• Rarely Available Investment Opportunity

• Heritable (Scottish Freehold)

• Ground lease for a further 87.5 years

• Rent 17.38% of rental value

• 5 yearly “upward” rent reviews

• Established, prime commercial location

• Occupied by Homebase

• Guide Price £1,000,000, subject to contract

• 5.0% net initial yield

The Bridge of Don Industrial Estate is situated in a prime commercial location approximately 3.2 km (2 miles) to the north of Aberdeen city centre. The property, which benefits from being highly visible, is accessed directly from The Parkway (A90 Trunk Road) which is the main arterial route connecting Aberdeen from the south. The property is located at the junction of Greenhole Place and Broadfold Road which is the main access road through the estate approximately 100 metres from its junction with the A90.

The area is an established, prime commercial location with surrounding occupiers including Buildbase, Jewson, Nu-Style Products, Murison Commercials, Yardbury Engineering, Bilfinger Salamis, TWMA, Weltec and GE Oil & Gas.

The property comprises 2.35 acres, as specified in the ground lease, at the junction of Greenhole Place and Broadfold Road.

On the site, currently is built a solus purpose retail warehouse of streel frame construction with a pitched roof and profiled metal cladding on a rectangular site with good road frontage. Externally, the property benefits from a garden centre service area to the west and north respectively plus a total of 102 car parking spaces are provided to the south of the site equating to a ratio of 1: 37.78 sq m /      1: 406.72 sq ft.

Internally, the property is fitted out to the sub-tenants standard corporate image and includes an open plan sales area together with staff facilities, a canteen and rear stockroom. An extension to the west elevation incorporates a garden centre of steel frame construction with brick walls and double glazed windows.

The built property has been measured by Square Foot Media and provides the following Gross Internal floor areas;

A set of floor plans is available to download and the measured survey report can be re-addressed to a purchaser.

An Environmental Phase 1 Report was carried out by Ramboll Environ in September 2017 concluding the site represents a low to moderate risk to contamination. A copy of the report is available to download and reliance of the same can be made available to a purchaser on completion.

Planning permission was granted in 2005 for unrestricted non-food retail use within Class 1 of the Town and Country Planning (Use Classes) (Scotland) Order 1997.

Heritable (Scottish equivalent of English freehold).

The property is let to The Trustees of the John R. Weir Limited Retirement Benefits Scheme on a lease from 1st June 1980 expiring 31st May 2105, therefore having 87.5 years unexpired.

The current passing rent is £52,394 per annum.

The rent is reviewed 5 yearly on an upward only basis to 17.38% of the rack rental value of the approved development, being a non-food retail warehouse.

The rent is paid half yearly in advance and the next rent review is on 15th May 2020. There are no arrears and the next rental payment is due in November 2017.

The property is sub-let and occupied by Homebase Limited on a Full Repairing and Insuring sub-lease for a term of 20 years from 20th December 2000 expiring 21st December 2020 at a current passing rent of £301,464 per annum.

The ground rent equates to only £10.76 per sq m / £1.26 per sq ft, in comparison to the occupation rent at £78.22 per sq m / £7.26 per sq ft.

The property has been opted to tax. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

Guide price £1,000,000 (One Million Pounds), subject to contract, reflecting a net initial yield of 5.0%, assuming purchasers' costs of 5.33%.

To be sold by "best offers" by 5:00pm, Monday 27th November 2017.