Prime multi-let industrial investment asset in South Lanarkshire sold to Northern Trust on behalf of London private landlord for £1.245m
Acting on behalf of commercial property landlords Structadene Group, Shepherd Chartered Surveyors has sold a prime multi-let industrial investment asset in South Lanarkshire to property investor Northern Trust for £1.245m, having received 11 offers at closing date.
The properties are located within Whistleberry Industrial Estate, an established and popular industrial and distribution location within Blantyre, west of Hamilton, which serves as the major services and administrative centre for South Lanarkshire, eight miles south east of Glasgow city centre.
Whistleberry Industrial Estate comprises eight modern industrial units contained within three industrial terraces arranged around a central communal yard area on a 2.17-acre site. Each unit features workshop/industrial space along with office accommodation, loading bay, dedicated car parking, with staff welfare and wc facilities.
Steve Barnett, managing partner at Shepherd, said: “As the level of interest in this investment illustrates, industrial property as an asset class is very much in demand in the West of Scotland at present.
“Industrial stock has continued to perform extremely well throughout the year, partly due to occupiers seeking additional space as a result of the recent expansion of e-commerce, but also through on-going continued stockpiling ahead of Brexit coupled with the change in vacant rates liabilities which has seen a significant amount of dated industrial stock being demolished and developed for alternative uses, thereby reducing supply at a time when demand has been rising.”
Andrew Inglis of Structadene Group added: “Having recently concluded a new letting and completed our asset management plan, we were able to take advantage of the pent up investor demand for industrial assets in the area.
“Following the marketing period and much interest generated in this opportunity, we were delighted to conclude a sale of this prime multi-let industrial investment, over 20% ahead of our book value, but which still offers the purchaser further asset management opportunities. We were very pleased with the partner led service from Steve and his team at Shepherd.”
Tom Parkinson, Director at Northern Trust commented: “We have been expanding our multi-let industrial portfolio through new acquisitions and developments and this latest acquisition offers good quality industrial space, which will complement our Scottish portfolio which covers over 500,000 sq ft of commercial space across 12 locations, and over 8 million sq ft across the UK.”
For further information please contact Steve Barnett on tel 0141 331 2807