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DENMORE PLACE, BRIDGE OF DON,ABERDEEN
HIGH YIELDING PRIME INDUSTRIAL INVESTMENT
ON THE INSTRUCTIONS OF KNIGHT PROPERTY GROUP
ABER
DEEN
1
DENMORE PLACE, BRIDGE OF DON,ABERDEEN12
INVESTMENT SUMMARY
Opportunity to purchase a prime, industrial investment situated in the established commercial location of Bridge of Don, Aberdeen
The property comprises a modern industrial facility extending to 11,814 sq ft together with secure yard and associated parking
Let to Fugro GB (North) Marine Ltd (D&B Rating 4A1) from 1st October 2018 until 30 September 2028 subject to a break option on 20th June 2024.
Current passing rent of £130,000 per annum
The lease incorporates provision of an open market rent review due on 20th June 2024
Heritable interest (Scottish equivalent of English Freehold)
Offers in excess of £1,500,000 (One Million Five Hundred Thousand Pounds Sterling) are sought for our client’s heritable interest, subject to contract and exclusive of VAT.
A purchase at this level would provide a net initial yield of 8.17%, after purchaser’s costs at 6.03%.IN
VEST
MEN
TSU
MM
ARY
Photo taken prior to Fugro’s occupation.
DENMORE PLACE, BRIDGE OF DON,ABERDEEN13
ABERDEEN
Although Aberdeen is internationally important as a centre of expertise in oil and gas exploration and associated engineering firms, the city is the main administrative and financial centre for Aberdeen City and Shire, and benefits from a diverse economy. Aberdeen is home to a number of major international businesses including First Group and Aberdeen Standard Investments, as well as a strong service sector that includes companies such as HSBC, Barclays, RBS, KPMG, Deloitte, PwC and Ernst & Young.
Home to Aberdeen and Robert Gordon Universities and a variety of world renowned public research establishments, Aberdeen has a strong academic reputation with an enrolled student population of approximately 50,000. The University of Aberdeen is the fifth-oldest university in the United Kingdom, with a community of over 120 nationalities.
Aberdeen is Scotland’s third largest city, with a population of circa 229,000 people and a regional catchment of approximately 500,000 people. It is anticipated in the next 25 years that the city’s population will increase by approximately 24%, rising to circa 285,000
(Source: National Records of Scotland 2017).
RDEE
NAB
E
DENMORE PLACE, BRIDGE OF DON,ABERDEEN14
ROADAberdeen is easily connected to the rest of Scotland via the network of motorways. The A96 runs North West to Inverness with a travel time of 2 hours 45 minutes. The A90 south connects to Dundee, Perth (following on the M90), Edinburgh and Glasgow.
The AWPR is the new city bypass that has been promoted by and funded by the Scottish Government and the City of Aberdeen Council. It is one of the most important infrastructure projects taking place in the north east of Scotland and will have a positive impact on the economy and environment. The first phases of this project are complete, with some sections of the road now open for business and the last phases due to be complete late Autumn 2018. Congestion within the city centre will be eased and journey times will fall throughout the area. In particular, journey times between Westhill and Aberdeen, the Airport, Altens and the A90 trunk road south will be significantly reduced.
TRANSPORTABERDEEN TRANSPORT CONNECTIONS
Located around 125 miles north of Edinburgh and 66 miles north of Dundee, Aberdeen benefits from an excellent communication system with transport links by road, rail, air and sea to many of the major cities in the UK.
NORTHSEA
THE PARKWAY
A 96 INVERURIE R OAD
A947 STONEYWO
OD R
OAD
ABERDEEN AIRPORT
DYCE STATION
ABERDEEN STATION
TOWARDS DUNDEE, EDINBURGH & GLASGOW
NORTH
AND
ERSON DRIVE
RIVER DEE
A944 A944
COUNTESSWELLS ROAD
B9119
B9119
A93 N DEESIDE ROAD
A96 INVERURIE ROAD
A W
PR (A
BER
DEEN WES
TERN
PER
IPHE
RAL
ROU
TE)
A90
A90
A90
A90
ABERDEEN
THE PROPERTY
DENMORE PLACE, BRIDGE OF DON,ABERDEEN15
CONNECTIONS
RAIL
Aberdeen Railway Station is situated in the city centre and is served by the main east coast rail network with connections to all the main UK destinations. Dyce Railway Station is located west of the property, less than a 15 minutes drive away.
AIR
Aberdeen Airport is located approximately 7 miles north west of the city centre and 6 miles west of the property. The airport has flights to a variety of domestic and international destinations including frequent daily services to principal UK cities and direct flights to Europe including Paris, Amsterdam and Oslo. The property is less than a 20 minute drive from the airport.
The airport is currently undergoing £20 million project to expand the airport and to accommodate the increase in passenger numbers. This is due for completion towards the end 2018.
SEA
Aberdeen has one of the busiest commercial ports in the UK and is a vital resource for the North Sea Oil and Gas industry. 4.2 million tonnes of cargo are handled to and from nearly 40 destinations and Northlink operate passenger and car ferries to Orkney & Shetland. There were over 6,700 vessels entering the port in 2017, which was the first growth since 2014. In light of this, a £330 million expansion project began in 2017 to accommodate larger vessels and improve Aberdeen’s ability to support future economic growth.
PARIS2 hours
LONDON1 hour 25 minutes
AMSTERDAM1 hour 35 minutes
BIRMINGHAM
6 hours 53 minutes7 hours
EDINBURGH
2 hours 22 minutes2 hour 48 minutes
LONDON
7 hours 9 hours 24 minutes
NEWCASTLE
4 hours 53 minutes4 hours 33 minutes GLASGOW
2 hours 34 minutes
ABERDEEN
MANCHESTER5 hours 55 minutes6 hours 20 minutes
ABERDEEN AIPORT18 minutes
SHETLAND (LERWICK) 12 hours 30 minutes
ORKNEY (KIRKWALL) 6 hours
DENMORE PLACE, BRIDGE OF DON,ABERDEEN16
SITUATION
The property occupies a prominent position on Denmore Place, being directly accessed via Denmore Road which is the main through road of the estate.
Denmore Road provides easy access to the A90 which in turn is the main arterial route from the north to the south in Eastern Scotland. The subjects are strategically located in close proximity to the Northern Section of the Aberdeen Western Peripheral Route (AWPR) which is scheduled to complete soon. This will further reinforce the location of Bridge of Don within Aberdeen’s industrial hierarchy.
Industrial and commercial occupiers have become well-established in the surrounding area, including companies such as Baker Hughes, Sparrows, Speedcast, ATR, J2 Subsea, Argosy, Semco, Air 16, Seatronics and DMC Technology.
B999
WOODSIDE ROAD
DENM
ORR
E RO
AD
D
ENM
ORR
E RO
AD
DENMORE PLACE SCOTSDOWN ROAD B997
SCOTSDOWN ROAD
JESMOND DRIVE
D
UBFORD ROAD
DU
BFO
RD R
OAD
SHIELHILL CRESCENT
GREENBRAE DRIVE
SILV
ERBURN P
LACE
BROADFO
RD RO
AD CLAYM O RE D
RIVE
CLAYMO
RE DRIVE
TERN PLACE
THE PARKWAY
A90
A90
SITUATION
THE PROPERTY
J2 Subsea
Argosy Control Engineering
Sparrows
Semco Maritime Ltd
Seatronics Ltd
ATR Lifting Solutions
Screwfix
GE Oil & Gas
Homebase
Aberdeen Ehibition & Conference Centre
Oceanscan
B&Q
Baker Hughes
2
4
5
7
6
3
8BRIDGE OF DON INDUSTRIAL ESTATE
910
11
12
13
23456789
1011121314
TO AWPR
TO ABERDEEN AIRPORT AND CITY CENTRE
1
1
14
DENMORE PLACE, BRIDGE OF DON,ABERDEEN17
DESCRIPTION
The property comprises a modern detached industrial facility with integral two storey offices, parking and secure yard. The property has recently been upgraded and benefits from the following specification.
Office:
Suspended ceilings with recessed LED lighting
Carpeted raised access flooring
Gas central heating
Kitchenette facilities on the first floor
Male, female and accessible WC facilities
2 person lift
Security alarm system.
Warehouse:
Blockwork to dado height
Two roller shutter doors
Newly screeded floor
Insulated PMS cladding
Translucent roof lights
LED strip lighting
5.5m minimum eaves
2 pedestrian exitsDESC
RIPT
ION
ESC
Photos taken prior to Fugro’s occupation.
DENMORE PLACE, BRIDGE OF DON,ABERDEEN18
ACCOMMODATION
The building has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and we estimate the gross internal areas to be as follows:
Description Area (sq ft) Area (sq m)Ground Floor Office 1,885 175.13
First Floor Office 2,080 193.19
Office Total 3,965 368.32Warehouse 7,849 729.21
Total GIA 11,814 1,097.53
The property also benefits from an external storage yard extending to approximately 744.62 sq m (8,015 sq ft).
TENURE
Heritable (Scottish equivalent of English Freehold).
ACCOMMODATION
TENURE
Photos taken prior to Fugro’s occupation.
Follow link to drone footage of the property
DENMORE PLACE, BRIDGE OF DON,ABERDEEN19
COVENANTTENANCY
The property is let in its entirety to Fugro GB (North) Marine Ltd from 1st October 2018 until 30th September 2028 with a tenant’s only break option as at 20th June 2024 incorporating a 3 months break penalty. The current passing rent is £130,000 per annum, which, by our analysis, equates to £15.00 per sq ft on the offices, £7.96 per sq ft on the warehouse and £1.00 per sq ft on the yard. The lease incorporates an upward only, open market rent review at 20th June 2024 and a schedule of condition. TENANCY
COVENANT
Established in 1962, Fugro is the world’s leading independent provider of geo-intelligence and asset integrity solutions for large constructions, infrastructure and natural resources. They employ approximately 10,000 people across 65 different countries.
As at 1st of January 2018, the majority of assets from sister companies Fugro ImpRov Limited and Fugro Subsea Services Limited were hived up into Fugro GB (North) Marine Limited.
For further information, please refer to: www.fugro.com
Fugro GB (North) Marine Ltd, has a D&B rating of 4A1 which indicates a positive net worth and minimum risk of business failure. A summary of the key figures from their last 3 years accounts is provided below:
Individual31/12/2017
in thousands
Individual31/12/2016
in thousands
Individual31/12/2015
in thousandsSales Turnover 46,799 45,118 53,144
Profit / (Loss) Before Taxes (6,383) (6,747) (3,156)
Tangible Net Worth 32,975 39,985 45,678
Net Current Assets (Liabilities) 29,976 36,669 39,559
Photos taken prior to Fugro’s occupation.
DENMORE PLACE, BRIDGE OF DON,ABERDEEN110
CONTACT
FURTHER INFORMATION
EPC
The property has an EPC ‘F’ rating.
A copy of the EPC certificate is available upon request.
VAT
VAT will be applicable to the sale of the property, which will be undertaken by way of Transfer of a Going Concern (TOGC).
PRICE
We are instructed to seek offers in excess of £1,500,000 (One Million Five Hundred Thousand Pounds Sterling) for our client’s heritable interest subject to contract and exclusive of VAT.
A purchase at this level would provide a net initial yield of 8.17%, after purchaser’s costs at 6.03%.
CONTACT
For further information or to arrange an accompanied inspection please contact:
Simon Cusiter Janey DouglasT: 0131 243 2203 T: 0131 301 6718M: +44(0)7815 135 222 M: +44(0)7734 883 046E: simon.cusiter@eu.jll.com E: janey.douglas@eu.jll.com
© Crown Copyright 2018. All rights reserved. Promap licence number 100020449. Jones Lang LaSalle licence number 100017659.This plan is published for the convenience of identification only and although believed to be correct is not guaranteed and it does not form any part of any contract. Disclaimer - JLL for themselves and for the vendors or lessors of this property whose agents they are, give notice that:-a. the particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract;b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise;c. no person in the employment of JLL has any authority to make or give any representation or warranty whatever in relation to the property;d. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken.For properties in Scotland:e. This correspondence is expressly subject to completion of formal legal missives in accordance with Scots Law
Copyright © Jones Lang LaSalle IP Inc. January 2019. All rights reserved.ON THE INSTRUCTIONS OF KNIGHT PROPERTY GROUP
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