INVESTMENT SUMMARY

• All three units situated in well established industrial location
• All of the units occupy sizeable sites
• Existing tenants being in situ since the 1980's
• Tenants have recently extended their leases with effect from 20th December 2022 for a further period of 10  years (to incorporate tenant only break option at year 5)
• Fixed rental uplifts at expiry of year 5
• Client's preference is to sell the units collectively,  however they will consider individual sales

LOCATION

Glenrothes is the administrative capital of Fife lying approximately 25 miles southwest of Dundee and 32 miles north of Edinburgh enjoying excellent road communications via the A720 and A92.

The town has a population of approximately 39,000 persons, and enjoys a significantly larger catchment in excess of 350,000 persons.

North Viewfield

The property comprises a single storey high bay production area, with adjacent L shaped single storey office block.  The main property has the benefit of a 6 metre eaves height and would appear to be of steel portal frame construction.  The property is situated on a site of approximately 2 acres.

13 Faraday Road

The property comprises two principal interconnecting high bay buildings of steel portal frame construction with additional office buildings.  The property sits on a site of approximately 2.89 acres.

South Viewfield

The property comprises a  manufacturing unit with a high bay facility offering significant cranage with ancillary offices.  This property sits on a site of approximately 4.14 acres.

COVENANTS / GUARANTOR

All leases are guaranteed by the BI Group for the duration of the lease.

The BI Group is a specialist engineering group operating mainly in th UK and Europe with its Metals division making continuous cast iron bars, its Gas division recalibrating meters and regulators for domestic, commercial and industrial customers and its Specialist Engineering division dealing with a wide range of products for a wide range of customers.

Total retained reserves amount to £113M.  For the year, on a Turnover of £85M, the group made a net profit of £5M and reported it has weathered Brexit and Covid-19 well.

TENURE

Heritable interest.

EPC

EPCs are available for each property and available upon request.

VAT

The property is elected for VAT, however it is anticipated that the sale will be dealt with as a transfer of a going concern (TOGC) and therefore no VAT will be payable on the purchase price.

MONEY LAUNDERING REGULATIONS

To comply with Money Laundering Regulations, we are legally required to undertake due diligence on prospective purchasers/tenants which will at a minimum include proof of identity/address and funding.  Applicable documentation will be required on agreement of Heads of Terms.

PROPOSAL

Offers in excess of £5,585,000 sought which reflects a net initial yield of 7.87% and a reversionary yield of 8.7%.

VIEWING & FURTHER INFORMATION

Further information and viewing arrangements are available by contacting this office.