East Kilbride is part of the Glasgow conurbation, approximately 10 miles south east of Glasgow city centre. It is the largest town within the South Lanarkshire council area and has a population of over 75,000.
The subject property comprises a parade of four retail warehouse units of steel frame construction, with the walls a combination of blockwork and composition cladding panels. The units are arranged around a tarmac car park accessed from Mavor Avenue to the west of the scheme, with approximately 225 car parking spaces and 13
disabled spaces, providing a car park to floor space ratio of 1:23 sq m (1:249 sq ft).
Service access is available via Howard Avenue, which serves the rear of each of the four units.
The property is held on a heritable title (Scottish equivalent of English Freehold).
East Kilbride Retail Park has flourished with the recent amalgamation of the DSG brands into Unit 4 enabling the tenant line up to be expanded with Halfords,
Pets at Home and The Range taking new leases.
The current rent is £1,371,466 per annum, with the fixed uplifts leading to this rising to £1,506,336.50 per annum in 2021.
Attractive WAULT to expiry of 8.82 years and to break of 8.29 years.
Demand for the park has been demonstrated by the recent arrival of Pets at Home, The Range and Halfords over the last eighteen months.
The property has been elected for VAT and therefore VAT will be payable on the purchase price. However, it is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seek offers in excess of £16,136,000 (Sixteen Million, One Hundred and Thirty-Six Thousand Pounds Sterling) exclusive of VAT for the benefit of our client's interest.
A purchase at this level would reflect a net initial yield of 8.00%, after allowing for purchaser's costs of 6.24% based on Scotland's Land and Buildings Transactions Tax (LBTT). The running yield rises to 8.79% in 2021.