Lismore are delighted to bring a rare opportunity to purchase a prime single let distribution unit situated in Scotland’s premier logistics and last mile location.
The property comprises a high quality, modern detached warehouse unit totalling 80,224 sqft, with a substantial concrete yard of approximately 149,800 sqft and benefits from an EPC rating of B. The subject also boasts a site area of 5.94 acres providing a low site coverage of 25.41%.
It is let in its entirety to SP Distribution Plc (t/a ScottishPower) on Full Repairing and Insuring lease terms at a low passing rent of £540,725 per annum which reflects a rate of £6.74 sqft. The lease expires on the 14th September 2031 with an open market upwards only rent review due on the 15th September 2026. We are of the opinion that the net effective MRV is £10.50 sqft.
The tenant has undertaken various upgrades to the site in 2025/2026 displaying their commitment to the subject property. Additionally, there is potential to add value through rentalisation of the excess yard – which we estimate to be 84,152 sqft
We are seeking offers in excess of £9,650,000, which would provide a net initial yield of 5.25%, a reversionary yield of 8.18% and a low capital value of £120 sqft.