Lot 08
Auction
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Westway Retail Park, Cumbernauld, G68 0FR

Auction
United Kingdom
Retail
Commercial

The auction has ended

Final bid £7,800,000

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

Contact Us

Simon Bailey

Registered Surveyor, here to help.

Contact Us

Simon Bailey

Registered Surveyor, here to help.

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Property 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.

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. 

VAT

Please refer to Legal Documents

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.

Tenancy Schedule

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


*Terms & Conditions

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 vendor in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the vendor. 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 vendor 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 vendor shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the vendor. All interested parties 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 vendor.

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