Tern Building, Denmore Industrial Estate Denmore Road, Aberdeen AB23 8JW

Tern Building, Denmore Industrial Estate
Denmore Road,
Aberdeen
AB23 8JW

High Yielding Heritable Warehouse/Industrial Investment

Let to Sparrows Offshore Services Limited - a part of Altrad Group
10 year lease expiring December 2027 (no breaks)
Tenant in occupation for over 15 years
December 2022 tenant break option removed
Nearby occupiers include Screwfix, B&Q, Bilfinger, Eurocell, Speedy Hire, M&S Foodhall, McDonalds, Costa Coffee and numerous industrial & trade counter occupiers.

Lot
37
Auction
18th May 2023
Rent
£182,500 per Annum Exclusive
Status
Sold Post
Price
Auction Venue
Live Streamed Auction
By Order of a Charity

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High Yielding Heritable Warehouse/Industrial Investment

Let to Sparrows Offshore Services Limited - a part of Altrad Group
10 year lease expiring December 2027 (no breaks)
Tenant in occupation for over 15 years
December 2022 tenant break option removed
Nearby occupiers include Screwfix, B&Q, Bilfinger, Eurocell, Speedy Hire, M&S Foodhall, McDonalds, Costa Coffee and numerous industrial & trade counter occupiers.

Lot 37
Auction 18th May 2023
Rent £182,500 per Annum Exclusive
Status Sold Post
Price
Sector
Industrial, Warehouse
Auction Venue
Live Streamed Auction
By Order of a Charity

Property Information

Location

Miles: 3 miles north of Aberdeen City Centre
Roads: A90, A96
Rail: Aberdeen Railway Station (Mainline and Scotrail)
Air: Aberdeen Airport

Situation

The property is situated on the east side of Denmore Road between Tern Place and Denmore Place within Denmore Industrial Estate. The Estate has excellent communication links with the A90 affording easy access to Aberdeen's main arterial road system.

Nearby occupiers include Screwfux, B&Q, Bilfinger, Eurocell, Speedy Hire, M&S Foodhall, McDonalds, Costa Coffee and numerous industrial & trade counter occupiers.

Tenure

Heritable. (Scottish equivalent of Freehold)

Location

Miles: 3 miles north of Aberdeen City Centre
Roads: A90, A96
Rail: Aberdeen Railway Station (Mainline and Scotrail)
Air: Aberdeen Airport

Situation

Tenure

Heritable. (Scottish equivalent of Freehold)

Description

The property comprises a substantial warehouse facility, with ancillary offices. The property benefits from an extensive yard area suitable for external storage and general circulation and vehicular access provided by way of 5 roller shutter doors.

The property also benefits from car parking for 51 cars on a site extending to approximately 0.75 hectares (1.85 acres).

VAT

VAT is applicable to this lot.

Completion Period

Six week completion

EPC

Band C

Description

VAT

VAT is applicable to this lot.

Completion Period

Six week completion

EPC

Band C

Tenancy & Accommodation

Floor	Use	Gross Internal Floor Areas Approx sq m	Gross Internal Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.
Ground Mezzanine Ground First	Workshop Workshop Office Office	1,288.00 186.20 331.50 213.20	(13,864) (2,004) (3,568) (2,295)	SPARROWS OFFSHORE SERVICES LIMITED (1)	Term expiring on 18/12/2027 on a full repairing and insuring lease (2)	£182,500
Total		2,018.90	(21,731)			£182,500

(1) Sparrows Offshore Services Limited was established in 1974 and is the lead brand within Energy Cranes International Limited, the world's most successful crane and lifting contractor in the offshore oil and gas industry (https://www.sparrowsgroup.com/). Industrial services leader Altrad Group acquired the Sparrows Group in July 2022 (www.altrad.com). For the year ending 31/12/2021, Sparrows Offshore Services Limited, reported a turnover of £122,863,000, pre-tax profits of £6,843,000 and a net worth of £94,462,000 (Northrow Company Report - 11/04/2023).
(2) The lease was originally granted for a term of 10 years from 19/12/2007. An option to extend the lease for a further 10 years in 2017 was then exercised by the tenant.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.