For Sale Offers over £1.6M Net Initial Yield 5.22% Reversionary Yield 6.68% Terminal Reversion 29.5% - hendersonherd : Commercial Property Investment
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For Sale Offers over £1.6M Net Initial Yield 5.22% Reversionary Yield 6.68% Terminal Reversion 29.5% Ground lease investment, Elgin 16 ground lease investments, East Kilbride
02
Executive Summary
A unique opportunity Combined rental income - £88,320 per annum. Buildings have been developed on each site;
to acquire a portfolio of A total of 4.22 acres held on an Heritable basis (Scottish • The Elgin interest is a nursing home and generates
freehold commercial equivalent of English freehold). £42,000 per annum from the 2.27 acre site.
ground lease investments. Elgin is let until May 2082 (68 years unexpired) incorporating • The East Kilbride assets comprise 16 individual industrial
a tenant only break as at May 2052 (38 years unexpired). units generating a combined income of £46,320 per
17 individual interests let annum from 1.95 acres.
on long leases, located in The 16 East Kilbride assets have an average unexpired
term of 68 2/3rd years, with the longest unexpired term just • All the leases are upward only, with market based
Elgin and East Kilbride.
over 80 years. rent review provision.
47.5% of the total income is reviewed 5 yearly.
48.2% of the total income is reviewed 10 yearly.
Our opinion of the total MRV is £113,067 per annum.
Our opinion of the total unencumbered rental value at the
end of the respective lease terms is £500,000 per annum.
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO03
Investment Rationale
Long Unexpired Lease Terms Income Security Rent Review Profile Low Rental Gearing
The combined portfolio has an average Ground leases offer considerable protection All leases are upward only with market based The combined income equates to £20,929
unexpired lease term of just under 67 years against both tenant default and falling rent review provision. per acre per annum and approximately
to the tenant break (2052) in the Elgin lease. rental values. £0.82 per sqft overall.
47.5% of the total income is reviewed 5 yearly.
A ground rent is less than the total income The current Elgin ground rent equates
Rental Growth 48.2% of the total income is reviewed 10 yearly.
received from the land and buildings. The to 19.52% of the tenants reported March
The portfolio has delivered 6.82% long leaseholder is incentivised to continue 2003 EBITDA.
88% of the combined income is subject
Compound Annual Growth Rate (CAGR) to pay the ground rent as their loss is so great
to a rent review within a five year period. An agreed sublease deal at Ref 11,
over a 10 year period. (and the ground lease owners gain suitably
proportionate) if they do not. 8 Lithgow Place demonstrates that the
78.7% of the East Kilbride income is subject
The East Kilbride assets have delivered CAGR passing ground rent equates to 13.4% of
to a rent review within a five year period.
between 4.55% and 11.72%. Ground leases are protected against most the agreed occupational rent.
falls in occupational market rental values. 20% of the East Kilbride is subject to
This compares with RPI’s CAGR between The East kilbride assets ground rents equate
This is because the ground rent usually a rent review by the end of 2015.
Nov 2003 and Nov 2013 of 3.27%. to a £0.42 per sq ft and £0.91 sq ft on the
represents such a small percentage of the
total rent from the land and buildings. reported floor areas.
Capital Security
The ground lease Investment capital value
is a small proportion of the long leasehold
capital value, reflecting the respective size
of their income streams. A default by a long
leaseholder in the payment of the ground
rent could lead to the freeholder receiving a
significant capital windfall.
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO04
Investment Rationale
Rental Evidence Commercial Ground Lease Market
The portfolio is asset managed by the Ref 3, 51 Carron Place, East Kilbride is Overview Traditionally, the main owners of ground
current owner. subject to a stepped rental increase as at leases have been bodies such as the Crown
Ground Lease Investments in the United
28 February 2016, when the current rent of Estate, the Church Commissioners, and the
The most recent evidence was created in Kingdom were originally a product of the
£1,800 per annum rises to £2,200 per annum. City of London Livery Companies. Much of
respect of Ref.16, 16 Whin Place, East Kilbride. so called “Landed Estates”. Originally called
The stepped rental reflects £39,286 per acre areas such as Regent Street in London (the
This November 2013 rent review was settled ‘building leases’, owners of land granted
pa or £0.91 per sqft in respect of the 2,407 Crown) and many City of London office
at a rent of £1,800 per annum, reflecting long term leases of typically 125 years to
sqft building erected on site. buildings (Livery Companies) are subject to
6.27% CAGR and equating to £36,735 per developers allowing them to construct
ground leases. The post war period also saw
acre pa, for the 0.049 acre site or £0.82 per The long leasehold interest in Ref 11, buildings in return for a share of the income
the increased use of ground leases by local
sqft in respect of the 2,204 sqft building 8 Lithgow Place, East Kilbride has been the developer received from the building.
authorities and other public bodies, as a
erected on site. available to purchase for the sum of way of rebuilding their cities. In Scotland the
£200,000 for approximately six months. It former Development Corporations utilised
is understood that agreement has been ground leases to fund the expansion of the
reached with a party who will occupy the former New Towns. In Aberdeen, the former
property by means of a sub lease, with Corporation of the City of Aberdeen and
an option to purchase the long leasehold the former Grampian Regional Council
interest at the asking terms. released parcels of land to facilitate the first
generation of North Sea oil development,
The sub lease rental level is understood to
whilst retaining the Heritable interest.
equate to £3.40 per sqft.
On this basis the current ground rent equates
to 13.4% of the occupational rent.
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO05
Investment Rationale
Todays Market Ground Lease Creation Existing Ground Lease
The recent property cycle witnessed A number of institutional funds have sought Since the Principal Hayley deal in 2011
Transactions
an increased appreciation of the core to increase their exposure to this sector. several funds and occupiers have copied SWIP recently acquired a portfolio of 32
strengths of ground lease investments by and replicated this model. industrial based commercial ground lease
Ground leases tend to be held as long term
institutional investors, debt funded borrowers investments in Aberdeen. The portfolio was
investments and not traded. This combined, Standard Life Investments created two
and private investors. openly marketed by M&G in Q4, 2013. The
with a comparative restricted supply has hotel based ground lease investments in
purchase price is understood to be in the
The asset’s liability matching attributes resulted in a number of funds considering Edinburgh and Dundee with Apex Hotels in
region of £23m equating to a NIY of c.4%.
are well suited for pension funds and long ground lease creation. 2013. The combined value of £6.9m equated
term investors. to a NIY of 3.43%. Pramerica sold a 124 year unexpired ground
Pramerica Real Estate Investors were the first
lease at Phoenix Business Park, Paisley in
The impact of long term leases, both in fund to launch a specialised commercial CBREI on behalf of BBC Pension Trust Ltd
2013. This asset comprised a 8.30 acre site,
respect of improving weighted average ground lease fund and have continued to acquired the freehold interest in Apex, Waterloo
underpinned with an 83,000 sqft modern
unexpired terms within a portfolio and the adapt and innovate the use of this asset Place, Edinburgh for a reported sum of £10m,
distribution unit.
significant reversion, provides a counter to the to satisfy their investment requirements by equating to a NIY of 3.25%.
valuation extremes experienced by traditional also addressing a market characterised by This interest was sold for £650,000 equating
forms of property investments, particularly selective property funding. to a NIY of 4.07%.
within a in volatile market.
Pramerica were the first to utilise ground
leases as a financial restructuring tool,
with the £90m ground lease creation of six
Principal Hayley hotels.
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO06 Proposal Interest is invited in the portfolio as a single lot. Offers in excess of £1.6m are sought for our client’s Heritable Interest in this portfolio. A purchase at this level provides a NIY of 5.22% and an RY of 6.68%, assuming purchaser’s costs of 5.8%. VAT The properties are elected for VAT. On this basis, VAT will be payable on the purchase price, however, it is anticipated that the sale will be effected by way of a Transfer of a Going Concern (TOGC). EPC In accordance with the relevant European Directive from 2010, the interests that are being sold do not comprise a building nor a building unit. Accordingly an EPC is not required as part of the sales process. Legal Costs Each party will be responsible for their own legal costs in connection with the transaction. REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO
07
Tenancy Schedule
Review Compound
Years Next Area Rate Rate per Previous Cumulative Rateable
Ref Address Tenant Lease Period Lease Start Lease End Frequency Acres Rent PA Annual
UXP Review sqft psf acre Rent PA Return Value
Yearly Growth Rate
Spynie Nursing Home,
S Intobeige Ltd 90 Years (T Break at 2052) 20.08.1992 29.05.2082 68.25 5 01.04.2017 21,657 2.27 £42,000 £1.94 £18,502 £18,000 133% 4.33% £80,000
Duffus Road, Elgin
99 Years, 3 months &
1 East Kilbride, 1 & 3 Albion Way The Donaldson SSAS 18.02.1977 28.05.2076 62.25 10 28.05.2017 16,027 0.345 £6,750 £0.42 £19,565 £3,200 111% 7.75% £56,000
11 days (Ground Lease)
East Kilbride, 83 Carron Place, Alexander William 99 Years, 4 months &
2 12.01.1995 28.05.2094 80.25 10 28.02.2015 2,465 0.057 £2,250 £0.91 £39,474 £750 200% 11.61% £8,600
Kelvin Industrial Estate Adam 17 days (Ground Lease)
East Kilbride, 51 Carron Place, Mrs Marion & 99 Years & 3 months
3 28.05.1991 27.05.2090 76.25 10 28.02.2021 2,407 0.056 £1,800 £0.75 £32,143 £1,100 64% 5.05% £9,100
Kelvin Industrial Estate Mr James Hay (Ground Lease) *1
East Kilbride, 61 Carron Place, M & B Dewhurst T/A 101 Years & 1 day
4 28.12.1971 28.12.2072 58.83 15 28.11.2018 2,656 0.058 £1,500 £0.56 £25,862 £560 168% 6.79% £8,700
Kelvin Industrial Estate Hi-tech (EK) Ltd (Ground Lease)
East Kilbride, 20/22 Carron Place, GCH Precision 99 Years, 5 months &
5 28.06.1973 28.11.2072 58.75 15 28.11.2018 5,012 0.118 £2,250 £0.45 £19,068 £1,000 125% 5.56% £15,900
Kelvin Industrial Estate Engineering Ltd 1 day (Ground Lease)
East Kilbride, 8 Carron Place, 99 Years, 4 months &
6 David Nicol 03.07.1978 27.11.2077 63.75 10 28.11.2018 2,361 0.054 £2,000 £0.85 £37,037 £940 113% 7.84% £8,600
Kelvin Industrial Estate 25 days (Ground Lease)
Thistle Bearings
East Kilbride, 38 Singer Road, 99 Years, 2 months &
7 & Engineering 28.03.1991 28.05.2090 76.25 10 28.05.2021 2,465 0.056 £2,000 £0.81 £35,714 £1,100 82% 6.16% £8,800
Kelvin Industrial Estate 1 day (Ground Lease)
Products Ltd
East Kilbride, 26/28 Singer Road, 99 Years & 17 days
8 Nercon Ltd 12.05.1994 28.05.2093 79.25 10 28.11.2014 4,698 0.112 £2,000 £0.43 £17,857 £1,100 82% 6.16% £16,200
Kelvin Industrial Estate (Ground Lease)
East Kilbride, 89 Carron Place, Hunter Laing & 102 Years, 3 months &
9 19.08.1972 28.11.2073 59.75 10 28.11.2014 8,594 0.198 £5,000 £0.58 £25,253 £1,650 203% 11.72% £25,500
Kelvin Industrial Estate Company Ltd 10 days (Ground Lease)
99 Years, 3 months &
10 East Kilbride, 9 Colvilles Place Ailsa Machinery Ltd 13.02.1978 28.05.2077 63.25 10 28.05.2018 8,238 0.189 £4,500 £0.55 £23,810 £2,250 100% 7.18% £24,500
16 days (Ground Lease)
Instrument 99 Years, 5 months &
11 East Kilbride, 8 Lithgow Place 26.06.1987 25.11.2086 72.75 10 28.11.2017 7,673 0.176 £3,500 £0.46 £19,886 £2,000 75% 5.76% £25,750
Transformers Ltd 3 days (Ground Lease)
Frederick Stephen
99 Years, 3 months &
12 East Kilbride, 14 Westgarth Place Hughes t/a Taylor 28.08.1989 28.11.2088 74.75 10 28.11.2019 2,262 0.048 £1,600 £0.71 £33,333 £825 94% 6.85% £9,000
1 day (Ground Lease)
Freezer Scotland
99 Years, 4 months &
13 East Kilbride, 44 Arrotshole Road Therom Ltd 29.12.1978 27.05.2078 64.25 10 28.05.2019 2,138 0.049 £1,220 £0.57 £24,898 £628 94% 6.87% £7,000
30 days (Ground Lease)
99 Years, 5 months &
14 East Kilbride, 33 Fairfield Place Insulam Ltd 01.12.1989 27.05.2089 75.25 10 28.05.2020 8,325 0.190 £4,250 £0.51 £22,368 £2,500 70% 5.45% £23,250
28 days (Ground Lease)
Laurence French
99 Years, 4 months &
15 East Kilbride, 41 Fairfield Place Jacobsen T/A 26.01.1979 28.05.2078 64.25 10 28.05.2019 8,325 0.195 £3,900 £0.47 £20,000 £2,500 56% 4.55% £24,250
3 days (Ground Lease)
Jacobsen French
East Kilbride, 16 Whin Place, Hornbuckle Mitchell 99 Years, 4 months &
16 15.07.1983 28.11.2082 68.75 10 28.11.2023 2,204 0.049 £1,800 £0.82 £36,735 £980 84% 6.27% £8,800
East Nerston Trustees Ltd 14 days (Ground Lease)
TOTALS 68.64 107,507 4.220 £88,320 £0.82 £20,929 £43,069 115% 6.82%
Notes
East Kilbride Ground Leases require minimum of 12 months notice for Rent Reviews
*1 Stepped Rental. Rental increases to £2,200 pa from 28.02.2016
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIOCROWN COPYRIGHT C © - Produced from REGISTERS DIRECT on 04/10/2013 at 09:27 with the authority of Ordnance Survey pursuant to section 47 of the Copyright, Designs and Patents
Act 1988. Unless that act provides a relevant exception to copyright, the copy must not be copied without the prior permission of the copyright owner. This copy has no evidential status. OS Licence No.
100041182.
08
Ground Lease Investment
Spynie Nursing Home
Duffus Road
Elgin IV30 5JG THE OPPORTUNITY
• Let until May 2082 (incorporating a tenant’s only break option as at May 2052);
• Current rent, £42,000 per annum
• 4.33% Compound Annual Growth Rate since lease commencement
• Open market, five yearly upward only rent review pattern
• 2.27 acres
Tenancy Tenure
The subjects are leased to Intobeige Ltd from 20th August 1992, expiring The property is held on a Heritable title, equivalent of English Freehold.
28th May 2082, subject to a tenant’s right to break the lease on 28th May
2052, providing 12 months prior notice. Rental Profile
The initial was £18,000 per annum. The passing rent equates to
The rent, agreed at the 2012 rent review is £42,000 per annum, payable
approximately £18,500 per acre and demonstrates a Compound Annual
S quarterly in advance, subject to five yearly upward only reviews. The next
Growth Rate of 4.33% since the lease commenced.
rent review is Whitsunday (now 1st April) 2017.
An analysis on a per bedroom basis devalues the rent to £700 per annum.
Spynie The rent is reviewed to a market rent reflecting the rental value of a ground
Hospital
lease for a development in accordance with the permitted use (a 60 bed
Wo
B90 nursing home).
od
12
Duf
lan
fu s Ro
ds
ad
The stated area within the lease is 9,180 sq m (0.918 hectares).
Ln
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Ha ris
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REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIOCROWN COPYRIGHT C © - Produced from REGISTERS DIRECT on 04/10/2013 at 09:27 with the authority of Ordnance Survey pursuant to section 47 of the Copyright, Designs and Patents
Act 1988. Unless that act provides a relevant exception to copyright, the copy must not be copied without the prior permission of the copyright owner. This copy has no evidential status. OS Licence No.
100041182.
09
Ground Lease Investment
Spynie Nursing Home
Duffus Road
Elgin IV30 5JG
Covenant The Property As at September 2013 there were five registered nursing care homes in Elgin,
Intobeige Ltd (0171078) incorporated in March The property comprises a generally level and regular shaped site of 0.93 hectares including Spynie Nursing Home, providing approximately 250 beds.
1983. 100% of the share capital of Intobeige Ltd (2.27 acres) or thereby. The approximate boundaries are identified on the plan.
A Care Inspectorate report dated January 2013 in respect of Spynie Nursing
was acquired by Popular Care Ltd (05675706) in
The building has not been measured, but records estimate a gross internal Home, stated that the quality of care and support was, ‘very good’ and the
February 2013.
floor area of approximately 2,012 sqm (21,657 sqft). quality of environment, ‘good’.
Intobeige Ltd accounts for the year end
31 March 2013 state; The nursing home dates from the early 1992 and is arranged on one level Rateable Value
and in three units. The building is laid out to provide 56 bedrooms, all with The property has a Rateable Value of £80,000.
Sales - £1,612,585 (2012 - £1,595,316); en-suite bathroom facilities. Car parking for approximately 20 cars is provided
EBITDA - £215,214 (2012 - £280,723). on site.
Popular Care Ltd’s principal activity is the Spynie Nursing Home is situated adjacent to Spynie Hospital and lies one
operation of nursing and residential care homes mile to the north west of Elgin town centre. The site is located in Bishopmill,
for the elderly. a predominately residential area, that is identified as a core residential
expansion area within the relevant plans. Local developer, Robertson of Elgin
Popular Care Ltd’s accounts for the financial year have recently completed part of a phased development, immediately to the
end prior to the acquisition of Intobeige Ltd north of the site.
indentify a turnover of £2,185,664 and a profit
before tax of £142,415. Elgin is a prosperous market town with a population of approximately
21,000 and a district catchment of approximately 95,000. It is the largest
town between Inverness, 36 miles to the west, and Aberdeen, 65 miles to
the south east. It is the administrative centre of Moray. The local economy is
dominated by the MoD with two nearby military bases accounting for 21%
of local employment. Agriculture and forestry are important local industries:
Elgin’s catchment includes the Speyside whisky distilleries. Other significant
employers include Johnston’s of Elgin knitwear, Baxters Foods and Walkers
Shortbread. Tourism is a significant local employer.
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIOOF SCOTLAND
N
ORDNANCE SURVEY 140m
NATIONAL GRID REFERENCE
10
Survey Scale
NJ2063NW NJ2063NE NJ2064
1/2500
CROWN COPYRIGHT C © - Produced from REGISTERS DIRECT on 04/10/2013 at 09:27 with the authority of Ordnance Survey pursuant to section 47 of the Copyright, Designs and Patents
Act 1988. Unless that act provides a relevant exception to copyright, the copy must not be copied without the prior permission of the copyright owner. This copy has no evidential status. OS Licence No.
100041182.
Elgin N
S. Spynie Nursing Home
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Ground lease investment, Elgin
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO11
East Kilbride
N
A749
East Kilbride
Golf Club
Hamilton R o a d
A725
ZONE A 1. 1/3 Albion Way
2. 83 Carron Place
D
Stew
ar t fiel d R d
3. 51 Carron Place oa
4. 61 Carron Place
5. 20/22 Carron Place
Rd
y
Kingswa
Q
ue
s
C
rd
6. 8 Carron Place en
na
sw
ay
eo
7. 38 Singer Road L
26
St
A7
8. 26/28 Singer Road Town
Rd A72
ham 6 Centre
A725
9. 89 Carron Place Eag
le s
oa d
se m i ll R
ZONE B 10. 9 Colvilles Place N ew h o u
Wes
two
od H
Road
B
G
ud
Stro
re
nh
ZONE C
ill
11. 8 Lithgow Place
e
ill s
Ro a
12. 14 Westgarth Place d
A
13. 44 Arrotshole Road
Green
h ill s R o a d
14. 33 Fairfield Place
15. 41 Fairfield Place
A7
26
ZONE D 16. 16 Whin Place
Ground lease investments, East Kilbride
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO12
East Kilbride 8
N
6
7
ZONE A 1. 1/3 Albion Way
2. 83 Carron Place
3. 51 Carron Place
4. 61 Carron Place 5
5. 20/22 Carron Place
3
6. 8 Carron Place
7. 38 Singer Road 4
8. 26/28 Singer Road
9. 89 Carron Place
9
2
1
Ground lease investments, East Kilbride
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO13
Ground Lease Investment
1/3 Albion Way
East Kilbride
G75 0YN THE OPPORTUNITY
1
Tenure Description
Freehold. The property comprises a site area of 0.345 acres.
Location Buildings extending to 16,027 sqft have been erected on the site.
Albion Way forms part of the Kelvin Industrial Estate, situated to the South of
Tenancy
the centre of East Kilbride and twelve miles South of Glasgow.
The entire property is let to The Donaldson SSAS for a term of 99 years,
The accommodation on the estate offer a mixture of stand alone and 3 months and 11 days.
terraced single storey industrial units, generally constructed around steel
Stro
u d Ro a d frames. Each unit has the benefit of a vehicular entry door with units having Lease expiry – 28/5/2076
a variety of secured yard and common parking/yard areas.
Next rent review – 28/5/2017
8 Kelvin Industrial Estate is East Kilbride’s premier industrial location and lies
oa
d Rent review frequency – 10 yearly
ille
sR approximately 1 mile south of the town centre. East Kilbride is Scotland’s
6 7 olv
sixth largest town and has a population of 89,000 people. It is regarded as
e
c C
ro n
Pl a Rent review basis – upwards only, open market
Car
3 Scotland’s most successful new town and has attracted more that 1,100
5
Sin
4 Current Rent – £6,750 per annum
companies, including Motorola, J Sainsbury’s and Rolls Royce. Reflecting
ger
9
its important strategic location East Kilbride benefits from excellent road
Road
Previous Rent – £3,200 per annum
ce communications. The East Kilbride Expressway (A725) links the town to the
a
2
Pl
ro M74, M73 and M8 and the recently completed Glasgow Southern Orbital
n
ar
C Way
Alb
ion
Link provides a rapid connect to the south west of Glasgow and to the M77. Comments
1
The long leasehold interest was assigned
Greenhills Roa
d
for a premium of £250,000 in 2004.
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO14
Ground Lease Investment
83 Carron Place
Kelvin Industrial Estate
East Kilbride G75 0YL THE OPPORTUNITY
2
Tenure Tenancy
Freehold. The entire property is let to Alexander William Adam for a term of 99 years,
4 months and 17 days.
Location
Lease expiry – 28/5/2094
The estate comprises more than 40 industrial units for rent the majority of
which have recently been refurbished. The available units range from 1,000 Next rent review – 28/2/2015
sqft to 6,500 sqft, many also include office space. The units either benefit
from an exclusive secure yard or generous communal yard space. Ample car Rent review frequency – 10 yearly
parking is available on site.
Stro
u d Ro a d Rent review basis – upwards only, open market
Carron Place is located in Kelvin Industrial Estate approximately 1.5 miles
south east of East Kilbride’s town centre adjacent to the A7126 Strathaven Current Rent – £2,250 per annum
8 oa
d Road. Existing occupiers on the same estate include Sainsbury’s (Distribution
sR Previous Rent – £750 per annum
6 7 lvi
lle Centre), Jeyes and several trade counter operators including The Plumb
Co
e
ac
ro n
Pl Centre and the BSS Group.
Car
5 3 Comments
Sin
4
Description
ger
9 The long leasehold interest was assigned for a premium of £36,500 in 2009.
Road
The property comprises a site area of 0.057 acres. 83 and 85 Carron Place are currently available to let at a quoting rent of
ce
£9,000 per annum per unit.
a
2
Pl
ro
n
C
ar
Way
A building extending to 2,465 sqft has been erected on the site.
ion
Alb
1
d
Greenhills Roa
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO15
Ground Lease Investment
51 Carron Place
Kelvin Industrial Estate
East Kilbride G75 0YL THE OPPORTUNITY
3
Tenure Tenancy
Freehold. The entire property is let to Mrs Marion and Mr James Hay for a term
of 99 years and 3 months.
Location
Lease expiry – 27/5/2090
The estate comprises more than 40 industrial units for rent the majority
of which have recently been refurbished. The available factory sizes range Next rent review – 28/2/2021
from 1,000 sqft to 6,500 sqft many also include office space. The units either
benefit from an exclusive secure yard or generous communal yard space. Rent review frequency – 10 yearly
Ample car parking is available on site.
Stro
u d Ro a d Rent review basis – upwards only, open market
Carron Place is located in Kelvin Industrial Estate approximately 1.5 miles
south east of East Kilbride town centre adjacent to the A7126 Strathaven Current Rent – £1,800 per annum*
8 oa
d Road. Existing occupiers on the same estate include Sainsbury’s (Distribution
sR Previous Rent – £1,100 per annum
6 7 lvi
lle Centre), Jeyes and several trade counter operators including The Plumb
Co
e
c
Pl a Centre and the BSS Group.
ro n
Car
5 3 Comments
Sin
4
Description
ger
9 The long leasehold interest was assigned for a premium of £60,000 in 2004
Road
The property comprises a site area of 0.056 acres. and £70,500 in 2007.
ce
a
2
Pl
ro
*There is a stepped rental increase to £2,200 per annum from 28.02.2016.
n
C
ar
Way
A building extending to 2,407 sqft has been erected on the site.
ion
Alb
1
d
Greenhills Roa
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO16
Ground Lease Investment
61 Carron Place
Kelvin Industrial Estate
East Kilbride G75 0YL THE OPPORTUNITY
4
Tenure Description
Freehold. The property comprises a site area of 0.058 acres.
Location A building extending to 2,656 sqft has been erected on the site.
The estate comprises more than 40 industrial units for rent the majority
Tenancy
of which have recently been refurbished. The available factory sizes range
from 1,000 sqft to 6,500 sqft, many also include office space. The units either The entire property is let to M&B Dewhurst t/a Hi-Tech (EK) Ltd for a term
benefit from an exclusive secure yard or generous communal yard space. of 101 years and one day.
Ample car parking is available on site.
Stro
u d Ro a d
Lease expiry – 28/12/2072
Carron Place is located in Kelvin Industrial Estate approximately 1.5 miles
Next rent review – 28/28/11/2018
south east of East Kilbride town centre adjacent to the A7126 Strathaven
8 oa
d Road. Existing occupiers on the same estate include Sainsbury’s (Distribution Rent review frequency – 15 yearly
sR
6 7 olv
ille Centre), Jeyes and several trade counter operators including The Plumb
C
Rent review basis – upwards only, open market
e
c
ro n
Pl a Centre and the BSS Group.
Car
5 3
Sin
4 Current Rent – £1,500 per annum
ger
9
Road
ce
Previous Rent – £1,300 per annum
a
2
Pl
ro
n
ar
C Way
ion
Alb
1
d
Greenhills Roa
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO17
Ground Lease Investment
20/22 Carron Place
Kelvin Industrial Estate
East Kilbride G75 0YL THE OPPORTUNITY
5
Tenure Description
Freehold. The property comprises a site area of 0.118 acres.
Location A building extending to 5,012 sqft has been erected on the site.
The estate comprises more than 40 industrial units for rent the majority
Tenancy
of which have recently been refurbished. The available factory sizes range
from 1,000 sqft to 6,500 sqft, many also include office space. The units either The entire property is let to GCH Precision Engineering Ltd (SC298454)
benefit from an exclusive secure yard or generous communal yard space. for a term of 99 years, 5 months and one day.
Ample car parking is available on site.
Stro
u d Ro a d
Lease expiry – 28/11/2072
Carron Place is located in Kelvin Industrial Estate approximately 1.5 miles
Next rent review – 28/11/2018
south east of East Kilbride’s town centre adjacent to the A7126 Strathaven
8 oa
d Road. Existing occupiers on the same estate include Sainsbury’s (Distribution Rent review frequency – 15 yearly
sR
6 7 olv
ille Centre), Jeyes and several trade counter operators including The Plumb
C
e
ro n
Pl a
c
Centre and the BSS Group. Rent review basis – upwards only, open market
Car
5 3
Sin
4 Current Rent – £2,250 per annum
ger
9
Road
ce
Previous Rent – £1,000 per annum
a
2
Pl
ro
n
ar
C Way
ion
Alb
1
d
Greenhills Roa
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO18
Ground Lease Investment
8 Carron Place
Kelvin Industrial Estate
East Kilbride G75 0YL THE OPPORTUNITY
6
Tenure Tenancy
Freehold. The entire property is let to David Nicol for a term of 99 years,
4 months and 25 days.
Location
Lease expiry – 27/11/2077
The estate comprises more than 40 industrial units for rent the majority
of which have recently been refurbished. The available factory sizes range Next rent review – 28/11/2018
from 1,000 sqft to 6,500 sqft, many also include office space. The units either
benefit from an exclusive secure yard or generous communal yard space. Rent review frequency – 10 yearly
Ample car parking is available on site.
Stro
u d Ro a d Rent review basis – upwards only, open market
Carron Place is located in Kelvin Industrial Estate approximately 1.5 miles
south east of East Kilbride town centre adjacent to the A7126 Strathaven Current Rent – £2,000 per annum
8 oa
d Road. Existing occupiers on the same estate include Sainsbury’s (Distribution
sR Previous Rent – £940 per annum
6 7 lvi
lle Centre), Jeyes and several trade counter operators including The Plumb
Co
e
ac
ro n
Pl Centre and the BSS Group.
Car
5 3 Comments
Sin
4
Description
ger
9 The long leasehold interest was assigned for a premium of £40,000 in 2013.
Road
The property comprises a site area of 0.054 acres.
ce
a
2
Pl
ro
n
C
ar
Way
A building extending to 2,361 sqft has been erected on the site.
ion
Alb
1
d
Greenhills Roa
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO19
Ground Lease Investment
38 Singer Road
Kelvin Industrial Estate
East Kilbride G75 0XS THE OPPORTUNITY
7
Tenure Description
Freehold. The property comprises a site area of 0.056 acres.
Location A building extending to 2,465 sqft has been erected on the site.
The estate comprises a number of terraced industrial units. The available
Tenancy
factory sizes range from 2,000 sqft to 13,000 sqft and many include office
space. The warehouse areas are to the rear with separate pedestrian access The entire property is let to Thistle Bearings & Engineering Products Ltd
to the front. The units benefit from having the use of a large communal yard. (SC075852) for a term of 99 years, 2 months and one day.
Ample car parking is available on site.
Stro
u d Ro a d
Lease expiry – 28/5/2090
The estate is located in Kelvin Industrial Estate approximately 1.5 miles south
Next rent review – 28/5/2021
east of East Kilbride town centre adjacent to the A7126 Strathaven Road.
8 oa
d Existing occupiers on the same estate include Sainsbury’s (Distribution Rent review frequency – 10 yearly
sR
6 7 olv
ille Centre), Jeyes and several trade counter operators including The Plumb
C
Rent review basis – upwards only, open market
e
c
ro n
Pl a Centre and the BSS Group.
Car
5 3
Sin
4 Current Rent – £2,000 per annum
Six miles from M74 Junction 5, Glasgow Airport 13 miles.
ger
9
Road
ce
Previous Rent – £1,100 per annum
a
2
Pl
ro
n
ar
C Way
ion
Alb
1
d
Greenhills Roa
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO20
Ground Lease Investment
26/28 Singer Road
Kelvin Industrial Estate
East Kilbride G75 0XS THE OPPORTUNITY
8
Tenure Description
Freehold. The property comprises a site area of 0.112 acres.
Location A building extending to 4,698 sqft has been erected on the site.
The estate comprises a number of terraced industrial units. The available
Tenancy
factory sizes range from 2,000 sqft to 13,000 sqft and many include office
space. The warehouse areas are accessed to the rear with separate pedestrian The entire property is let to Nercon Ltd for a term of 99 years and 17 days.
access to the front. The units benefit from having the use of a large communal
Lease expiry – 28/5/2093
yard. Ample car parking is available on site.
Stro
u d Ro a d
Next rent review – 28/11/2014
The estate is located in Kelvin Industrial Estate approximately 1.5 miles south
east of East Kilbride town centre adjacent to the A7126 Strathaven Road. Rent review frequency – 10 yearly
8 ad Existing occupiers on the same estate include Sainsbury’s (Distribution
Ro
7 lvi
lle
s
Centre), Jeyes and several trade counter operators including The Plumb Rent review basis – upwards only, open market
6 Co
e
ac
ro nP
l
Centre and the BSS Group.
Car Current Rent – £2,000 per annum
5 3
Sin
4
Six miles from M74 Junction 5, Glasgow Airport 13 miles.
ger
9 Previous Rent – £1,100 per annum
Road
ce
a
2
Pl
ro
n
ar
C Way
ion
Alb
1
d
Greenhills Roa
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO21
Ground Lease Investment
89 Carron Place
Kelvin Industrial Estate
East Kilbride G75 0YL THE OPPORTUNITY
9
Tenure Description
Freehold. The property comprises a site area of 0.198 acres.
Location A building extending to 8,594 sqft has been erected on the site.
Unit 89 forms part of a terrace of similar properties which are of traditional
Tenancy
steel portal frame construction with the external elevations clad in a
combination of corrugated sheeting and painted render. The units have The entire property is let to Hunter Laing & Company Ltd (SC442464)
pedestrian access doors to the front elevation with a communal car parking for a term of 102 years, 3 months and 10 days.
area to the front of the subjects and vehicle access is provided to the rear
Stro Lease expiry – 28/11/2073
u d Ro a d
from the communal loading/yard area.
Next rent review – 28/11/2014
The subjects are situated on the southernmost side of Carron Place, within
8 oa
d the established Kelvin Industrial Estate, which lies to the south of East Kilbride Rent review frequency – 10 yearly
sR
6 7 olv
ille town centre. The town of East Kilbride is situated approximately 10 miles to
C
Rent review basis – upwards only, based upon the formula;
e
c
ro n
Pl a the south east of Glasgow City Centre and is now one of Scotland’s largest
Car
5 3 towns having a resident population in the region of 75,000. Kelvin Industrial A x 1.375, where A is the open market rental value.
Sin
4
ger
9 Estate is one of the largest industrial estates within the town and links
Current Rent – £5,000 per annum
Road
ultimately with the A725 providing onward access to the M74 and Scotland’s
ce
motorway networks. The surrounding area is a well-established industrial Previous Rent – £1,650 per annum
a
2
Pl
ro
n
ar
C Way location with occupiers in the immediate vicinity including C&M Bridal
ion
Alb
1 Design,AKP Contracts Autobaux, Hargreaves and Plumbing Trade Supplies.
Comments
Greenhills Roa
d
The long leasehold interest was assigned for a premium of £87,000 in 2012.
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO22
Ground Lease Investment
9 Colvilles Place
East Kilbride
G75 0PZ THE OPPORTUNITY
10
Tenure Description
Freehold. The property comprises a site area of 0.189 acres.
Location A building extending to 8,238 sqft has been erected on the site.
The property comprises a mid terraced unit. The warehouse areas are
Tenancy
accessed by roller shutter doors to the rear, with separate pedestrian access
to the front. Each property benefits from a secure yard to the rear. The entire property is let to Ailsa Machinery Ltd (SC147434) for a term
of 99 years, 3 months and 16 days.
Colvilles Road is located in Kelvin Industrial Estate approximately 1.5 miles
south east of East Kilbride’s town centre adjacent to the A7126 Strathaven Lease expiry – 28/5/2077
Road. Existing occupiers on the same estate include Sainsbury’s (Distribution
Next rent review – 28/5/2018
Centre), Jeyes and several trade counter operators including The Plumb
Ke
Centre and the BSS Group. Rent review frequency – 10 yearly
Kelv lvi
in R d n
The estate comprises terraced and stand-alone industrial units. The
Rd
Rent review basis – upwards only, open market
warehouse areas are accessed by roller shutter doors with separate/shared
pedestrian access to the front. The unit benefits from exclusive yard space. Current Rent – £4,500 per annum
o ad 10 Ample car parking is available on site.
dR
Strou Previous Rent – £2,250 per annum
Gle
ce
Pla
A726
les
nfie
lvil
Co The local road network provides direct links to Junction 5, M74 via the A725
ld
Ro
East Kilbride Expressway for Glasgow, the south and the national motorway
d
ad
Ro a
system (M73, A/M8 etc) whilst the M77 is also easily accessed via the A726
ven
d
oa
sR Glasgow Southern Orbital Road.
ha
lle
lvi
at
Co
Str
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO23
East Kilbride
12
ZONE C 11. 8 Lithgow Place 13
12. 14 Westgarth Road
13. 44 Arrotshole Road
14. 33 Fairfield Place
15. 41 Fairfield Place
14
11
15
Ground lease investments, East Kilbride
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO24
Ground Lease Investment
8 Lithgow Place
East Kilbride
G74 1PW THE OPPORTUNITY
11
Tenure Tenancy
Freehold. The entire property is let to Instrument Transformers Ltd (SC054448)
for a term of 99 years, 5 months and three days.
Location
Lease expiry – 28/11/2086
The property is located in the popular College Milton area occupying a
prominent position close to Queensway. The accommodation includes Next rent review – 28/11/2017
workshop space served by a single vehicular door opening on to an area of
communal yard and there is a two storey office to the front. The property Rent review frequency – 10 yearly
offers excellent trade counter potential. The office space provides both open
plan and cellular areas. Rent review basis – upwards only, open market
Current Rent – £3,500 per annum
Haw
Description
bank
Rd
The property comprises a site area of 0.176 acres. Previous Rent – £2,000 per annum
garth Pl We
12 ste
t
rd
Wes
Rd 13
a le A building extending to 7,673 sqft has been erected on the site. Comments
e
Fairfield P
ol
Gle la
The long leasehold interest is being marketed for the sum of £200,000. After
tsh
nb ce
u rn
Arro
Rd 15
an approximate period of six months it is understood that agreement has
Mil
ton
14
Rd WM
a i n s Ro a d
been reached, whereby a sub tenant will occupy the building on a sublease
11
A72 incorporationg an option to acquire the longleasehold interest at the asking
6
terms. The sublease rental level equates to £3.40 per sq ft overall.
e Road
K i r k t o n h o lm
Qu
e en
Rd
swa
Eaglesha
m y A
726
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO25
Ground Lease Investment
14 Westgarth Place
College Milton Industrial Estate
East Kilbride G74 5NT THE OPPORTUNITY
12
Tenure Tenancy
Freehold. The entire property is let to Frederick Stephen Hughes t/a Taylor Freezer
Scotland for a term of 99 years, 3 months and one day.
Location
Lease expiry – 28/11/2088
The property is situated in the College Milton Industrial Estate, just off
Queensway (A726) in East Kilbride. The A727 is nearby and links in the west Next rent review – 28/11/2019
to the M77 and thereafter to Glasgow. The Hairmyres Railway Station is close
to the property, just south of Queensferry. Rent review frequency – 10 yearly
Description Rent review basis – upwards only, open market
The property comprises a site area of 0.048 acres. Current Rent – £1,600 per annum
Haw
bank
Rd
A building extending to 2,262 sqft has been erected on the site. Previous Rent – £825 per annum
garth Pl We
12 ste
t
rd
Wes
a le
Rd 13
Comments
e
Fairfield P
ol
Gle la
tsh
nb ce
u rn
Arro
Rd 15 The long leasehold interest was assigned for a premium of £60,000 in 1997.
Mil
ton
14
Rd WM
a i n s Ro a d
11
A72
6
e Road
K i r k t o n h o lm
Qu
e en
Rd
swa
Eaglesha
m y A
726
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO26
Ground Lease Investment
44 Arrotshole Road
East Kilbride
G74 5DN THE OPPORTUNITY
13
Tenure Tenancy
Freehold. The entire property is let to Therom Ltd (SC041165) for a term of 99 years,
4 months and 30 days.
Location
Lease expiry – 27/5/2078
The property comprise of a mid-terraced single storey unit of modern
construction having steel frame with infill brick walls. Communal yard and Next rent review – 28/5/2019
parking facilities are available.
Rent review frequency – 10 yearly
Description
Rent review basis – upwards only, open market
The property comprises a site area of 0.049 acres.
Current Rent – £1,220 per annum
Haw
A building extending to 2,138 sqft has been erected on the site.
bank
Rd
Previous Rent – £628 per annum
garth Pl We
12 ste
t
rd
Wes
a le
Rd 13
e
Fairfield P
ol
Gle la
tsh
nb ce
u rn
Arro
Rd 15
Mil
ton
14
Rd WM
a i n s Ro a d
11
A72
6
e Road
K i r k t o n h o lm
Qu
e en
Rd
swa
Eaglesha
m y A
726
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO27
Ground Lease Investment
33 Fairfield Place
East Kilbride
G74 5LP THE OPPORTUNITY
14
Tenure Tenancy
Freehold. The entire property is let to Insulam Ltd (SC106668) for a term of 99 years,
5 months and 28 days.
Location
Lease expiry – 28/5/2089
East Kilbride lies approximately 9 miles south east of Glasgow City Centre,
with easy access from the M8, via the A725 Expressway leading to the Next rent review – 28/5/2020
Kingsway and via the A726. The estate is located in Fairfield Place, just off
of West Mains Road of the College Milton area of East Kilbride. The units Rent review frequency – 10 yearly
are of steel frame design with brick infill walls and a metal profile clad roof,
each with a pitched centralised glazed section providing maximum natural Rent review basis – upwards only, open market
light. Externally to the rear of each unit there is a secure yard with communal
Current Rent – £4,250 per annum
Haw
bank
parking to the front.
Rd
Previous Rent – £2,500 per annum
garth Pl
12
We
ste Description
t
rd
Wes
a le
Rd 13 The property comprises a site area of 0.190 acres.
e
Fairfield P
ol
Gle la
tsh
nb ce
u rn
Arro
Rd 15 A building extending to 8,325 sqft has been erected on the site.
Mil
ton
14
Rd WM
a i n s Ro a d
11
A72
6
e Road
K i r k t o n h o lm
Qu
e en
Rd
swa
Eaglesha
m y A
726
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO28
Ground Lease Investment
41 Fairfield Place
East Kilbride
G74 5LP THE OPPORTUNITY
15
Tenure Tenancy
Freehold. The entire property is let to Laurence French Jacobsen t/a Jacobsen French
for a term of 99 years, 4 months and three days.
Location
Lease expiry – 28/5/2078
East Kilbride lies approximately 9 miles south east of Glasgow City Centre,
with easy access from the M8, via the A725 Expressway leading to the Next rent review – 28/5/2019
Kingsway and via the A726. The estate is located in Fairfield Place, just off
of West Mains Road of the College Milton area of East Kilbride. The units Rent review frequency – 10 yearly
are of steel frame design with brick infill walls and a metal profile clad roof,
each with a pitched centralised glazed section providing maximum natural Rent review basis – upwards only, open market
light. Externally to the rear of each unit there is a secure yard with communal
Current Rent – £3,900 per annum
Haw
bank
parking to the front.
Rd
Previous Rent – £2,500 per annum
garth Pl
12
We
ste Description
t
rd
Wes
a le
Rd 13 The property comprises a site area of 0.195 acres.
e
Fairfield P
ol
Gle la
tsh
nb ce
u rn
Arro
Rd 15 A building extending to 8,325 sqft has been erected on the site.
Mil
ton
14
Rd WM
a i n s Ro a d
11
A72
6
e Road
K i r k t o n h o lm
Qu
e en
Rd
swa
Eaglesha
m y A
726
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIO29
Ground Lease Investment
16 Whin Place
East Nerston
East Kilbride G74 3XS THE OPPORTUNITY
16
Tenure Tenancy
Freehold. The entire property is let to Hornbuckle Mitchell Trustees Ltd for a term
of 99 years, 4 months and 14 days.
Location
Lease expiry – 28/11/2082
The estate comprises a number of terraced industrial units, each
approximately 2,000 sqft and some include office space. Ample car parking is Next rent review – 28/11/2023
available on site.
Rent review frequency – 10 yearly
The estate is located in Nerston Industrial Estate just off the A725 East
Kilbride expressway approximately one mile to the north of East Kilbride’s Rent review basis – upwards only, open market
town centre. Nerston is a well established industrial estate, existing occupiers
include Rolls Royce, Plumbase, Martin Plant Hire and Robert Wiseman & Son. Current Rent – £1,800 per annum
d
wR
do
ney
me
a
The units either benefit from an exclusive secure yard or generous Previous Rent – £980 per annum
Sto d A725
A7 on R
25 milt
Ha communal yard space. Ample car parking is available on site.
Comments
A749
5 Miles from M74 Junction 5; Glasgow Airport 12 miles.
The long leasehold interest was assigned for a premium of £80,000
Kingsway
16
Alb Description in 2007 and £100,000 in 2009.
a ny
The property comprises a site area of 0.049 acres.
25
A7
Rd
B la
n
ckbr
A building extending to 2,204 sqft has been erected on the site.
ilto
ae
sR
m
Ha d
Rd
ins
E Ma
83
B7
REVERSIONARY FREEHOLD COMMERCIAL GROUND LEASE INVESTMENT PORTFOLIOContact
hendersonherd Steven Herd
115 George Street steven.herd@hendersonherd.co.uk
Edinburgh EH2 4JN DD: 0131 226 4014
M: 07515 376733
T: 0131 226 4004
F: 0131 225 8272 David Henderson
david.henderson@hendersonherd.co.uk
DD: 0131 226 4015
M: 07789 778838
DISCLAIMER 2014
Hendersonherd for itself and for the vendor as agents for the vendor give notice that:
1. We provide the information in these particulars for guidance to intending purchasers, or any other third parties and they are for your general information only and will be used at your own risk.
2. We will use all reasonable endeavours to ensure the accuracy of information, however, we do not guarantee or warrant the accuracy or completeness, factual correctness or reliability of any information in the particulars (especially as the information may have been obtained from
third parties) and do not accept any liability for any errors or omission including any inaccuracies or typographical; errors.
3. Any interested purchasers or any third party should not view the information in the particulars as statements or representations of fact and should satisfy themselves that the facts and the specific details in t he particulars are correct and accurate, especially in relation to site areas and
other measurements through inspection or other means, if appropriate, and will be responsible for taking independent surveys or valuations before entering into any legally binding transaction in respect of the property or premises that is the subject of these particulars.
4. We have not made any investigations or otherwise of any issues concerning pollution and potential land, building, air or water contamination. Prospective purchasers or any third parties must undertake their own enquiries and satisfy themselves in this regards.
5. Finance Act 1989: Unless otherwise stated all prices and rents are quoted exclusive of VAT.
6. Property Misdescriptions Act 1991: These details are understood to be correct at the time of compilation but may be subject to subsequent amendment.
7. Requirements of Writing (Scotland) Act 1995: This document is provided for record purposes only and is not intended to create, nor to be relied upon as creating any contractual relationship or commitment. Any contract shall only be entered into by way of an exchange of Missives
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