KINGSWAY PARK INDUSTRIAL INVESTMENT OPPORTUNITY - cloudfront.net
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INDUSTRIAL INVESTMENT OPPORTUNITY
KINGSWAY PARK
WHITTLE PLACE | DUNDEE | DD2 4US
ON BEHALF OF REFURBISHED MULTI-LET INDUSTRIAL PARK
SIGNIFICANT RENTAL GROWTH/ASSET MANAGEMENT POTENTIAL
OFFERS OVER £2,100,000 INVITED (NIY 9.61%) REFLECTING LOW CAPITAL VALUE OF ONLY £21.64 PSF
WAULT OF 6.1 YEARS TO EXPIRIES / 4.9 years TO BREAKS
HIGHLY PROMINENT POSITION
Industrial Investment Opportunity KINGSWAY PARK | WHITTLE PLACE | DUNDEE | DD2 4TD
LOCATION
Dundee commands a strategic position More specifically, the property is located on Dundee is undergoing a substantial regeneration
the Kingsway (A90), the arterial route between with the city being transformed as part of the
within the communications network of Glasgow/Edinburgh and Aberdeen. The Kingsway Dundee Waterfront scheme including substantial
Scotland with excellent road and rail also forms Dundee’s bypass and given the commercial and residential development along
connections to other principal cities significant passing trade, has grown to become the new Victoria & Albert Museum which forms
and 90% of the country’s population a popular commercial destination with Kingsway the focal point of the project. Further details
Retail Park and Camperdown Leisure Park both are available from www.dundeewaterfront.com.
within 90 minutes drive. Dundee also located close by as well as numerous established Dundee is also set to become a key centre for the
has its own Airport providing daily industrial estates. Nearby operators include NCR, oil and gas decommissioning industry with major
scheduled flights to London Stansted. John Clark Motor Group and UPS. recent investment at Forth Ports.
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Industrial Investment Opportunity KINGSWAY PARK | WHITTLE PLACE | DUNDEE | DD2 4TD
DESCRIPTION
Kingsway Park has been created The building is of steel frame and truss roof
via the extensive regeneration and construction, has an approximate eaves height
redevelopment of a former production of 4.2m and is currently sub-divided to create
facility to provide easily adaptable, 9 separate units.
modern industrial/distribution units The external elevations and roof have been re-clad
which suit a wide variety of uses. in profile metal sheeting incorporating translucent
roof lights and roller shutter doors to each unit.
The building has been subdivided to create
Internally, each unit has been fitted to suit occupier
a number of units varying in size between
requirements generally incorporating office and
6,555 sq. ft. and 20,800 sq. ft. There is in
staff welfare accommodation.
addition, an office unit to the front of the
building offering further income potential. The total site extends to 6.4 acres (2.6 hectares)
or thereby and includes secure, common shared
yard areas and designated car parking.
Industrial Investment Opportunity KINGSWAY PARK | WHITTLE PLACE | DUNDEE | DD2 4TD
TENANCY SCHEDULE
The property is let in accordance with the following tenancy schedule.
UNIT SIZE LEASE
ADDRESS TENANT LEASE END RENT £/PSF COMMENTS
(GIA) START
Unit 1 Scot Group Ltd T/A Thrifty 6,555 06/02/2007 05/02/2027 £30,000 £4.60 Rent review and break option 05/02/22
Insulated Render Systems
Unit 2 6,673 15/01/2018 14/06/2018 £18,000 £2.70 Monthly Licence
(Scotland) Ltd
Unit 3 Lyreco UK Ltd 7,341 08/08/2016 07/08/2021 £30,000 £4.00 Break option 20/02/2019. 6 months’ notice.
Unit 4 KPD Delivery Services Ltd 10,153 28/02/2018 27/02/2023 £25,000 £2.50 Break option 28/02/2021. 6 months’ notice.
Unit 5A Signature Signs (Scotland) Ltd 10,063 04/01/2018 03/01/2023 £20,000 £2.00
Unit 5B Quest Precision Engineering Ltd 20,800 22/01/2018 21/01/2028 £48,000 £2.30 Rent Review 22/01/2023
Unit 6 Diemax Precision Engineering Ltd 10,066 01/09/2014 31/08/2024 £17,500 £1.75 Rent Review 01/09/2019
Glow Insulation & Site Supplies
Unit 7 20,692 06/01/2014 05/01/2024 £25,000 £1.20 Rent Review 06/01/2019
Limited
Unit 8 VACANT 4,671
TOTAL 97,014 £213,500
The property provides a Weighted Average Unexpired Lease Term (WAULT) of 6.1 years to expiries and 4.9 years to breaks.
Industrial Investment Opportunity KINGSWAY PARK | WHITTLE PLACE | DUNDEE | DD2 4TD
ASSET MANAGEMENT SCOTTISH INDUSTRIAL MARKET
Kingsway Park offers significant reversionary potential with the Appetite for well let industrial investment opportunities in Scotland
opportunity to increase income and asset value through rent has increased significantly in the past 12 months with prime yields
reviews, lease re-gearing and letting/further developing the for multi-let estates in Scotland’s Central Belt commanding yields in
vacant space. the region of 5.50%. The following transactions highlight a notable
discount between the quoting price at Kingsway Park and other
The units are let generally on FRI terms to a mixture of local and recent investment sales in the country:
national covenants. A service charge is levied on tenants for the
upkeep and maintenance of the communal areas on the estate. The • 119 Clepington Road, Dundee: Multi-let industrial estate including
current service charge runs at approximately £0.25 psf. Autosave Components, Whittons (Flooring) Ltd, Jewson and
LWS Tiles. Sold in July 2017 for £2.64m reflecting 8% NIY /
Full details and further information regarding the property along
£62.50 psf
with lease and title documentation is available from the Data Room,
with access arranged through the joint selling agents. • Firth Road, Houston Industrial Estate, Livingston – Multi-let
industrial estate including Hertz and Cannon. Sold in January
2018 for £3.30m reflecting a 8.13% NIY / £43.00 psf
• Almond Court, Falkirk: Multi-let trade counter estate including
Saint Gobain Building Distribution Ltd. Sold in January 2018 for
£2.25m reflecting a 6.9% NIY / £71.00 psf
Industrial Investment Opportunity KINGSWAY PARK | WHITTLE PLACE | DUNDEE | DD2 4TD VAT All prices, rentals and outgoings are quoted exclusive of, but will be liable for VAT. As such we anticipate the sale will be undertaken as a transfer as a going concern (TOGC). EPC RATING The property has an EPC Rating of C. Copies of EPC Certificates are available from the Data Room. TERMS We are instructed to sell our clients absolute interest (equivalent of English freehold) and are seeking offers in excess of £2,100,000, reflecting a low capital value of only £21.64 psf. A purchase at this level would show an attractive Net Initial Yield of 9.61% after standard purchasers costs. FURTHER INFORMATION For further information please contact the joint selling agents: Grant Robertson Douglas Binnie 01382 200 064 0141 221 9191 t: 01382 200064 t: 0141 566 0885 g-s.co.uk KnightFrank.co.uk m: 0790 026 5516 m: 07775 561 334 grant.robertson@g-s.co.uk douglas.binnie@knightfrank.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 representations or warranty whatever in relation to this property. MAY 2018.
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