Glasgow Road / Main StreetMilngavie / Glasgow / G62 6JP

WESTRETAIL PARK

FOR SALE

- Two prime foodstores - A very rare opportunity to acquire long income

foodstores in one of Scotland’s most affluent locations - Wault of over 19 years

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Investment Summary

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• Exceptional retail park investment opportunity anchored by a 36,594 sq ft Waitrose Supermarket

• New retail development comprising Aldi & Home Bargains extending to 36,492 sq ft

• Located in the affluent and sought-after Glasgow suburb of Milngavie with excellent main road frontage

• Waitrose lease expires in June 2040, offering 20 years term certain

• Aldi & Home Bargains lease expiries in June 2039 & 2034 offering 20 years and 15 years respectively

• Aldi reviews 5 yearly to RPI, capped and collared at 2.5% and 1% annually

• Home Bargains is to be reviewed to the lower of OMV or 110% of rent passing

• Combined passing rent of £1,435,787 per annum

• WAULT of 19.03 years

• Offers in excess of £26.9 Million are invited. A purchase at this level reflects a 5% net initial yield allowing for standard purchasers’ costs of 6.76%

M77 M74

M8

A82A8

A739

A77

A761

A803

A807

A81

M8M8

M80M73

Kirkintilloch

Bishopbriggs

Partick

Govan BailliestonBaillieston

Roundabout

Clydebank

Bearsden

Stepps

GlasgowCity Centre

EdinburghCity Centre

Milngavie

Milngavie

Bearsden

GlasgowAirport Partick

GlasgowCentral

DawsholmPark

Douglas ParkGolf Club

KelvingrovePark

The SSEHydro

DrumpellierCountry Park

AlexandraPark

SpringburnPark

GlasgowGreen

LocationGlasgow is the largest city in Scotland, the commercial and industrial capital of the country and the administrative centre for the West of Scotland, with an urban population of approximately 1.1 million people and a total catchment population of over 2.3 million people within a 40-minute drive, making Glasgow the third largest urban centre in the UK.

Glasgow boasts a strong, vibrant and growing economy and hosts the headquarters for a number of Plc companies including Scottish Power, Clydesdale Bank, Weir Group and Scottish Mutual Insurance.

Milngavie is an affluent and highly popular commuter town located at the north-western edge of Greater Glasgow, about 6 miles from Glasgow city centre.

The majority of its working population travelling to Glasgow to work or study. Milngavie is located approximately 3.5 miles to the A82 (Great Western Road) and 5.5 miles to the Motorway (M8). The town is also well served by Milngavie railway station located on the North Clyde Line linking the town directly with Glasgow Central Station, the largest and busiest station in Scotland.

With Milngavie being one of the most sought after commuter towns in the West of Scotland, demand for housing within the area is at an all-time high with residential developers CALA Homes and McCarthy & Stone either building or currently under construction of approximately 131 new homes within a 4 mile radius of the town centre.

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AllanderLeisureCentre

MilngavieTrainStation

LennoxPark

McDonald’sBurnbrae

Bar &Restaurant

PremierInn

A81

A807

A81

B8030

WESTR E T A I L P A R K

SituationThe subjects are situated on a prominent main road position adjacent to the West of Scotland Rugby Club on Glasgow Road/Main Street (A81) accessed directly off the Burnbrae Roundabout. The A81 is the principal route linking Milngavie with junction 16/17 of the M8 to the east and west of Scotland whilst also acting as the arterial route linking the M8 with Loch Lomond and The Trossachs National Park via Bearsden, Milngavie and Strathblane onto the A811.

In addition to the road connectivity the subject properties are within walking distance to Milngavie Train Station which leads directly to Glasgow Central Station as well as Hillfoot Train Station only a short drive south to Bearsden.

CatchmentThere is a population of over 284,000 people within a 15 minute drivetime of the subject premises CACI (Jan 2020). Over 76% of the local population are within the “Affluent Achievers” definition according to CACI (Jan 2020).

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DescriptionThe subjects comprise two modern purpose built foodstores with dedicated car parking separated by the entrance road to the park. Both properties benefit from steel portal frame construction with a mix of composite panels and curtain wall glazing. The Waitrose has 232 dedicated car spaces providing a ratio of 1:157

The Aldi and Home Bargains has 193 dedicated car parking spaces providing a ratio of 1:189 Both retail units benefit from their own dedicated service roads and rear servicing.

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W

*This is the rent w.e.f. 11 June 2020 and will be topped up by the vendor.

TENANT SIZE (SQ FT)

RENT (£/PER ANNUM)

RENT (£/SQ FT) LEASE START LEASE

EXPIRY RENT REVIEW REPAIR COMMENTS

Waitrose Limited 36,594 £829,576* £22.67 11/07/2015 10/07/2040 11/06/2025 and 5 yearly thereafter FRI 15 year extension with the option to extend to be served any

point prior to 11 June 2039.

Aldi Limited 18,169 £345,211 £19.00 03/07/2019 02/07/2039 03/06/2024 and 5 yearly thereafter FRI

Rent reviewed on a 5 yearly basis to the rent payable immediately prior to the rent review anniversary or RPI, capped and collared at 2.5% - 1% per annum.

T.J. Morris (t/a Home Bargains) 18,323 £261,000 £14.24 03/07/2019 02/07/2034 2024 and 2029 FRI

Rent review to be based on the lower of OMRV or 110.40808% of the rent but not less than the passing rent payable prior to the review date.

TOTAL £1,435,787

Tenancy

AccommodationWe have measured the subject premises in accordance with the RICS Code of Measuring Practice (Sixth Edition) and would estimate that the subjects extend to the following Gross Internal Areas:

Adjacent SiteA right of first refusal over the area of ground as shown on the attached plan, which is owned by West of Scotland Rugby Club is held as part of the title covering the subject property.

UNIT SQ FT SQ MWaitrose (Foodstore) 36,594 3,399.9

Unit 1A (Aldi) 18,169 1,668.0

Unit 1B(Home Bargains) 18,323 1,702.3

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Waitrose Limited has a Dun & Bradstreet credit rating of 5A1. For the year ended 26 January 2019, the company reported sales turnover in excess of £6.2 billion, gross profit in excess of £1.2 billion and a tangible net worth of over £763 million.

Covenant Information

T.J. Morris Limited has a Dun & Bradstreet credit rating of 5A2. For the year ended 30 June 2019, the company reported sales turnover in excess of £2.4 billion, net profit in excess of £184 million and a tangible net worth of over £1 billion.

Aldi Stores Limited has a Dun & Bradstreet credit rating of 5A2. For the year ended 31 December 2018, the company reported sales turnover in excess of £11.3 billion, net profit in excess of £137 million and a tangible net worth of over £2.6 billion.

ProposalOffers in excess of £26.9 million are invited for the benefit of our client’s heritable interest. A purchase at this level represents a 5% net initial after allowing for standard purchasers’ costs of 6.76%.

TenureThe subject properties are held on heritable title (Scottish equivalent to English freehold).

EPCThese will be provided to genuinely interested parties.

VAT Our clients have elected to waive exemption for VAT and accordingly VAT will be payable on the purchase price, although we anticipate the sale will be dealt with by way of a Transfer of Going Concern (TOGC).

Legal CostsEach party will be responsible for their own legal costs incurred in connection with the transaction.

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Asset ManagementAs reflected on the layout plan, our clients have recently prepared plans for an additional 6,500 sq ft unit adjacent to Home Bargains.

They have delayed applying for planning consent in order to allow an incoming purchaser to deal with this.

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Viewing &Further Information

Please contact the sole selling agents:

Sheridan Property Consultants for themselves and for the vendors or lessors of this property whose agents they are, give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, reference to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them and are advised to do so; (iii) no person in the employment of Sheridan Property Consultants have any authority to give representation or warranty whatever in relation to this property; (iv)

all prices, rents and premiums quoted are exclusive of VAT at current rate; February 2020

Stewart Sheridanstewart@sheridanproperty.co.uk 07740 940 898

Cathal Keanecathal@sheridanproperty.co.uk07808 627 224

Graeme Millargraeme@sheridanproperty.co.uk07523 512 804

Sheridan Property Consultants37 One37 George Street Edinburgh EH2 2HN

Tel: 0131 300 0296

Sheridan Property Consultants10 Fitzroy SquareLondon W1T 5HP

Tel 020 7112 8046

Noel Tiffney07870 999 799noel@sheridanproperty.co.uk