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Accommodation
The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:
| Sq.Ft | Sq.M | |
| Ground | 5,260 | 488.66 |
| First | 9,000 | 836.12 |
| Second | 9,256 | 859.9 |
| TOTAL | 23,516 | 2,184.70 |
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £1420.00 + VAT.
Site
We estimate the total site area to be approximately 2.312acres (0.94 hectares)
Tenure
Heritable (Scottish equivalent of English freehold)
Tenancy
The property is offered primarily with vacant possession which allows optimum flexibility for owner occupiers, investors and developers.
Scottish Sea Farms occupy the east suite of the second floor which extends to 3,900 sq.ft. (362.32 sq.m), since August 2016. Their occupation has recently been extended until 28th May 2024, previously expiring November 2023, at a passing rent of £45,700 per annum, which equates to £11.72/sq.ft. p.a
Service Charge
For the period 28th February 2022 to 27th February 2023 the service charge budget was £154,675, equating to £6.58/sq ft..
Comprehensive service charge information is available to download within the legal package.
Rateable Value
The Scottish Assessors has assessed the building as individual offices. The total Rateable Value is £238,875 – a breakdown is provided in the legal package.
Planning
We suggest that the property could be suitable for a number of alternative uses including residential conversion, hotel and student accommodation, subject to obtaining the necessary planning consents.
VAT
It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC) and the purchaser will be required to submit the appropriate election to HMRC.
Market Evidence
We are aware of the following sale transactions which we suggest helps demonstrate the fair value the investment offers at the asking price:
| Address | Area (sq.ft) | Sale Price (£psf) | Capital Rate | Date |
| Antonine House, Callendar Business Park, Falkirk, FK1 1XR | 37,464sq ft | £1,350,000 | £36/sq ft | Aug-23 |
| The Courtyard, Callendar Business Park, Falkirk, FK1 1XR | 38,804sq ft | £1,300,000 | £33.50/sq ft | Jun-23 |
| Hillside House, Laurelhill Business Park, Stirling, FK7 9JQ | 15,664 | 1,250,000.00 | £79/sq.ft | Mar-23 |
| Inspire House, 3 Renshaw Place, Motherwell, ML1 4UF | 28,606 | £1,600,000 | £55.93 | Dec-21 |
| Maxxium House, Castle Business Park, Stirling | 20,496 | £1,750,000 | £85.38 | Jul-21 |
| 1 Redwood Court, Peel Park Campus, East Kilbride, G74 5PF | 16,426 | £600,000 | £36.53 | Feb-21 |
| 4 Michaelson Square, Kirkton Campus, Livingston, EH54 7DP | 11,872 | £774,000 | £65.20 | Feb-21 |
Proposal
Guide price of £850,000 (Eight Hundred and Fifty Thousand Pounds), subject to contract, reflecting a low capital value of £37 per sq ft / £395 per sq metre.
Please note that a purchaser will be re-charged the costs of the measured survey (£1,704 inc of VAT), searches (£821.40 inc of VAT),
Binding “Best Offers” are to be submitted no later than 2:00pm on Wednesday 28th February 2024 (unless sold prior). A full legal package is available, including a draft offer. Potential purchasers are invited to formally sign the draft offer and present to one of the selling agents or Morton Fraser.
Should you be interested in submitting a formal offer, please make contact in order to clear anti-money laundering and financial requirements before an offer is submitted.
Investment Considerations
Substantial office building within established and attractive location
Potential to change the use of the property, subject to consents
Part income producing
A purchase at the asking price reflects an attractive low capital value
Attractive lot size for an investor.
Disclaimer
The affairs, business and property of the Company is being managed by the Joint Administrators Gary Hargreaves, Philip Reynolds and Michelle Elliot who act as agents for the Company and without personal liability. All are licensed by the Insolvency Practitioners Association and are bound by the Insolvency Code of Ethics.
