Gateway House, Deans Industrial Estate, Livingston_Property for Sale

Royston Road Deans Industrial Estate, Livingston, West Lothian, EH51 8AL, UK

Gateway House, Deans Industrial Estate, Livingston

Description

Livingston is located approximately 16 miles west of Edinburgh and 27 miles east of Glasgow.
It is the administrative centre for West Lothian, with a population of 62,000 people and a wider catchment population of approximately 1.9 million within a 45 minutes drive time.
Livingston is one of Scotland's principal distribution, warehousing and technology centres, situated between Junction 3 and 3A of the M8 motorway, in the heart of the Central Belt.
The asset is situated within Deans Industrial Estate which is located to the west of Livingston. The estate offers excellent connectivity and immediate access to the M8 motorway, the main arterial route between Scotland's two largest cities, Edinburgh and Glasgow.
Gateway House comprises a modern detached warehouse of steel portal frame construction with insulated profile metal sheet clad elevations and roof.
It extends to 121,143 sq ft (11,254 sq m).
There is adjoining single-storey office accommodation, and a canopy on both the western and northern elevations.
The property benefits from: 13 dock level loading doors, 1 electrically operated roller shutter door, minimum eaves heights ranging from 5.00m to 6.50m, Phase 3 electrical supply and a 33m secure yard.
Total site area extends to 10.53 acres, including 4.24 acres of undeveloped land offering development potential.

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Attributes

Building area net

11,255 sm

Occupancy

100%

Land area gross

4.26 ha

Units

Tenants

Royal Mail Group Limited

Asking price

₱565,450,000

NOI

₱60,336,000

Media

Investment highlights

Gateway House is single-let to Royal Mail Group Limited until 17 October 2029.
Passing rent of £780,000 per annum, reflecting a low rate of £6.55 per sq ft.
Let on FRI terms, subject to a schedule of condition. Tenant break option on 18 October 2027, providing 6 months written notice.
EPC Rating of B (27).
Heritable Interest (Scottish Equivalent of English Freehold).

We are instructed to seek offers in excess of £7,310,000 exclusive of VAT for our client’s Heritable Interest which, assuming standard purchaser’s costs and prevailing LBTT, reflects a Net Initial Yield of 10%, a capital rate of £60 per sq ft, inclusive of the 4.24 acre development site.