Mercury House, 1 Dove Wynd, Strathclyde Business Park

Bellshill, North Lanarkshire ML4 3AL

Overview

  • Prominent office pavilion at the entrance of Strathclyde Business Park
  • Excellent location with easy access to the Central Scotland motorway network, well connected to Glasgow, Edinburgh and beyond
  • Highly successful business park with excellent amenity provision and a number of high profile occupiers
  • The entire building of 64,146 sq ft and 350 parking spaces let to Virgin Media Limited on FRI terms until 31 January 2020
  • Passing rent of £872,000 per annum equating to £13.59 per sq ft
  • Offers for the heritable interest are sought in excess of £4,100,000 (Four Million, One Hundred Thousand Pounds) reflecting a net initial yield of 20.05% assuming purchaser's costs based on LBTT


Location

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.

Situation

Strathclyde Business Park

Strathclyde Business Park provides over 1.4 million sq ft of business and amenity space within a high quality landscaped parkland setting of approximately 155 acres. The park has grown steadily over the past 20 years since development first began in the early 1990s, and is now one of Central Scotland's largest and most successful business parks. Strathclyde Business Park is home to over 240 businesses and around 6,300 staff, with major occupiers including Scottish Power, NG Bailey, Scottish Enterprise and Wood Group.

Strathclyde Business Park benefits from site wide CCTV coupled with 24 hour security patrol providing complete peace of mind.

On site amenity provision is excellent, with a DoubleTree by Hilton hotel, several restaurants including The Avondale Bar & Grill, sandwich bars such as Food 2 Go and Café Gusto, Papillon Nursery, a convenience store, Living Well Fitness Centre and banking facilities, making the park an attractive option for occupiers. The park has an active park-wide car share scheme.

Mercury House is located on Dove Wynd, occupying a prominent site at the entrance of Strathclyde Business Park. Mercury House provides the park a landmark to traffic travelling along the A725.

Drive Times
  • M8 3 mins
  • Motherwell 12 mins
  • Glasgow City Centre 18 mins
  • East Kilbride 20 mins
  • Glasgow Airport 25 mins
  • Edinburgh 30 mins

Description

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:

  • 150mm raised access floors
  • Suspended ceilings
  • Air conditioned offices
  • 2.7 metres clear floor to ceiling height
  • Male, female and disabled toilet facilities
The building was originally designed with an element of workshop and storage space at ground floor along with the building's plant room. The workshop area has been fitted out by the tenant as additional office space.

In the event of a mains electrical supply failure, there is a diesel generator housed in a separate outbuilding to the rear of Mercury House.

Accommodation

A schedule of accommodation can be viewed on the link below.
The site has an approximate area of 2.05 hectares (5.065 acres).


Tenure

Heritable interest (Scottish equivalent of English Freehold).

Tenancy

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.

Covenant Information

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.

VAT

The property is elected for VAT purposes and it is anticipated that the investment will be treated as a TOGC.

EPC

The building has an Energy Performance Certificate Rating of D.

Proposal

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.

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NET INITIAL YIELD:
20.05%
PRICE:
£4,100,000
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