Asset Type: Industrial
Menzies Distribution Ltd, Wade Street , Wester Gourdie Industrial Estate, Dundee, DD2 4SN
The property is let to Menzies Distribution Limited who you may recall we completed the sale and leaseback with on the Menzies portfolio in 2019. They continue to have a strong covenant strength with an Experian score of 100.
CREIT currently have Menzies as tenants at 8 properties within the portfolio; this will soon be 6 following their vacation of Weybridge and the sale of Stockton upon tees.
Menzies established in 1833 they now distribute newspapers and magazines to almost half of the UK, provide retail logistics and parcel delivery services to in excess of 30,000 locations each day and employ over 4,000 people. The business has a turnover of over £1 billion.
Menzies Distribution recently acquired JBT Distribution for an undisclosed amount. JBT Distribution is based in Bathgate, West Lothian, along with sites in Aberdeen, Inverness, East Kilbride, Lerwick and Kirkwall. The logistic firm has annual sales of more than £23m, due to the size of its supply chain services business. Its acquisition by Menzies extends network coverage and adds an additional 200 vehicles and six operating sites.
In December 2020, Menzies acquired Bibby Distribution, now named Menzies Distribution Solutions, which added 38 new operating sites and a larger fleet.
Dundee benefits from a strategically central location on the east coast of Scotland. It is approximately mid way between Aberdeen circa 65 miles to the north and Edinburgh circa 60 miles to the south, access to 90% of the Scottish population is within a 90 minute drive time.
The City has its own airport with flights to London (City Airport), Belfast, Birmingham and Jersey, and sits on the main east coast railway line which runs regular services to London’s Kings Cross.
The property is situated within Wester Gourdie Industrial Estate, an established and prominent commercial location on the western edge of Dundee, providing excellent access to the A90 Kingsway which is Dundee’s outer ring road. The A90 provides direct access to Scotland’s national road network to both the north and south of the country.
The property is situated within a large secure site. It comprises a modern detached industrial / distribution facility. It was built for the current tenant who have been in occupation for around 25 years.
The building is of steel portal frame construction with two storey offices to the front elevation which are clad in feature brickwork. The remainder of the external walls and the roof are of profiled metal cladding and to the rear there is a full length canopy which protects the vehicular access points to and from the yard.
Internally the property benefits from a large open warehouse section with a modest, tenant installed mezzanine and blockwork dado throughout. Well presented two storey offices are located to the front of the property which also house the toilet and canteen provision.