East Kilbride is part of the Glasgow conurbation, approximately 10 miles south east of Glasgow city centre. It is the largest town within the South Lanarkshire council area and has a population of over 75,000.
The subject property comprises a parade of three retail warehouse units of steel frame construction, with the walls a combination of blockwork and composition cladding panels. The units were originally developed in 2005 alongside the 106,000 sq ft B&Q. Units 1 and 3 have tenant installed mezzanines.
The units are accessed from Mavor Avenue. The terrace has 171 allocated car parking spaces, providing a ratio of 1:204 with the adjoining B&Q having a further 422 spaces. The units are serviced via Mavor Avenue onto a fully enclosed yard to the rear of the terrace.
The property is held on a heritable title (Scottish equivalent of English Freehold).
The current rent is £849,965 per annum.
Attractive WAULT to expiry of 7.31 years and to break of 6.54 years.
A schedule of tenancy can be found within the link below
Demand for the Park has been demonstrated by the recent arrival of Home Store + More and by the arrival of Aldi, Home Bargains, Pets at Home, The Range and Halfords within the wider East Kilbride Retail Park.
The property has been elected for VAT and therefore VAT will be payable on the purchase price. However, it is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seek offers in excess of £8,000,000 (Eight Million Pounds Sterling) exclusive of VAT for the benefit of our client's interest.
A purchase at this level would reflect a net initial yield of 9.96%, after allowing for purchaser's costs of 6.66% based on Scotland's Land and Buildings Transactions Tax (LBTT).