Hill Samuel Asset Management - Falkirk, Central Park

Date: 08 Jan 1999

Lloyds Bank Pension Scheme, a client of Hill Samuel Asset Management, has undertaken to provide development funding for three industrial units at Central Park, Falkirk. The Fund's total commitment is in the region of £5.0M. The developer is Falkirk First a joint venture between Falkirk Council and Foxdown Properties.

Central Park will comprise some 400,000 sq. ft of high quality industrial/commercial space set in 46 acres of park land at junction 2 of the M876 motorway to the North West of Falkirk. This estate has already some 200,000 sq. ft occupied having attracted Exabyte Corporation of the USA and Thomas Cook for a "Call Centre".

Lloyd's purchase will comprise the second phase of some 110,000 sq. ft in 3 units, the first unit of 52,300 sq. ft was completed in August, the second unit of 17,300 sq. ft. is under construction and the third unit of 45,000 sq ft. is due to start construction in January this year. The last unit has been designed to accommodate a "Call Centre" operator as it sits in 5 acres and has parking for over 200 cars.

The whole of this phase has been pre-let to Falkirk Council at £4.00 psf, who in turn pre-let the first unit to Mack Technologies of the USA. Marketing for the last 2 units has just started and there is considerable interest in these units.

The purchase price is based on a net yield to Lloyds of 8.5%.

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