Prime Air Freight Distribution Unit Located at Glasgow International Airport
Gross Rent, subject to Note 3
Let to DHL Global Forwarding (UK) Limited, on assignment
Tenant option to extend lease for a further five years with effect from 1st April 2015
Approximately 1,499.67 sq m (16,143 sq ft)
Nearby occupiers include Gate Gourmet, Servisair, China Airlines, BMI, Swissair and UPS
Lot 7
Auction 8th July 2010
Rent £93,385 per Annum
Status Sold
Price £1,102,500
Sector Retail Warehouse
Auction Venue Millennium Hotel 39-44 Grosvenor Square Mayfair London W1K 2HP
Property Information
Location
Estimated District Population
Glasgow City 630,000
Greater Glasgow 1,200,000
Miles
9 miles south-west of Glasgow city centre
Roads
M8, M77, M74 Extension
Rail
Paisley Gilmore Street and Paisley Canal Street
Air
Glasgow International Airport
Situation
The property is situated on Campsie Drive within the Glasgow International Airport Campus. Glasgow Airport is one of the UK's busiest international airports, flying more than eight million passengers a year and handling approximately 3,700 tonnes of air cargo per year. Surrounding occupiers include Gate Gourmet, Servisair, China Airlines, BMI, Swissair, UPS, Plane Handling, Alpha Catering, Saints Transport and Expeditors.
Tenure
Long Leasehold. Held from BAA Lynton Ltd for a term of 175 years from 7th July 2000 The rent payable under the ground lease is £1,000 per annum until 6th July 2025 and a peppercorn from 7th July 2025
Location
Estimated District Population
Glasgow City 630,000
Greater Glasgow 1,200,000
Miles
9 miles south-west of Glasgow city centre
Roads
M8, M77, M74 Extension
Rail
Paisley Gilmore Street and Paisley Canal Street
Air
Glasgow International Airport
Situation
The property is situated on Campsie Drive within the Glasgow International Airport Campus. Glasgow Airport is one of the UK's busiest international airports, flying more than eight million passengers a year and handling approximately 3,700 tonnes of air cargo per year. Surrounding occupiers include Gate Gourmet, Servisair, China Airlines, BMI, Swissair, UPS, Plane Handling, Alpha Catering, Saints Transport and Expeditors.
Tenure
Long Leasehold. Held from BAA Lynton Ltd for a term of 175 years from 7th July 2000 The rent payable under the ground lease is £1,000 per annum until 6th July 2025 and a peppercorn from 7th July 2025
Description
The property comprises a DISTRIBUTION WAREHOUSE, one of the few at Glasgow International Airport, and benefits from modern office accommodation on ground and first floors, an eaves height of 6 metres (height under the portal frame of 8.35 metres), three vehicle access doors, a secure yard area, separate car parking and a total approximate site area of 0.329 hectares (0.813 acres)
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a DISTRIBUTION WAREHOUSE, one of the few at Glasgow International Airport, and benefits from modern office accommodation on ground and first floors, an eaves height of 6 metres (height under the portal frame of 8.35 metres), three vehicle access doors, a secure yard area, separate car parking and a total approximate site area of 0.329 hectares (0.813 acres)
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Use
Floor Areas (Approx)
Tenant
Term
Ground Rent p.a.x
Reviews/(Reversions)
Ground Ground First
Distribution Warehouse Office Office
1,089.70 sq m (11,730 sq ft) 204.37 sq m (2,200 sq ft) 205.60 sq m (2,213 sq ft)
DHL GLOBAL FORWARDING (UK) LTD (1), on assignment
20 years from 1st April 1995 until 31st March 2015 on a full repairing and insuring lease (2)
£93,385 (3)
(01.04.2015) (4)
Totals
1,499.67 sq m (16,143 sq ft)
£93,385
(1)DHL is part of the world's leading logistics group Deutsche Post DHL. For the year ending 31st December 2008, DHL Global Forwarding (UK) Ltd reported a turnover of 367,475,000 pre-tax profits of 21,096,000 and a net worth of 38,410,000. (Source: Experian Limited Company Bronze Report 11.05.2010) (2)The tenant agreed to a 5 year lease extension to the original lease which was for a period of 15 years from 1st April 1995 to 31st March 2010. (3)The tenant is currently benefiting from a rent free period until 1st October 2010. The seller has agreed to adjust the completion monies so that the property will effectively produce 93,385 per annum exclusive from completion of the sale. (4)The tenant has an option to extend the lease on the same terms and conditions for a period of 5 years from 1st April 2015 on providing not less than 6 months' written notice. If the tenants exercise their option to extend there will be an upwards only open market rent review on 1st April 2015.
Contacts
Associate Auctioneers
Montagu Evans 302 St Vincent Street Glasgow G2 5RU
