Avon Drive, East Kilbride, Glasgow
Description
A regionally dominant retail warehouse destination.
East Kilbride has a retail catchment of 750,000 people within a 20 minute drive time.
Exceptionally strong trading reported by both tenants.
The town is currently undergoing a phase of expansion, with a number of significant residential developments either proposed or underway.
Located 10 miles south east of Glasgow City Centre, East Kilbride forms part of the Glasgow City Region which has a population of 1.7 million.
A modern two-unit retail warehouse terrace developed in 2018 and extending to 32,210 sq ft (GIA).
172 dedicated car parking spaces reflecting a strong ratio of 1:187 per sq ft.
Let to Aldi Stores Limited and TJ Morris Limited (Home Bargains).
Total Passing rent of £563,834 per annum.
Highly attractive WAULT certain of 11.30 years.
The Aldi lease benefits from 5 yearly RPI linked rent reviews, annually compounded, collared at 1% per annum and capped at 2.5% per annum.
Surrounding anchor occupiers include B&Q, The Range, Currys, Sainsburys, M&S Food, Nike, Adidas, Next, TK Maxx & B&M.
Heritable Interest (Scottish equivalent of English Freehold).
We are instructed to seek offers in excess of £7,832,000 (Seven Million Eight Hundred and Thirty Two Thousand Pounds), exclusive of VAT, for the heritable interest.
A purchase at this level reflects a net initial yield of 6.75% (6.65% purchaser's costs), and an attractive reversionary yield of 7.14%, following the October 2028 Aldi rent review assuming RPI at 2.00% per annum.
East Kilbride has a retail catchment of 750,000 people within a 20 minute drive time.
Exceptionally strong trading reported by both tenants.
The town is currently undergoing a phase of expansion, with a number of significant residential developments either proposed or underway.
Located 10 miles south east of Glasgow City Centre, East Kilbride forms part of the Glasgow City Region which has a population of 1.7 million.
A modern two-unit retail warehouse terrace developed in 2018 and extending to 32,210 sq ft (GIA).
172 dedicated car parking spaces reflecting a strong ratio of 1:187 per sq ft.
Let to Aldi Stores Limited and TJ Morris Limited (Home Bargains).
Total Passing rent of £563,834 per annum.
Highly attractive WAULT certain of 11.30 years.
The Aldi lease benefits from 5 yearly RPI linked rent reviews, annually compounded, collared at 1% per annum and capped at 2.5% per annum.
Surrounding anchor occupiers include B&Q, The Range, Currys, Sainsburys, M&S Food, Nike, Adidas, Next, TK Maxx & B&M.
Heritable Interest (Scottish equivalent of English Freehold).
We are instructed to seek offers in excess of £7,832,000 (Seven Million Eight Hundred and Thirty Two Thousand Pounds), exclusive of VAT, for the heritable interest.
A purchase at this level reflects a net initial yield of 6.75% (6.65% purchaser's costs), and an attractive reversionary yield of 7.14%, following the October 2028 Aldi rent review assuming RPI at 2.00% per annum.
BUILDING HIGHLIGHTS
A modern two-unit retail warehouse terrace.
Let to Aldi Stores Limited and TJ Morris Limited (Home Bargains).
172 dedicated car parking spaces.
Located 10 miles south east of Glasgow City Centre.
