Mercury House is well located within the west of Scotland's premier out of town office destination, Strathclyde Business Park. Strathclyde Business Park lies approximately 12 miles to the east of Glasgow, Scotland's largest city with a population of circa 608,500 people and a wider catchment of 2.3 million, equivalent to around 40% of Scotland's total population.
Strathclyde Business Park is in North Lanarkshire, around 2 miles north west of Bellshill and in close proximity to other towns such as Motherwell, Hamilton, Coatbridge and Airdrie.
Strathclyde Business Park is extremely well connected, with easy access to the Central Scotland motorway network. The park is located just west of the A725 and south of the Shawhead Interchange, which links directly to the A8/M8 running from east to west, and on to the M73 linking to the M80 running north. The Raith Interchange junction is 2.5 miles to the south of the park, connecting to the M74 running south. There is a recently completed £500 million motorway improvement project that has upgraded the A8/M8, M73 and M74 road network, which includes major improvements to the Raith Interchange and a new motorway junction at Shawhead to the realigned M8.
The park benefits from three dedicated bus stops on Phoenix Crescent, which circles the park. The 299 service links the park to Bellshill and Hamilton, with the timetable dovetailed to the train services at Bellshill train station (2 miles), providing a link to national rail services. Glasgow and Edinburgh Airports are both within a 30 minute drive time of Strathclyde Business Park.
1 Dove Wynd occupies one of the first developed sites on this well established business park. The building was completed in 1993 and provides open plan office accommodation over ground, first and second floors. The building is of steel frame construction with brick elevations beneath a roof arranged in two pitched sections that have been clad in tile around a central lightwell.
The building was developed with 350 car spaces within a car park area that has been finished in brick pavier. This provides a car parking ratio of 1:183, significantly better than the typical ratio for business parks in the west of Scotland that tends to be between 1:300 and 1:500. The remainder of the site is finished in soft landscaping in keeping with the landscaping of the wider business park.
From the building's reception, there are two 13 person passenger lifts serving all floors. There is a main staircase leading from reception to first and second floors. There are three additional stair cores within the building and toilet facilities on each floor.
The general specification of the building includes:
Heritable interest (Scottish equivalent of English Freehold).
The entire subjects were originally let to Mercury Communication Limited, now Vodafone Enterprise UK, on a FRI lease from 5 August 1993 to 4 August 2018. Mercury House is sub-let to Virgin Media Limited on terms effectively equivalent to the head lease. Virgin Media Limited have agreed an extension of their occupation until 31 January 2020 on the terms of the original lease, including the rent remaining at the passing level of £872,000 per annum equating to £13.59 per sq ft.
Virgin Media is the leading cable operator in the UK and Ireland, delivering 14.4 million broadband, video and fixed-line telephony services to 5.9 million cable customers and mobile voice and data services to 3.1 million subscribers at December 31 2017.
Virgin Media Ltd has a Dun & Bradstreet rating of 5A1 with a sales turnover of £546,394,000 for the year ended 31 December 2016 and a pre-tax profit of £851,371,000.
The property is elected for VAT purposes and it is anticipated that the investment will be treated as a TOGC.
Offers are sought in excess of £4,100,000 (Four Million, One Hundred Thousand Pounds) exclusive of VAT for our client's heritable interest reflecting a net initial yield of 20.05% assuming purchaser's costs based on LBTT.