Manhattan Works is a former Jute Mill originally constructed in 1873/1874. The property was extended and expanded over the years until 1995 when operations ceased. Manhattan Works has now been adapted into a thriving multi-use property offering accommodation to a diverse range of occupiers and businesses serving the local community and beyond. Accommodation / unit sizes range from 500 sq ft to 78,000 sq ft and onsite uses vary from storage and distribution, to manufacturing, and retail and leisure.
( Agency Pilot Software ref: 14946 )
Location
Dundee is a modern vibrant city and leader in the fields of life sciences, technology and digital media industries. It was Scotland’s first fair trade city, the UK’s first living wage city, the UK’s first Unesco City of Design and has also been named as one of the world’s “top places of the future” in a report examining how new technologies will create jobs. Dundee is a key regional centre and Scotland’s 4th largest city with a city population of c. 148,000 people and c. 214,000 people of working age (16-64) within 30-minute drive time of the city centre and 556,000 within 1-hour drive time. The city boasts two world class universities and consequently has a dynamic and diverse talent pool.
Terms
SERVICE CHARGE Managing agents are appointed in relation to the running of Manhattan Works. Costs incurred in the management, upkeep and provision of services are recovered via a service charge. The current service charge budgets equate to overall rate of approximately £0.30 per sq ft.
INCOME We estimate the current net income to be in the order of £524,872 per annum. This accounts for current service charge and insurance short falls.
TENURE Outright ownership interest/heritable (Scottish equivalent of English Freehold).
EPC Available upon request
VAT We understand the property is VAT elected therefore VAT will be payable on purchase price. We anticipate the transaction can be treated as a transfer of a going concern (TOGC).
PROPOSAL We are instructed to invite offers in excess of £3,500,000 exclusive of VAT for the benefit of our client’s outright ownership interest. A purchase at this level will provide a net initial yield of 14.08% allowing for purchaser’s costs and LBTT of 6.47% and reflecting a capital rate of £20.73 per sq ft