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Description

This property is offered for sale as an Investment sale Asking Price: Offers over £ 600,000 Last verified 28 July 2008 The owner is seeking offers over £600,000 in respect of the subjects. A purchase at this level would represent a net initial yield of 8.64%, assuming purchasers costs at 5.75%. VAT will be chargeable on the property. TENANT/COVENANT INFORMATION The main tenant is McAlpine Infrastructure Services Limited, the ultimate holding company for which is Alfred McAlpine Plc. Alfred McAlpine Plc have an Experian credit rating of “A”, indicating very low risk, with a net worth of £97 Million as at 31 December 2006, the most recent accounts available. They had a pre-tax profit in the same year of £18.7 Million. O2 (UK) Limited are one of the largest mobile phone network providers in the UK. Their revenue grew by 7.8% in the fourth quarter of 2007 and 18.7% for the full year ending December 2007. They have a customer base of 18.4 million, which excludes the Tesco mobile customer base. Ground Lease - The site is held on a ground lease from Motherwell District Council, the lease being for a duration of 125 years from 1 February 1990 to 1 February 2115. The ground rent is £1 per annum (if asked) and there is no provision to review the rent from the present level. A full copy of the ground lease can be provided to interested parties upon request. Further details are available upon application to the marketing agents.

Comments
The subjects comprise a large open area of industrial ground, with the main access to the site via a spur road linking with Netherhall Road.
Access to the site itself is via double metal gates, whilst the subjects are bound by relatively modern perimeter fencing. The site is tarmacadamed to the front and unfinished to the rear and is generally level in nature. The main occupier, McAlpine, has installed a modular two storey office style property on the site, and laid out the tarmacadam for parking purposes.
In addition, there is also a separate telephone mast erected on the site by O2.
The subjects are situated to the north of Netherhall Road, a short distance from it’s junction with Netherbank Road within Netherton Industrial Estate, which comprises an established industrial location lying approximately one mile to the south west of Wishaw Town Centre.
The town of Wishaw itself is situated approximately 15 miles to the east of Glasgow City Centre and comprises one of the main settlements within the North Lanarkshire area, being situated adjacent to Motherwell. Both Wishaw and Motherwell are located close to the M74, which provides a direct link, via the M8 to Glasgow and Glasgow Airport.

Property Parts
2.73 Acre Industrial Site 118,925 Sq Feet

Features


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