Investment Sale

Prime Multi-Let Office Investment.

The Aurora Building is situated in Bothwell Street, within the heart of Glasgow's Central Business District, with excellent accessibility from the M8 motorway (Junction 19) and the public transport network

The building was completed in March 2006 and provides 16,151 sq m (173,858 sq ft) of Grade A office accommodation over ground and nine upper floors, together with 77 underground car parking spaces. Designed and specified to equal office buildings in the City of London, Aurora provides average floorplates in excess of 1,765 sq m (19,000 sq ft) providing discerning occupiers with flexible open plan accommodation, with the benefit of full access raised floors, four pipe fan coil heating/cooling, all accessed from a stunning double height entrance and 5 No 21 person passenger lifts.

The building is now substantially let, to Barclays Bank plc, BNP Pariba Securities Services, Aggreko plc, Burness, Cushman and Wakefield and Knight Frank, all with 10 years term certain. The seventh, first and ground (west) floors are available to let and vendor guarantees will be provided over this accommodation in respect of rent, service charge and rates, up to a maximum of 24 months.

Rentals in the building have risen from £263.72/sq m (£24.50/sq ft) to £296/sq m (£27.50/sq ft) since lettings commenced and by taking control of the letting process for the remaining accommodation, the purchaser will be able to control the rentals set in the remainder of the building to ensure further reversionary potential.

The total income receivable at purchase will be £4,738,393.50 and it is our view that the total ERV for the property is £4,957,182 per annum.

The Glasgow office market is enjoying a strong period of growth, with recent take-up levels far in excess of the ten year average. With continued occupier demand, set against a virtual absence of available Grade A accommodation, both immediately available and in the development pipeline, rents are expected to increase to £306.77/sq m (£28.50/sq ft) during the course of 2008, if not before.

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