Fenick House - Hamilton Technology Park_Property for Sale
Fenick House - Hamilton Technology Park_Property for Sale
1 Lister Way, Blantyre, G72 0FT, UK

Fenick House - Hamilton Technology Park

Asset Description

Fenick House is a modern purpose-built office building that was constructed in 2006 and fully refurbished in 2016.


The building benefits from the following specification:

  • 13 person passenger lift.
  • VRV Air Conditioning - newly installed in 2022.
  • 93 car parking spaces providing a car parking ratio of 1:265 sq ft.
  • Recessed Cat 2 lighting.
  • Suspended metal grid ceiling tiles.
  • Raise access flooring.
...

Investment Highlights

  • Located in Hamilton International Technology Park, one of Scotland's premier business parks.
  • Fenick House extends to 23,776 sq ft of modern office accommodation which was substantially refurbished in 2016.
  • EPC Rating of A (15).
  • The property is fully let to Last Mile Infrastructure Limited (trading as Energetics) on FRI terms (subject to a Schedule of Condition) expiring 20th March 2031, with a tenant only break option on the 24th January 2030.
  • Committed tenants who has invested significantly in the building - a new VRV air conditioning system was installed by the tenants at their own cost in 2022.
  • Unexpired term certain of 7 years to expiry and 5.9 years to breaks.
  • Strong tenant covenant - D&B rating of 5A2, net worth of £508 million and pre-tax profits of £51.9 million.
  • Current passing rent of £364,266 per annum which equates to £15.32 psf.
  • RPI linked rent review on 20th March 2026, capped and collared at 4% and 1% per annum compounded annually.
  • Based on the Oxford Economics RPI forecast, the passing rent will increase to c. £432,000 at review in 2026.


Offers are invited in excess of  £3,420,000 (Three Million, Four Hundred and Twenty Thousand Pounds Sterling) for our clients heritable interest in the property.

 

A purchase at this level would reflect an attractive net initial yield of 10.00% and a projected reversionary yield of 11.86% in March 2026 based on purchasers costs of 6.47%.

.

Attributes

Asking price
NZ$7,084,000
Cap rate
10%
Building area net
2,209 m²
Year built
2006
Land area gross
0.43 ha
WAULT
7 years

Contact brokers

Fenick House - Hamilton Technology Park (0 Properties)

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Last updated
16 May 2024