JLL has been retained to sell our clients Heritable interest in this prominent single let industrial warehouse, situated in a prime industrial and distribution location 8 miles west of Edinburgh city centre, close to Edinburgh Airport.
The property extends to 51,520 sq ft, on a large site area of 4.86 acres and offers convenient access to the wider motorway network via the nearby Newbridge junction. The property is fully let to Com Dev Europe Limited until 13 May 2030 without breaks, with the benefit of the substantial parent company guarantees of Honeywell Control Systems Limited and Honeywell International Inc.
- Prominent single let industrial unit with large secure yard and significant frontage onto the A8.
- Prime, well established industrial and distribution location, 8 miles west of Edinburgh city centre.
- Strategically positioned in close proximity to Edinburgh Airport and the Newbridge Interchange, providing direct access to the M8 and M9 motorways.
- Total gross internal area of 51,520 sq ft, with a low site coverage of 24%.
- Let to Com Dev Europe Limited until 13 May 2030 (9.5 years unexpired) with a tenant option to extend for an additional 5 years at expiry.
- Parent company guarantees in place from the substantial covenants of Honeywell Control Systems Limited (Shareholder’s Funds of £280m as at 31/12/2018) and Honeywell International Inc (Pre-Tax profit of $7.6 billion for YE 2019).
- Current annual rental of £290,000 (£5.63 psf) per annum.
- 5 yearly upward only rent reviews, to the higher of open market value or RPI (capped at 3% pa compounded). Next rent review being 14 May 2025.
- Tenant has recently regeared and extended their lease, demonstrating their commitment to the location.
- Heritable interest (Scottish equivalent of English Freehold)