Wellington Cir 8,728 sq ft 100% Let Light Industrial Property Aberdeen AB12 3JG £900,000 (£103.12/sq ft) 8.42% Net Initial Yield

- Prime Location: Well-
- Yield: Attractive net initial yield of 8.42%
- Modern Units: High-quality industrial space built C. 20 years ago - Fully Tenanted: Fully-let producing £80,000 per annum - Heritable Interest: Scottish equivalent of English Freehold - WAULT of 8 years to expiries and 4.5 years to breaks - Units 2&3 can be acquired separately, subject to pricing
Aberdeen is Scotland's third-largest city with a population of around 220,000 and a wider regional catchment of over 500,000. The region has successfully evolved from being the "Oil Capital of Europe" to the "Energy Capital of Europe." This transition reflects ongoing investment in renewable energy, leveraging the city's highly skilled workforce and robust onshore and offshore infrastructure.
Significant public sector support has underpinned this transformation, including a £62 million Energy Transition Fund. Of this, £26 million has been allocated to the development of the Energy Transition Zone (ETZ), strategically located adjacent to the £450 million South Harbour. The ETZ is set to attract a new generation of renewable energy investment, positioning Aberdeen as a global leader in green energy innovation.
Wellington Business Park is located within Altens, which is one of Aberdeen's longest established and popular industrial locations situated approximately 2 miles south of the city centre.
The Business Park is located on Wellington Circle and is directly accessed from Wellington Road, the A956, which leads north to Aberdeen City Centre, the harbour and railway station and south to the A90 trunk road, AWPR and motor network beyond. Units 1-3 are situated in a prominent position to the front of Wellington Business Park.
The property comprises a terrace of three units within a development of 10 industrial units of differing sizes built C. 20 years ago.
The three units are built of steel monopitch frame construction with concrete floors, blockwork and profiled metal walls all under a monopitched profiled metal roof. The units benefit from three phase electrical supply.
There is a spacious central forecourt which provides space for parking and servicing. Unit 1 benefits from 8 dedicated car parking spaces and Units 2&3 benefit from 12 dedicated car parking spaces. There are also further communal estate visitor spaces in addition to the dedicated unit spaces.
The unit has been extensively fitted out by the tenant to provide a workshop, testing area, office / meeting room space and mezzanine storage with a pallet gate.
The units are combined and offer a large open warehouse with a mixture of cellular and open plan office space. As part of the recent lease deal, the Landlord is investing approximately £80,000 refurbishing the unit. The works include painting throughout, new WC's and kitchen, LED lighting upgrades, new carpets and general repairs. Units 2&3 also benefit from an implemented planning consent to split the units should this be required in the future. Drawings and the consent are available upon request.
The property is fully let to Hytorc (UNEX) Limited and PPG Architectural Coatings UK Limited. The property benefits from a weighted average unexpired lease term (WAULT) of 8 years and 4.56 years to breaks. The total contracted rent is £80,000 per annum.
Unit Tenant Creditsafe % of Floor Area Passing Rent psf Lease start Lease expiry Break Date Rent Comments Income (sq ft) Rent Review 1 Hytorc 58B 31.25% 2,536 £25,000 £9.86 21/8/2007 20/8/2027 - - Unit includes a high quality tenant (Unex) Ltd mezzanine of 2,383 sq ft of which 1,038 sq ft is office and 1,344 sq ft is storage (not included in GIA). Tenant recently leased Unit 9 within the estate on a coterminous basis. FRI lease.
PPG is a global supplier of paints, coatings and specialty materials, serving various industries such as industrial, transportation consumer products and construction. Founded in 1883, the company operates in over 70 countries, with a strong focus on innovation, sustainability and customer solutions. The company has a 'Very Low Risk' Creditsafe rating of 100A.
Hytorc has 50 years of experience focused on developing high quality industrial bolting systems. Founded in 1968, Hytorc services a variety of industries, including steel mills, mining equipment for refineries, power plants and wind turbines. The company has a Creditsafe rating of 50C.
The maintenance of the common areas is covered by a Deed of Conditions with day-to-day management undertaken by a professional property management company. The costs incurred are allocated to each tenant in line with standard practice.