AIRPORT COMMERCE PARK | HOWEMOSS DRIVE

KIRKHILL INDUSTRIAL ESTATE | DYCE | ABERDEEN | AB21 0GF

INDUSTRIAL MULTI-LETINVESTMENT OPPORTUNITY

A I R P O RT CO M M E R C E PA R K | A B E R D E E NINDUSTRIAL MULTI-LET INVESTMENT OPPORTUNITY

Executive Summary• Industrial multi-let terrace.

• Located within Dyce only 1 mile from Aberdeen International Airport and Aberdeen Western Peripheral Route (AWPR).

• The asset comprises nine industrial units totalling 1,583.06 sq.m (17,040 sq.ft).

• Heritable Tenure (Scottish Equivalent of English Freehold).

• Total contracted rent of £143,125 per annum with a MWAULT of 2.95 years.

• Offers over £1,500,000, exclusive of VAT reflecting a net initial yield of 9.0% assuming standard purchasers costs and LBTT.

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A I R P O RT CO M M E R C E PA R K | A B E R D E E NINDUSTRIAL MULTI-LET INVESTMENT OPPORTUNITY

A956

A956

A947

A944A944

A92

A92

A92

A96

A96

DYCE

ABERDEENCITY CENTRE

PETERHEAD& NORTH

STONEHAVEN& SOUTH

AWPR

AWPR

AWPR

HOWEMOSSDRIVE

AberdeenAberdeen is Scotland’s third largest city and is widely regarded as the energy capital of Europe. Its status as an energy sector centre of excellence has been established for in excess of 40 years with other industries giving diversity to the local economy. The city has a population of approximately 220,000 people with a catchment population in excess of 500,000 people.

The recently completed Aberdeen Western Peripheral Route (AWPR) was Scotland’s largest construction project and has already proven to provide significantly shorter commuting times across all parts of the region. The city is also linked to major towns and cities throughout the UK by rail and air travel. Aberdeen International Airport has connections with over 40 UK and European destinations and separately it accommodates the world’s busiest commercial heliport.

There is currently £8.4bn of public and private investment due to be delivered before 2030 with a large proportion over the next three years.

Situation The subjects are located on the west side of Howemoss Drive, approximately 1 mile from Aberdeen International Airport within the well established Kirkhill Industrial Estate. The location benefits from excellent transport links due to it having easy access to the Aberdeen Western Peripheral Route (AWPR) only 1 mile away.

AWPR

Aberdeen Airport

Aberdeen City Centre

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DISTANCES FROM AIRPORT COMMERCE PARK (miles)

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AIRPORTCOMMERCE PARK

A I R P O RT CO M M E R C E PA R K | A B E R D E E NINDUSTRIAL MULTI-LET INVESTMENT OPPORTUNITY

Description The subjects comprise a terrace of nine industrial units on a site of approximately 0.40 hectares (0.98 acres). The units are of steel portal frame construction with full height concrete blockwork walls with insulated profile metal cladding to the front and rear elevations. Each unit benefits from a roller shutter door with provision for offices and toilet facilities and the eaves height is 5.5 metres. Further, there is dedicated car parking to the front of each unit along with additional communal parking shared between the occupiers along the northern boundary. Units 6-9 are currently occupied by a single tenant and additionally benefit from dedicated yard space.

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A I R P O RT CO M M E R C E PA R K | A B E R D E E NINDUSTRIAL MULTI-LET INVESTMENT OPPORTUNITY

NINE INDUSTRIALUNITS TOTALLING1,583.06 SQ.M(17,040 SQ.FT)

INDUSTRIALMULTI-LETTERRACE

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0m 10m 20m 30m

HOWEM

OSS D

RIVE

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A I R P O RT CO M M E R C E PA R K | A B E R D E E NINDUSTRIAL MULTI-LET INVESTMENT OPPORTUNITY

TenancyThe property produces a total rental income of £143,125 per annum and has a MWAULT of 2.95 years.It is let in accordance with the below tenancy schedule.

Unit Area (sq.ft) Tenant Lease Start Rent Review Lease Expiry Rent pa Rent £ psf Comments

1 970 Kerr Compressor 13-Apr 2011 13-April 2019 12-April 2021 £12,125 £12.50 FRI Lease. Rent Review outstanding. Engineers (East Kilbride) Ltd

2 1,460 Aberdeen 01-Feb 2019 01-Feb 2022 31-Jan 2024 £14,000 £8.96 FRI lease subject to Schedule of Condition. Mezz - 457 Dangerous Mezz - £2.00 9 month rent free period from date of entry Goods Ltd (vendor will top-up).

3 1,460 Aberdeen 16-Oct 2014 01-Feb 2022 31-Jan 2024 £14,000 £9.59 FRI lease. Dangerous Goods Ltd

4 1,460 Ball Roller & 28-Feb 2003 11-Mar 2020 £13,500 £9.25 FRI lease. Transmission Bearings Ltd

5 1,950 Graeme Davidson & 11-June 2007 11-Jun 2020 10-Jun 2027 £22,000 £9.59 FRI lease. Rent Review to minimum of FF Off – 401 Michael John Davidson FFL Off - £5.00 £23,000 p.a. Mezz – 649 T/A R Davidson Mezz - £2.00 Joiners & Builders Ltd

6 1,950 Metrol 01-Feb 2016 31-Jan 2021 £67,500 £8.47 FRI lease subject to Schedule of Condition. FF Off – 207 Technology Ltd FFL Off - £5.00

7 1,950 £8.47

8 1,950 £8.47

9 1,936 £8.47 Mezz – 240 Mezz - £2.00

Total 17,040 £143,125 (GF Only– 15,086)

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TenureHeritable (Scottish equivalent of English freehold)

Service ChargeThere is a service charge for the upkeep of the common areas. Further details are available upon request.

Covenant InformationCovenant information can be provided, including a rent payment history to seriously interested parties.

EPCThe Energy Performance Certificates are available upon request.

VAT & TOGCThe property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC).

Further Information /Data RoomFor further information or access to the Data Room, please contact the sole selling agents.

DISCLAIMER

MISREPRESENTATION ACT: Knight Frank LLP give notice to anyone who may read these particulars as follows: 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London W1U 8AN, where you may look at a list of members’ names. September 2019.

ProposalWe are instructed to seek offers in excess of £1,500,000, exclusive of VAT. A purchase at this level reflects a net initial yield of 9.0% after allowing for standard purchaser’s costs and LBTT.

Chris IonPartner, AberdeenT: 01224 415 969M: 07717 425 298chris.ion@knightfrank.com

Scott HoganSenior Surveyor, AberdeenT: 01224 415 956M: 07468 729 768scott.hogan@knightfrank.com

Airport Commerce ParkHowemoss DriveKirkhill Industrial Estate | DyceAberdeen | AB21 0GF

INDUSTRIALMULTI-LETINVESTMENTOPPORTUNITY