CCF/Travis Perkins - 15 Robert Drive, Glasgow _Property for Sale

15 Robert Drive, Glasgow, City of Glasgow, G51 3HE, UK

CCF/Travis Perkins - 15 Robert Drive, Glasgow

Asset description

The property was constructed in the early 2000’s and comprise a single span distribution unit of steel portal frame construction with block dado walls, profile metal clad elevations and roof with associated two storey office accommodation. Car parking is provided to the front of the unit along with a secure tarmac surfaced yard.

The specification includes:

Internal eaves height of 7.4 metres.
25 car parking spaces.
1.1 acre secure fenced yard with CCTV and outdoor flood lights.
The property is located in one of Glasgow's premier mixed-use trade and industrial hubs.
Modern office block features open plan space with gas central heating, LED lighting and raised access flooring.

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Attributes

Asking price

€4,760,000

Cap rate

6.5%

WAULT

7.8 years

Building area gross

3,231 sm

Occupancy

100%

Year built

2002

Land area gross

1 ha

Media

Investment highlights

Opportunity to acquire a prime, modern industrial investment in one of Glasgow’s premier industrial estates.
Located in the established industrial area of Govan, close to Glasgow city centre and with excellent connectivity via Junction 23 and 24 of the M8 motorway.
Highly specified unit extending to 34,778 sq ft, on a large site area of 1 hectare (2.46 acres) providing a low site coverage of 30%.
Let to Travis Perkins (Properties) Limited (trading as CCF) until 30 November 2031 without break (7.8 years term certain).
Passing rent of £280,434 per annum (£8.06 per sq ft).
5 yearly rent reviews to the higher of two thirds of Market Rent or 3% per annum compound increase – next rent review 1 December 2026.
Held long leasehold from Travis Perkins Plc for a term of 175 years from 1 December 2006 at a peppercorn rent.
The long leaseholder has a right to acquire the heritable interest for £1, exercisable on expiry of the occupational lease or if a Group company of Travis Perkins Plc ceases to have an interest in the occupational lease.

We are seeking offers in excess of £4,050,000, a purchase at this price point would produce a net initial yield of 6.50% and a minimum reversionary yield of 7.54% at review.