 7629 0387 London
www.struttandparker.com SW1Y 5NQ
Notices Relating to Property Misrepresentation and Property Misdescriptions Act.
Strutt & Parker LLP for themselves and for the Vendors of this property whose Agents they are, give notice that:- The particulars are set out as a general outline only for the guidance of intending purchases and do not constitute part of an offer or contract; All descriptions, dimensions, references to condition
and necessary permissions for use and occupation and their details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of them;
Unless otherwise stated, all prices, rents and other charges are quoted exclusive of Value Added Tax (VAT). Any intending purchasers or tenants must satisfy themselves independently as to the incidence of VAT in respect of any transaction; All plant, machinery, equipment, services and fixtures & fittings
referred to in these particulars were present at the date of publication. They have not, however, been tested and therefore, we give absolutely no warranty as to their condition or operation; No person in the employment of Strutt & Parker LLP has any authority to make or give any representations or warranty
whatsoever in relation to this property or these particulars, nor enter into any contract on behalf of the Vendors; No responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties which have been sold or withdrawn; The date of publication is June 2014.
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