Lot 08 Westway Retail Park, Cumbernauld, G68 0FR

Property Enquiries

Simon Bailey

simon.bailey@bidx1.com
+44 (0) 7732 681 156

Viewing/ Registration Enquiries

BidX1 Support Team

info@uk.bidx1.com
+44 (0) 20 7703 4401

Vendor Solicitor

Elaine Petterson

elaine.petterson@brodies.com
+44 (0)141 256 6257
Description
Map
Viewings

Property Summary
  • Established retail park constructed in 2006 anchored by B&Q (74.1% of the current income)
  • Other key national tenants include Halfords, Carpetright and Pets at Home
  • L-shaped terrace of 11 units providing approximately 12,610 sq m (135,735 sq ft) of unrestricted non-food retail warehousing space
  • Planning permission exists for a further 18,085 sq m (194,672 sq ft) of retail warehousing
  • Total site area approximately 17.54 hectares (43.33 acres)
  • Gross passing rent of £1,051,950 per annum with a net operating income of £946,512 per annum
  • Heritable title (Scottish equivalent of English Freehold)
  • The park is currently 85% let by floor area
  • Very low capital value of £47.89 sq.ft
Tenure

Heritable (Scottish equivalent of Freehold)

Location

Cumbernauld is located approximately 14 miles (23 km) north east of Glasgow, and 37 miles (60 km) west of Edinburgh. Cumbernauld was designated a new town in 1956 and is the most populous settlement in North Lanarkshire with approximately 49,664 inhabitants (2001 Census).
Major employers in the local area include: HMRC, OKI, IBM, William Grant & Sons, SSE, AG Barr & Vision Express. The town is home to Cumbernauld College, a higher and further education college which serves North Lanarkshire and East Dunbartonshire, which has around 6,600 students.
The property is situated on the north side of Castlecary Road, (B816) approximately 0.6 miles from the Old Inns roundabout and junction on the M80. The park is immediately surrounded to the north-east and north-west by an industrial estate with the private airport beyond.
Situated approximately two miles from Cumbernauld town centre and easily accessible both from the motorway and by way of other secondary roads. It is approached from Castlecary Road via Napier Road and Castlecary Way. 

Road
The town benefits from its proximity to the M80 which provides access to Scotland’s motorway network, most notably the M73 and M8 to the west along with the M876 and M9 to the east, with the following approximate drive times :-

  • Glasgow - 25 minutes
  • Edinburgh - 50 minutes
  • Stirling - 20 minutes

Rail
Cumbernauld is served by three separate rail stations within 2 miles of the retail park. Cumbernauld and Croy have direct services to Glasgow and Edinburgh (journey times c 20 and 30 minutes respectively).

Air
The nearest international airports in Glasgow and Edinburgh are easily accessed 23 and 33 miles to the west and east of Cumbernauld’s town centre respectively. Cumbernauld Airport, located a short distance from the subjects, offers flying instruction, air charter and helicopter services. 

Description

The property was constructed in 2006 as a purpose-built retail warehouse development arranged as 11 retail warehouse units in an L-shaped terrace fronting a large car park. The retail units are of steel portal frame construction and total approximately 12,610 sq m (135,735 sq ft). The front elevations are clad with blockwork to approximately 3m with profile sheeting above. Side and rear elevations are mainly profile metal sheeting. The roof is profile sheet cladding with translucent roof lights to approximately 10%. Each unit has a prominent entrance feature and the B&Q unit also has an external garden centre and compound.
The units provide minimum clear eaves height of approximately 6m giving more than adequate scope for installation of mezzanine floors (carried out by several of the tenants). The units all contain standard toilet accommodation and are finished internally with tenant’s floor coverings, wall finishings and in certain cases, suspended ceilings. Each unit has access to a service area at the rear which is approached by separate access off Castlecary Road.
Fronting all units is a substantial car park with approximately 665 spaces providing a ratio of 1 space to 204 sq ft, which is well laid out and finished to a high standard, including floodlighting.
To the immediate west and south of the existing units and car park are substantial areas of land for future development. These are generally level and prepared for development including access points from the park road system, but otherwise unfinished and protected from casual use by a bund.
The site is broadly rectangular in shape. It is bounded to the south-east by another strip of land fronting Castlecary Road, to the south-west by Napier Road and the OKI Factory and to the north-west and north-east by various units of Wardpark Industrial Estate. We estimate that the site area extends to approximately 17.54 hectares (43.33 acres) but we recommend that prospective purchasers seek their own verification in this regard.

Tenancy

After accounting for current landlord shortfalls in the form of service charge and vacant rates the current net rent is £946,512 per annum. Further information can be found in the legal pack.

Planning

North Lanarkshire Council (01236 632500) www.northlanarkshire.gov.uk

Westway Retail Park opened in 2006 to provide 12,610 sq m (135,735 sq ft) of retail accommodation. A further 18,085 sq m (194,672 sq ft) of comparison goods retail space is also consented and is a live consent (Ref: 13/00273/AMD). As such, c.60% of the approved floorspace is as yet unbuilt. In addition, 1,800 sq m (19,376 sq ft) of food and beverage floorspace was approved as part of this live consent alongside up to 5,200 sq m (55,974 sq ft) of ancillary provision to include external yards.
An application for Planning Permission in Principle (PPP) for 28,200 sq m (303,552 sq ft) of mixed uses including a cinema, commercial leisure, hotel, food/beverage, foodstore, business incubator and car showrooms (Ref: 20/00412/PPP) is due to be presented to Planning Committee on Thursday 12th November 2020.   North Lanarkshire Council previously approved a similar PPP in June 2019 amounting to 32,397 sq.m. of mixed uses (Ref: 18/01750/PPP), as was subject to legal challenge.

Further information can be found in the Planning Position Statement within the legal pack. 

For full information on both the historic planning information and the live planning application, we recommend you contact:-
Adam Richardson
Associate Director
Savills
(t) 0131 247 3805
(m) 07968 553 343
(e) arichardson@savills.com

VAT
Please refer to Legal Documents
Property Table

Unit

Tenant

Size (sq m)

Size (sq ft)

Lease

Start

Lease

Expiry

Break

Option

Rent (£pa)

Rent

(sq ft)

1

B&Q Ltd

4,348.65

46,810

24/04/2007

23/04/2027

 

£702,150

£15.00

2

Halfords Ltd

696.75

7,500

24/04/2007

23/04/2022

 

£127,500

£17.00

3

Harry Corry Ltd (1)

951.48

10,242

13/09/2019

12/09/2029

13/09/2022

£0

£0

4

Dreams Ltd (2)

950.27

10,229

06/03/2018

05/02/2021

 

£0

£0

5

Vacant

950.65

10,233

 

 

 

£0

£0

5a

Archers Sleepcentre (Hillington) Ltd

951.39

10,241

24/04/2007

24/07/2027

24/07/2022

£60,000

£5.87

6

JB Global t/a Oak Furniture Land (in Administration) (3)

951.39

10,241

11/09/2018

10/09/2028

11/09/2021

£0

£0

7

Carpetright Ltd (4)

29.00

10,000

26/04/2020

25/04/2030

26/03/2021

£102,300

£10.23

8

Vacant

950.27

10,229

 

 

 

£0

£0

9

Maplin Electronics Ltd (in Administration) (5)

464.50

5,000

25/05/2007

24/05/2022

 

£0

£0

10

Pets at Home Ltd (6)

466.54

5,022

23/02/2011

22/02/2026

22/02/2023

£60,000

£11.95

TOTAL

 

12,610

£135,735

 

 

 

£1,051,950

 

(1) (2) (3) (5) Nil rent being paid but rates, service charge & insurance being paid
(4) Rent free period until 23rd March 2023 then reverting to £102,300 per annum. There are tenant only break clauses at the end of years 1, 2 & 3 subject to 3 months' notice.
(5) (6) Tenant not in occupation

EPC

Refer to legal pack


*Terms and Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted subject to contract. Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,000 (inclusive of VAT) charged by BidX1. In the case of a joint agent this administration fee will be £2,000 (exclusive of VAT). In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. To participate in the sale BidX1 must hold a minimum amount from all bidders. This participation amount is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,500 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee of £1,000 inc. VAT payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.


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