In Town Multi Let Industrial & Trade Counter Investment - INVESTMENT galbraithgroup.com
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In Town Multi Let Newton Trading Estate
McCall’s Avenue
Industrial & Trade Ayr INVESTMENT
Counter Investment KA8 9AE galbraithgroup.com
INVESTMENT
SUMMARY
■ 67,816 sq ft multi let industrial asset
with a range of unit sizes
UNITS 72 & 73 - AYR AUTO REPAIR AND RMC GLAZING ■ Generous yard and parking areas
with a site coverage of only 33%
■ Fully let to an excellent tenant mix
■ FRI leases with no schedules of
condition
UNIT 1 - JEWSON ■ 93% of rent secured against South
Ayrshire Council, Jewson and
William Wilson
■ 63% of rental income below £4.00 psf
■ Term certain WAULT of 7.03 years
■ Providing a rent of £310,318 p.a.
UNITS 18 TO 19 - WILLIAM WILSON reflecting a very low average
passing rent of only £4.58 psf
■ Investment provides a combination
of asset management opportunities,
rental growth and very secure
medium term income
■ Offers over £4,161,000 exclusive
■ Net initial yield of 7.00%
■ Low capital rate of only £61.37 psf
UNITS 5 TO 9 - SOUTH AYRSHIRE COUNCIL
2 galbraithgroup.com Newton Trading Estate | McCall’s Avenue | Ayr | KA8 9AE
AYR TOWN CENTRE
Ayr Harbour
77)
( TOA
1 9
A7
Pr
es
tw
ick
Ro
ad
Residential development site
(80 units)
BOUNDARIES ARE INDICATIVE ONLY
3 galbraithgroup.com Newton Trading Estate | McCall’s Avenue | Ayr | KA8 9AE
LOCATION & SITUATION NEWTON PARK
AD
RO
Ayr is a large costal town approximately 32 miles south of Glasgow and 15 miles south west
ICK
NOR
of Kilmarnock. It is the administrative centre of Ayrshire with a population of approximately THFI
ELD A
ST W
VENU
46,000. Ayr is easily accessed from the north and south via the M77/A77 road network which E
in turn connects to the wider Scottish road networks (M74 and M8). Newton-On-Ayr
PRE
Ayr has a catchment of 27,000 households within a 10 minute drive and 136,000 households
within a 30 minute drive. There are over 7,500 new homes earmarked for development over
McC
the next 3-5 years. Ayr has a diverse economy, with a strong retail and tourism visitor draw ALL
’S A
including a world class golf offering via Turnberry and Royal Troon and Ayr Racecourse. VE
AD
Newton Trading Estate is an in town industrial and trade counter asset located immediately to the
north of the town centre.
RO
WA
NEW
L
TENURE
KE
RR
OA
D
VIE
Heritable (Scottish equivalent of English freehold). WF
IELD
ROA
D
DESCRIPTION BR A EHE AD
ALLISON ST
9
A71
The property comprises 5 buildings of various ages and sizes, some of which are connected
and one being a new-build modern trade centre depot with dedicated secure yard. The asset
extends to 67,816 sq ft (6,300.26 sq m) with units ranging from 1,868 sq ft to 38,374 sq ft.
The largest tenant, South Ayrshire Council, who occupy Units 5 to 9, have been in occupation WAL L AC E TOWN
since 1979. The site houses the council’s data-centre and office facility in traditional stone A719
A719
R
buildings and works department stores and workshop in the large industrial warehouse.
ive
A719
UNITS
rA 5-9
UNITS
AYR RACECOUR
Units 72 & 73 are two small format semi-detached steel frame industrial premises.
yr
B747
72 & 73
Units 18 & 19 (William Wilson) are combined and form a detached warehouse with new trade
counter frontage and roof.
JO
AYR
HN
Unit 1 (Jewson) is a bespoke built trade counter with generous builders merchant yard.
UNITS
CRAIGIE
18 PARK
ST
& 19
The estate benefits from generous car parking and yard areas. The site area extends to
R
EE
approximately 4.65 acres, providing a site coverage of approximately 33%.
T
Both Ayr Council and Jewson units are fully serviced by a newly surfaced access road.
UNIT 1
INDICATIVE ONLY
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ACCESS
UNITS 5 TO 9
SOUTH AYRSHIRE COUNCIL
UNIT 1
JEWSON
UNITS 18 TO 19
WILLIAM WILSON
UNITS 72 & 73
AYR AUTO REPAIR AND RMC GLAZING
GENEROUS YARD
AND PARKING
ACC
ESS
5 galbraithgroup.com Newton Trading Estate | McCall’s Avenue | Ayr | KA8 9AE
TENANCY
NEXT TERM TERM
EPC LEASE NEXT LEASE RENT
UNIT AREA TENANT REVIEW CERTAIN TO RENT P.A. COMMENTS
RATING START BREAK EXPIRY (PSF)
DATE INCOME EXPIRY
FRI Terms. Tenant has an option to extend the
Units 5 to 9 38,374 D South Ayrshire Council 01/08/1979 28/05/2024 31/07/2030 9.28 9.28 £145,000 £3.78
lease by 4 years subject to 6 months notice.
FRI Terms. Tenant carried out roof replacement
Units 18 to 19 13,460 E William Wilson Ltd 15/05/2014 14/05/2024 3.07 3.07 £51,500 £3.83
and cladding improvement works recently.
RMC Double Glazing FRI terms. Deposit of £3,300 held. Break option
Unit 72 1,876 E 15/11/2019 15/11/2024 15/11/2024 14/11/2029 3.58 8.58 £11,000 £5.86
(Ayr) Ltd is subject to 6 months notice.
Ayr Auto Repair FRI Terms. Break option subject to 3 months
Unit 73 1,868 E 18/07/2012 18/07/2022 18/07/2022 17/07/2027 1.24 6.24 £10,500 £5.62
Services Ltd notice.
FRI Terms. 5 yearly rent reviews to the higher of
Unit 1 12,238 D Jewson Ltd 23/01/2008 23/01/2023 22/01/2028 6.76 6.76 £92,318 £7.54 open market or the percentage increase in RPI
over the preceding 5 years.
South of Scotland
Substation n/a 07/12/1984 06/12/2044
Electricity Board
67,816 WAULTS 7.03 7.37 £310,318 £4.58 Average rent
UNIT 1 - JEWSON UNITS 18 TO 19 - SOUTH AYRSHIRE COUNCIL UNITS 18 TO 19 - WILLIAM WILSON
6 galbraithgroup.com Newton Trading Estate | McCall’s Avenue | Ayr | KA8 9AE
MAIN TENANT COVENANTS
South Ayrshire Council is incorporated under Act of Parliament, the Local Government etc. (Scotland) Act 1994. The South Ayrshire
Council is the administrative body that governs the 8 wards of southern Ayrshire focussing its budget on maintaining and improving a
good quality of life for the residents of the area. More information can be found on their website - www.south-ayrshire.gov.uk.
William Wilson Limited (SC014691) are one of Scotland’s leading suppliers of plumbing, heating and bathroom supplies. The company
was established in 1900 and now has a network of 21 branches across Scotland, each stocking plumbing, heating, bathroom and
renewable products for trade customers. William Wilson currently employs around 200 staff and are among the leading businesses
in their sector. In the year ending July 2019 William Wilson had a turnover in excess of £64m, a pre-tax profit of over £7.1m and a net
worth of £80.8m.
Jewson Limited (0034807) is one of the largest chains of general builders’ merchants in the UK, selling to small and medium building
contractors. The chain comprises around 600 branches all across the UK. Jewson was acquired by Saint Gobain in April 2000. In the
year ending December 2018 Jewson recorded a turnover in excess of £2bn.
7 galbraithgroup.com Newton Trading Estate | McCall’s Avenue | Ayr | KA8 9AE
SERVICE CHARGE The common areas of the estate are managed and maintained via a service charge which operates 6 monthly in arrears. For the 6 months to March 2020 the expenditure was approximately £8,654 (£0.13 per sq ft). For the 12 month period to March 2020 the expenditure was £14,947 (£0.22 per sq ft). The service charge is recoverable from the tenants. VAT We understand the property is elected for VAT but any sale will be treated as a transfer of a going concern (TOGC). LBTT The purchaser will be responsible for any LBTT due. CAPITAL ALLOWANCES No capital allowances are available. DATA-ROOM Lease, title and management information will be made available to seriously interested parties. 8 galbraithgroup.com Newton Trading Estate | McCall’s Avenue | Ayr | KA8 9AE
PROPOSAL FURTHER INFORMATION
Offers in excess of £4,161,000 exclusive.
Viewings are by appointment only, for additional information
With prevailing LBTT and standard acquisition costs this price reflects please contact a member of the Galbraith commercial
an attractive net initial yield of 7.00% and a low capital rate of only investment team:
£61.37 per sq ft.
Will Sandwell
ANTI-MONEY LAUNDERING 0131 240 6997 / 07801 266 373
will.sandwell@galbraithgroup.com
REGULATIONS Jamie Addison-Scott
0131 240 2287 / 07824 435094
Under both HMRC and RICS guidance as property agents we are jamie.addison-scott@galbraithgroup.com
obliged to undertake AML diligence for both the purchasers and
vendors (our client) involved in a transaction. As such, personal and or Jamie Thain
detailed financial and corporate information might be required before 0131 240 6994 / 07798 647620
any terms are agreed or any transaction can conclude. jamie.thain@galbraithgroup.com
59 George Street
Edinburgh
EH2 2JG
T: 0131 240 6960
galbraithgroup.com
The Agents for themselves and for the vendors or lessors of this property whose agents they are give notice that:
(i) the particulars are set out as a general outline only for the guidance of the intended purchasers or lessees and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions
for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness
of each of them; (iii) no person in the employment of the Agents has any authority to make or give any representation or warranty whatever in relation to this property.
Galbraith is a trading name of CKD Galbraith LLP registered in Scotland number S0300208 with registered address 59 George Street, Edinburgh, EH2 2JG
Date of publication: April 2021
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