GLASGOW 154 CRAIGHALL ROAD PORT DUNDAS - Lewis ...
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154 Craighall Road, Port Dundas, Glasgow G4 9TD 1
154 CRAIGHALL ROAD
PORT DUNDAS
GLASGOW
G4 9TD
HIGH QUALITY WELL SECURED BOOKER WAREHOUSE INVESTMENT
154 Craighall Road, Port Dundas, Glasgow G4 9TD 2
INVESTMENT SUMMARY
• The property is located in an established location approximately 1.5 miles to the • Low base rent of £6.13 psf.
north of Glasgow City Centre with immediate access to J16 of the M8 Motorway.
• 3% per annum fixed uplifts.
• Purpose built warehouse building of 110,095 sq. ft (10,228 sq. m) with secure yard
and car parking. • Site area of approximately 7.8 acres (3.16 hectares) providing a site cover of 28%.
• Well let to Booker Limited, with shareholders funds of £672.9M until 30th March • Offers in excess of £10,500,000 subject to conclusion of missives and
2037 with a tenant only break option on 31st March 2027. exclusive of VAT.
• Passing rent of £674,362 pa which includes a vendor top up to July 2019 fixed • Net Initial Yield of 6%, with annual increases thereafter after allowing for
review. purchaser’s costs of 6.8%.
154 Craighall Road, Port Dundas, Glasgow G4 9TD 3
Glasgow Central Station
Glasgow Queen Steet Station
M8
University of Strathclyde Glasgow City Centre
Glasgow Caledonian University
Glasgow School of Art
< J15
Safestore Nissan
J16
M8 M8
Pipe Centre
The Lost Port Dundas Distillery Craighill Business Park
Glasgow Sculpture Studios
Diageo Shieldhall Glasgow
National Theatre of Scotland
154 Craighall Road, Port Dundas, Glasgow G4 9TD 4
LOCATION PERTH
DUNDEE
ST ANDREWS
The city of Glasgow has a population in excess of 660,000 and is the largest city
in Scotland, being located on the River Clyde, 41 miles west of Edinburgh. The
city is a major port, commercial and administrative centre and is served by the
M8, M74 and M77 motorways and has its own international airport.
EDINBURGH
GLASGOW
M8
A68
A702
The greater Glasgow conurbation, according to the 2011 census, totalled around M77
A7
2.3 million, accounting for more than 40% of Scotland’s entire population.
A72 PERTH
A702 A697
M74
PRESTWICK
Over 70% of the population is of working age demonstrating a relatively young
demographic compared to the rest of the UK. NORTHUMBERLAND
A7 NATIONAL PARK
A68
SITUATION GALLOWAY
FOREST PARK
DUMFRIES
KIELDER
FOREST PARK
NEWCASTLE
The property is located within the Port Dundas area of Glasgow, only 1.5 miles UPON TYNE
north of the Glasgow city centre with direct links to the M8 Motorway via Junction CARLISLE
16 (0.8 miles), providing fast track access to central Scotland’s motorway network. M74
Glasgow airport airport lies approximately 6.8 miles (11km) west providing both
national and international flights.
The property sits on the east side of Craighall Road at its junction with Keppochhill
Road. The location is a mixed commercial and residential area with surrounding
occupiers including Jewson, Howdens Joinery, Screwfix, Euro Car Parts, Graham’s
Dairy, HCS and Bield.
The property sits on the east side of Craighall Road and just to the south of
its junction with Keppochhill Road. The location is a mixed commercial and
residential area with surrounding occupiers including Jewson, Howdens Joinery,
Screwfix, Euro Car Parts, Graham’s Dairy, HCS and Bield.
154 Craighall Road, Port Dundas, Glasgow G4 9TD 5
667300 667300
DESCRIPTION
The property, constructed in the 1990’s, comprises a single bay purpose
built cash and carry warehouse unit.
The specification includes the following:
667200 667200
Warehouse
• Steel portal frame construction with brick and profiled metal sheet
infill walls
• Pitched profile metal sheet roof incorporating translucent roof panels
• Concrete floor
• Eaves height of 6.64 metres
• Sprinkler system
• Dedicated loading bay to the rear of the property
• HGV and delivery access via three roller shutter loading doors located667100 667100
at the rear of the property
• Covered loading canopy area to the front of the property
Office/Ancillary
• Office accommodation located along the front elevation of the building
• Office specification includes perimeter trunking, suspended ceilings,
recessed lighting and radiator heating
• First floor canteen, staff facilities and WC’s
667000 667000
Externals
• Customer car park to the front of the property accessed via Craighall
Road
• Total of 491 car spaces on-site
• Secure service yard to the rear of the property accessed via 259000
259100
259200
259300
Keppochhill Road
• Site secured by perimeter palisade / security fencing
The tenant has fitted the property for the purposes of their cash and Metres
carry wholesale business and the tenant has an obligation to reinstate the 0 10 20 40 60 80 100
premises to the reasonable satisfaction of the landlord. In addition, the Scale: 1:2500
tenant is obliged to remove alterations and additions and reinstate the
premises as specified within the Reinstatement Specification annexed to
154 Craighall Road
the lease.
Port Dungas
Supplied by: National Map Centre Glasgow Plot centre co-ordinates: 259138,667150
License number: 100031961
Herts G4 9TD Download file: LP_154CraighallR
Produced: 04/10/2018 Project name: LP_154CraighallR
Serial number: 2035762
154 Craighall Road, Port Dundas, Glasgow G4 9TD 6
154 Craighall Road, Port Dundas, Glasgow G4 9TD 7
TENURE
Heritable Interest (Scottish Equivalent to English Freehold).
ACCOMMODATION
The property provides the following Gross Internal Area:
Area Sq ft Sq m
Warehouse 96,467 8,962
First Floor Office/Staff Facilities/Canteen 10,514 977
Sub total 106,981 9,939
Mezzanine* 3,114 289
Total 110,095 10,228
The property is on a site of approximately 7.8 acres (3.16 hectares) providing a site cover
of 28%. TENANCY
The property is let to Booker Limited on generally full repairing and insuring terms
for 35 years from 1st April 2002, expiring on 30th March 2037. There is a tenant
only break option on 31st March 2027, personal to the tenant. The tenant has an
entitlement to insure the property.
The rent benefits from 3% per annum fixed increases effective 1st July each year,
with the current rent being topped up to the 2019 review of £674,362.
At rent review on 1st July 2027 the rent is to be reviewed to 103% of the open market
rental value based on the market value as of 1st July 2026 on the assumption of a 10
year unexpired lease term. From 2027, the revised rent is to be increased annually by
a multiplier of 103%.
Scottish Power UK Plc have a sub-station on the southern boundary of the site which,
in effect, is on a sub-lease from Booker from 20th October 1992 and expiring on 19th
October 2052 at a rent of £1 pa.
154 Craighall Road, Port Dundas, Glasgow G4 9TD 8
COVENANT INFORMATION EPC
Founded in 1835, Booker Group is the UK’s leading food wholesale The building has and EPC rating of E.
with over 13,000 employees serving a total of 1.2 million customers
across the UK and India. In January 2017, it was announced that
the supermarket retailer Tesco purchased the company for £3.7
billion – resulting in Britain’s biggest retailer combining with the country’s largest PROPOSAL
wholesaler. The sale is expected to result in a further growth of market share by the
We are instructed to seek offers in excess of £10,500,000 (Ten Million Five
Booker brand and to add new capabilities to Tesco’s current offering.
Hundred Thousand Pounds Sterling) subject to the conclusion of missives and
exclusive of VAT for the Heritable Interest which reflects a Net Initial Yield of 6%
The Booker Group comprises Booker Wholesale, Makro, Booker Direct, Classic Drinks,
after allowance for purchaser’s costs of 6.8%.
Ritter Courivaud, Chef Direct, Premier, Family Shopper, Budgens, Londis and Booker India.
The rental profile reflecting the 3% fixed uplifts will provide an investor with the
For the year ending 30th June 2017, Booker Ltd reported a turnover of £3.7Bn and pretax
following running yield assuming a purchase at this price.*
profits of £128M For the same period, the company reported shareholders funds of
£672.9M. Year Rental Income Yield
2019 £674,362 6.00%
2020 £694,593 6.18%
2021 £715,430 6.37%
2022 £736,893 6.56%
2023 £759,000 6.75%
2024 £781,770 6.96%
2025 £805,223 7.16%
2026 £829,380 7.38%
2027 £854,262 7.60%*
2028 £879,890 7.83%*
2029 £906,286 8.06%*
2030 £933,475 8.31%*
2031 £961,479 8.55%*
2032 £990,324 8.81%*
2033 £1,020,033 9.08%*
2034 £1,050,634 9.35%*
2035 £1,082,153 9.63%*
2036 £1,114,618 9.92%*
2037 1,148,057 10.21%*
*Subject to the rent not altering as at the 2027 market review.
154 Craighall Road, Port Dundas, Glasgow G4 9TD 9
FURTHER INFORMATION
Should you wish to view the property or require any further information please contact the sole agents.
Matthew Clarke Stephen Raingold Connal Harper
matthewclarke@lewisandpartners.com stephenraingold@lewisandpartners.com connalharper@lewisandpartners.com
Lewis & Partners
15/19 Cavendish Place, London W1G 0QE
Tel: 0207 580 4333
Fax: 0207 580 5111
SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT
LEWIS & PARTNERS LLP FOR THEMSELVES AND FOR THE VENDORS OF THIS PROPERTY WHOSE AGENT THEY ARE GIVE NOTICE THAT:-
1. These particulars do not constitute any part of the offer for sale or contract for sale. 7. Any properties or drawings of the relevant property or part thereof or the neighbouring areas may not depict the property or the
2. All statements contained in these particulars as to this property are made without responsibility on the part of Lewis & Partners LLP or the neighbouring areas at the date a prospective purchaser or tenant inspects the property. Prospective purchasers are strongly advised to
vendors or lessors. inspect the property and neighbouring areas.
3. None of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact. 8. Lewis & Partners LLP have not measured the property and have relied upon clients information. Therefore Lewis & Partners LLP give no
4. Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in warranty as to their correctness or otherwise and the purchasers must rely on their own measurements.
these particulars. 9. All terms quoted are exclusive of value added tax unless otherwise stated.
5. Any plans or photographs or drawings shown in these particulars are to enable prospective purchasers or tenants to locate the property. The 10. The vendors do not make nor do Lewis & Partners LLP any person(s) in their employment give any warranty whatsoever in relation to this
plans are photographically reproduced and therefore not to scale except where expressly stated. The plans, photographs or drawings are for property.
identification purposes only. 11. These details are believed to be correct at the time of compilation but may be subject to subsequent amendment.
6. No warranty or undertaking is given in respect of the repair or condition of the properties or any items expressed to be included in the sale. 12. These details were prepared as of OCTOBER 2018
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