Greenbank Road

• Biffa’s only operational site serving Aberdeen
• Site extends to circa 3.15 acres within the established East Tullos Industrial Estate - Low site density of 28%
• The site comprises a mixture of industrial and office accommodation extending to 38,815 sq ft together with a large, surfaced concrete yard area
• Let to Biffa Waste Services on a 35 year FRI lease expiring 18th May 2035 (10.5 years unexpired)
• Current rent passing of £301,351 per annum reflecting a low overall rent of £7.76 per sq ft
• Our client proposes to top up the rent to the 2% collar at the December 2024 review - £307,378
• Annual CPI-linked rent reviews with a collar at 2% and cap at 4%
• Minimum contracted rent over the current lease term (assuming 2% collar each year) - £3.56 million
• Heritable Interest
• Offers in excess of £3,200,000 exclusive. A purchase at this level would show an attractive Net Initial Yield of 9.02% and a capital rate of £82 psf.

LOCATION Aberdeen is Scotland’s third largest city with a population of approximately 220,000 and a regional catchment population of over 500,000. The city has been established as the energy capital of Europe for over 50 years and benefits from two distinguished universities, seven major research institutes and world renowned food, fisheries and agricultural research establishments.Aberdeen has a long history of economically outperforming cities of a comparable size in the UK. The driving force has been the energy industry and whilst the extraction of fossil fuels has peaked the demands of energy security have boosted economic activity in the city in recent years. The transition to renewable energy is well underway although the process will take time and investment there is an understanding that oil and gas extraction will be essential to Scotland and the UK for some years to come. Aberdeen has recently been confirmed as the headquarters location for Great British Energy. GB Energy, the new publicly owned company, will accelerate investment in renewable energy with backing to the tune of £8.3bn of new money over the new parliament. Approximately 900 energy-related companies are located in and around the city, including world leaders such as Baker Hughes, BP, Chevron, Halliburton, Maersk, Royal Dutch Shell, Schlumberger, Total, Wood Group and many others. The city’s strength in engineering and offshore technical expertise has created an opportunity for traditional oil and gas companies to diversify into sustainable energy. In addition to significant increases of renewable energy from wind farms, Aberdeen is set to be at the forefront of other new technologies including hydrogen and carbon capture, utilising North Sea oil field capacity. Aside from energy, there is a major drive to create a diversified local economy by expanding other industries including digital technology, food, tourism and life sciences. With assistance from the public sector and Opportunity North East, the £40m life sciences BioHub at Aberdeen Royal Infirmary opened in 2023.SITUATION The subject property is located 2 miles south of Aberdeen City Centre and harbour, within East Tullos Industrial Estate. East Tullos is one of the principal industrial areas serving Aberdeen. Whilst the area is predominantly industrial, there are also a number of large offices and car showrooms within the locality. Major nearby occupiers include Shell, Subsea 7, Stena Drilling, Greenwell Equipment, BSS and John Clark Motor Group. In addition, the new state of the art NESS energy from waste facility is located approximately 200 yards to the east of the subjects. The site is accessed from Greenbank Road, which provides direct access to Wellington Road (A956), one of the City’s main arterial routes linking the harbour area with the A90 trunk road to Dundee and Edinburgh. The Aberdeen Western Peripheral Route, has a major junction, 3 miles south of the subject property. This has further enhanced its connectivity to the north and west, including Aberdeen International Airport. A second, South Harbour, approximately 1 mile to the east of the subjects was completed in 2023. Road infrastructure upgrades are underway between East Tullos and the South Harbour as part of East Tullos’s role in the UK government backed Aberdeen Energy Transition Zone (ETZ).DESCRIPTION The property comprises a largely rectangular site comprising 3 industrial buildings, an office, a weighbridge, large areas of concrete yard and car parking. The industrial buildings comprise a modern industrial unit with associated offices used by the tenant to store new equipment prior to customer delivery. There is also a rectangular, waste transfer station building with multiple vehicular access doors on one elevation and a barrel roofed building, known as the bailing unit, which houses waste bailing equipment. The two storey offices house the business’s administration function as well as driver/staff welfare facilities.