Office for sale in Tannochside Business Park, Uddingston, Glasgow G71

£1,700,000 (£302.98/sq. ft)
Interested in this property? Call +44 20 8128 4245 * or Request Details

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Office for sale From 5,611 - 10,820 sq. ft*
Tenure: Not available Council tax band: Not available

Property description

Summary
Let to Capita Business Services Limited

Highly secure income - Pre-Tax Profits £21.6m, Net Assets £623m

Let until January 2027

Established commercial location

Future redevelopment potential, subject to planning, should the current tenant vacate. Alternative uses include industrial/warehouse accommodation

£1,700,000, subject to contract

8.0% net initial yield

£152 per sq ft capital value

Location
Uddingston is situated within South Lanarkshire on the north side of the River Clyde, approximately 14 km (9 miles) south-east of Glasgow and 64 km (40 miles) south-west of Edinburgh.

The town benefits from good road communications being situated immediately adjacent to the M74 Motorway which is accessible from Junctions 4 & 5. The M73 and M8 Motorways are also within close proximity.

There are regular rail services from Uddingston to Glasgow with a fastest journey of 14 minutes, plus frequent services to Edinburgh. Glasgow International Airport, which is approximately 24 km (15 miles) to the north-west, provides direct scheduled flights to the major European centres in addition to all of the main cities in the UK.

Situation
The property is well located within Tannochside Park, an established mixed use business park situated approximately 2.4 km (1.5 miles) north-east of Uddingston town centre. Junction 4 of the M74 Motorway is 1.6 km (1 mile) to the south and the M8 Motorway is a short distance to the north. The A725 is some 3.2 km (2 miles) to the east.

The property is accessed via Ellismuir Way which is situated just off the park’s main arterial road, Tannochside Drive.

Tannochside Park is a modern Business Park offering good quality, contemporary office and light industrial accommodation. Other occupiers on the park include Kwik Fit Insurance Services, B Sky B, Dalkia, Stewart Milne, adt and Happy Days Nursery.

The Park benefits from its close proximity to a number of retail and leisure facilities. The Showcase Leisure Park is 2.4 km (1.5 miles) to the north and includes a Showcase Cinema, Hollywood Bowl, McDonalds and kfc.

Description
Arranged over ground and first floor, the property comprises a detached, purpose built office of steel framed construction with brick elevations beneath a pitched metal clad roof.

The property is laid out to provide a feature entrance/reception area at ground floor level with predominantly open plan office accommodation at both ground and first floors. Internally, the offices benefit from a specification including raised floors, suspended ceilings, passenger lift, air handling system and male, female & disabled WC’s.

The property benefits from approximately 45 car parking spaces, providing a ratio of 1:22 sq m / 240 sq ft.

Accommodation
The property has been measured by Square Foot Media and provides the following Net Internal Areas;

Ground Floor 483.92 sq m 5,209 sq ft
First Floor 521.26 sq m 5,611 sq ft
Total 1,005.18 sq m 10,820 sq ft
A set of floor plans is available to download and the measured survey report can be re-addressed to a purchaser.

Site
We estimate the site area to be approximately 0.25 hectares (0.62 acres), providing a site cover in the region of 40%.

Tenure
Heritable (or Outright) (Scottish equivalent of English freehold).

Tenancy
The property is entirely let to Capita Business Services Limited on a Full Repairing and Insuring lease for a term of 25 years and 9 months from 4th April 2001, expiring on 3rd January 2027.

The current passing rent is £145,000 per annum (£144 per sq m / £13.40 per sq ft overall).

Covenant
The tenant, Capita Business Services Limited (Co. No. 2299747), has reported the following figures:

31st December 2020 31st December 2019
Revenue £1,338.9 million £1,401.5 million
Pre-Tax Profit £21.6 million £50.4 million
Net Assets £622.9 million £617.2 million
The company is a wholly owned subsidiary of Capita plc and operates within the Customer Management, Technology Solutions, Specialist Services, Software, Consulting, People Solutions, and Government Services divisions of the Group.

The principal activity of the company is the provision of outsourcing services. These services consist principally of the following:

• Taking complete responsibility under long term contracts for a range of integrated services comprising customer services, it, business support and consultancy;
• Providing administration and related services; and
• Providing recruitment, training, career change and outplacement services to the public and private sectors.

In January 2021 the Company was chosen to transform and modernise the Royal Navy’s shore-based training across 16 sites in the UK as the lead partner in a consortium called Team Fisher. The contract, worth an estimated £1billion over 12 years, will see the company leading the delivery of new training programmes, utilising its experience in transformation, learning and the delivery of complex, technology-enabled defence projects.

Established in 1984, Capita plc is an international business process outsourcing and professional services company, employing over 61,000 people with a Revenue of £3,325 million. Capital is listed on the London Stock Exchange and is a constituent of the ftse 250 Index. For further information please visit .


VAT


The vendor has elected the property for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (togc).

Proposal
We are instructed to seek a figure of £1,700,000 (One Million, Seven Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 8.0% and capital value of £1,638 per sq m / £152 per sq ft, assuming purchaser’s costs of 5.73%.

Please note that a purchaser will be re-charged the costs of the searches (£1,330 plus VAT) which are provided in the legal pack.

Please note that a purchaser will be charged a Transaction Fee of £10,000 plus VAT.

Investment Considerations
An opportunity to acquire a highly secure office investment;

Let to Capita Business Services Limited – Pre-Tax Profits £21.6 million, Net Assets £623 million;

Let on a lease expiring in January 2027;

The property is in an established commercial location;

The property benefits from an attractive car parking supply;

It is suggested that the site has future redevelopment potential, subject to planning, with alternative uses including industrial/warehouse accommodation;

A purchase at the asking price reflects an attractive net initial yield.

For full details please visit our website or view PDF brochure below

* Sizes listed are approximations. Please contact the agent to verify actual sizes.

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Singer Vielle, W1C on +44 20 8128 4245 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Singer Vielle, and do not constitute property particulars. Please contact Singer Vielle for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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