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Site
The site is broadly rectangular and generally level, extending to approximately 0.511 hectares (1.26 acres). Site coverage is in the order of 36%.
Accommodation
We are advised that the property provides the following Gross Internal Areas:
| Description | Sq M | Sq Ft |
| Main Warehouse | 931.45 | 10,026 |
| Simulator Warehouse | 501.66 | 5,399 |
| Simulator Warehouse Mezzanine / Training Rooms | 108.05 | 1,163 |
| Offices | 458.04 | 4,930 |
| Total Gross Internal Area | 1,999.27 | 21,518 |
| Concrete Yard (external) | 959 | 10,322 |
Approximate site dimensions are: frontage to Dyce Avenue 64.81 m (212 ft 7 in); site depth 77.47 m (254 ft 2 in).
Tenure
Heritable (the Scottish equivalent of English freehold).
Tenancy
The entire property is let on a full repairing and insuring lease to Airbus Helicopters UK Limited (Company No. 01164090) for a term of 20 years from 2 October 2009, expiring on 1 October 2029 with no break options. The tenant has an option to extend for a further period of 5 years upon written notice to the landlord no later than 1 October 2028.
The current passing rent is £389,000 per annum exclusive, reflecting £18.08 per sq ft overall on the GIA. The rent was fixed by reference to an automatic uplift on 2 October 2024 (15.92% above the previous rent of £335,596 per annum). There are no further rent reviews due under the lease.
The lease is guaranteed by the French-based parent company Airbus Helicopters SAS.
The original lease was dated 22 December 2009 and 7 January 2010 between Knight Property Group as original landlord and Eurocopter UK Limited (now Airbus Helicopters UK Limited) as tenant. The tenant has executed a Licence to carry out works (a copy of which is available within the data room).
Rateable Values
Our enquiries of the Scottish Assessors’ Association (www.saa.gov.uk) indicate the following entry in the Valuation Roll:
| Description | 2023 List (RV) | 2017 List (RV) |
| Unit 3, Dyce Avenue -Training Centre | £225,000 | 192,000 |
The Uniform Business Rate (UBR) multiplier for the financial year 2025/2026 is £0.568 (where the Rateable Value exceeds £100,000).
Market Commentary
Aberdeen retains deep-rooted connections to the energy industry and supports a major supply chain experienced in large engineering projects. Notwithstanding wider market uncertainty driven by national fiscal policy on the North Sea, Aberdeen remains attractive to occupiers as the energy transition gathers pace. The UK Government’s decision to base GB Energy’s headquarters in the city is expected to present additional opportunities for businesses in the region.
Aberdeen has approximately 10.5 million sq ft of industrial buildings, principally located in peripheral industrial estates surrounding the city: Dyce, Bridge of Don and the A96 corridor to the north-west; Westhill and Echt to the west; and Altens, East Tullos, West Tullos and Portlethen to the south. Following the completion of the AWPR, the Dyce-Westhill-Inverurie ‘triangle’ remains the area of strongest demand.
Covenant
The property is let to Airbus Helicopters UK Limited (Company No. 01164090), with a parental guarantee from Airbus Helicopters SAS of France.
Airbus Helicopters UK Limited has been incorporated since 1974 and plays a key role in the UK’s aerospace sector. The company provides and supports all of the nation’s police helicopters, supplies approximately 65% of UK air ambulance helicopters, and has around 70 helicopters in UK military service. All British military helicopter pilots receive their training on Airbus helicopters. The company also acts as a completion centre for Airbus Corporate Helicopters in the UK, designing and integrating bespoke interior configurations and exterior finishes.
The most recent published accounts (year ended 31 December 2024) report as follows:
| 31 Dec 24 | 31 Dec 23 | 31 Dec 22 | |
| Turnover | £158,630,000 | £156,039,000 | £122,317,000 |
| Pre-Tax Profit | £10,484,000 | £8,952,000 | £6,256,000 |
| Net Assets / Shareholders’ Funds | £20,708,000 | £21,120,000 | £15,289,000 |
The 2024 accounts highlight ongoing strong trading. Bookings of 14 new para-public airframes valued at £179m were secured in 2024 (versus 8 worth £60.8m in 2023). The company’s strategic position has been reinforced through new contracts with the Republic of Ireland Department of Defence (four H145M helicopters), Gama Aviation (three H145 helicopters for HEMS) and the UK MOD (delivery of H145 ‘Jupiter’ helicopters to replace the retired Puma fleet).
The wider Airbus group is Europe’s largest aeronautics and space company, employing approximately 130,000 people globally, registered in the Netherlands with its head office in France.
EPC
The property holds an Energy Performance Certificate dated 23 July 2020 (Reference 1022-0031-3130-1508-1003), valid until 22 July 2030, with a rating of D (75), with a potential rating of C (67) following recommended improvement measures.
Unlike in England and Wales, Scotland does not currently impose a minimum EPC rating for non-domestic property.
VAT
The property is elected for VAT. We anticipate that the sale will be capable of being treated as a Transfer of a Going Concern (TOGC), and accordingly VAT will not be payable on the purchase price subject to a purchaser making the necessary elections and obtaining HMRC confirmation.
Proposal
We are instructed to seek offers in the region of £3,050,000 (Three Million and Fifty Thousand Pounds), subject to conclusion of missives and exclusive of VAT, reflecting a Net Initial Yield of 12.0% after allowing for standard purchaser’s costs of 6.42%.
Investment Considerations
An opportunity to acquire a high-yielding heritable industrial investment, with a Net Initial Yield of 12.0%
Modern detached premises constructed in 2009
Established and prime industrial location adjoining Aberdeen International Airport, with strongt road, rail and air connectivity
Let to a strong covenant — Airbus Helicopters UK Limited (Net Assets £20.7m, Pre-Tax Profit £10.5m for 2024), with parental guarantee from Airbus Helicopters SAS of France
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