Property description
DEVELOPMENT OPPORTUNITY
Hamish House comprises the top two floors of a modern four storey building. The property is currently fitted out as open plan office accommodation but due to its concrete and steel framework construction easily convertible to residential units.
Description
Hamish House comprises the top two floors of
a modern four storey building. The property is
currently fitted out as open plan office
accommodation but due to its concrete and
steel framework construction easily
convertible to residential units. Access to both
upper floors is via a dedicated entrance foyer
on Main Street, which comprises a small
waiting area, main staircase and a dedicated
passenger lift. There is also a video camera
security entry system and DDA compliant
entrance door. The gas central heating system
boilers were recently replaced with the latest
high energy efficiency Greenstar Worcester
Bosch units.
Location
Lying within the North Lanarkshire unitary
area, Wishaw is located approximately 19
miles south east of Glasgow city centre.
Wishaw has a population of around 30,510
people (Source: NRS Mid Year Estimate 2012)
and benefits from convenient access to the
M8 and M74 motorways whilst Wishaw
mainline railway station is located a short walk
from the property which has immediate
access to numerous local bus services.
Hamish House is located in the heart of the
town centre, nearby occupiers include Lidl,
Peacocks, RBS, Greggs and the towns
recently constructed Health Centre.
Income, Rateable Values & VAT Offers
Approximately 75% of the third floor (Suite E/
F) is let to Provident Financial plc on a long
term FRI lease until 18 February 2023 at a
rental of £39,442 pa. The tenant contributes
approximately £17,200pa in service charge
and has a break option in February 2018
which, if exercised, incurs a rental penalty of
6 months. Provident Financial plc has a AAA
covenant and latest results (30 June 2016)
show profit of £165.4m (up 48.9% on 2015).
Office suites A, B, C, D and E/F have been
separately assessed for rates. The vacant
suites have a combined RV of £59,200 of
which, the suites A, B & C on the second floor
have a cumulative RV of £47,200.
The property is elected for VAT, which will be
payable on the purchase price unless the
property is sold as a TOGC
Offers are invited for the heritable interest,
subject to the occupational FRI lease to
Provident Financial plc. Offers subject to
Planning must include: -
Concept drawings including nature of
intended use.
Expected date for Client to receive
purchase price.
Detailed timescales for purification of any
suspensive conditions, and
Full supporting financial information
confirming how the purchase price will be
met.
Depending on the structure of the offer our
clients may consider a joint venture proposal.
For specific queries relating to the
opportunity, please contact:
Scott.Darroch@Countrywide.co.uk
07912 805200
LesleyJayne.Sheridan@Countrywide.co.uk
07809 084365