Units 1-7 Oakbank Park Way

• Industrial / Pharmaceutical Investment
• Livingston is the business hub for West Lothian - 15 miles West of Edinburgh
• Oakbank Park is situated immediately off the A71 and has direct access to the M8 Motorway
• Modern self-contained industrial estate extending to 77,936 sq ft across 4 buildings
• The estate is 100% occupied by NextPharma as their main UK production and distribution campus
• The tenant has created a combination of clean lab space, distribution warehousing and offices
• The cost of the tenant fit out is significant relative to the size of the asset
• Let to MW Encap Limited t/a NextPharma and guaranteed by their German parent
• Lease term extended by 15 years from February 2025
• Fixed rental increase of 13.10% every 5 years
• Low passing rent of £6.23 psf
• Long leasehold interest from West Lothian Council expiring 30 November 2145 - ground rent is calculated on 19.50% of the gross rent received
• Gross rent £485,728 per annum netting back to £391,057 after payment of the ground rent
• Offers in excess of £5,600,000 exclusive
• Attractive Net Initial Yield of 6.55% and a capital rate of £71.85 psf with reversion to 7.41% in 2030 and 8.38% in 2035

LOCATION Livingston is located approximately 15 miles west of Edinburgh and 35 miles east of Glasgow. It is the administrative centre for West Lothian. The town has a population in the order of 62,000 people and a wider catchment of around 1.9 million within 45 minutes’ drive time. The town is strategically situated in the heart of the central belt on the M8 motorway, benefiting from excellent transport links. Livingston has become one of the principal distribution warehousing and high-tech centres in Scotland. Edinburgh Airport is 11 miles to the east of Livingston and Glasgow Airport is 44 miles to the west. There are two nearby railway stations with Livingston North forming part of the recently completed Airdrie to Bathgate Line. The town is also one of Scotland’s bio-chemistry and pharmaceutical hubs with a number of global operators attracted by the highly skilled and experienced labour pool.DESCRIPTIONThe property comprises a self-contained industrial estate of seven units, arranged over four modern industrial buildings. The buildings are of steel portal frame construction with profiled metal cladding to the walls and roofs. There is a large yard to the rear of the buildings and separate car parking areas to the front.All of the buildings benefit from electrically operated, roller shutter, vehicular access doors to their rear elevations which open onto the yard.The tenant has occupied space at Oakbank Park Way since it was developed and has over time expanded into all of the units, now operating the estate as their main UK operational campus. Accordingly, all adjoining units are now interconnected. They have invested significantly in the buildings and have fitted the units to comprise clean laboratory space, chilled storage, warehousing and associated offices and staff amenity space. The cost of this investment is significant relative to the scale of the asset as an investment.The tenant has recently recoated the external cladding across the entire estate. Other recent improvements include the completion of a full lighting replacement to LEDs, electrically timed heating roll out in the offices and boiler upgrades to reduce waste heat and gas requirements. The tenant has also recently requested landlord’s consent to investigate the installation of a roof mounted PV array and are planning to upgrade the warehouse section of Unit 7 to create a temperature and humidity controlled area.