Thursday, April 27, 2023
Dundas Commercial Property Fund acquires Portal House, Uddingston
Dundas Commercial Property Fund II, advised by NAI Fuller Peiser, has completed the acquisition of Portal House at Tannochside Business Park, Uddingston for £4.3m. The park was created on the former Caterpillar factory site and now provides 742,710 sq ft of office/warehouse accommodation.
The building, which provides 32,400 sq ft of high-quality serviced office accommodation, was let in its entirety on a long lease to Portal Glasgow Ltd. The purchase reflected a net initial yield of over 8% to the Fund.
Bill Binnie, investment consultant to NAI Fuller Peiser's Edinburgh office comments: "It was felt this investment offered an extremely attractive initial yield when compared with other transactions recently completed on the park. The building also provides scope to further enhance income at some time in the future through sub-division and rental growth. Tannochside Park has proved an extremely popular location for decentralized office users, being strategically located on the eastern edge of Glasgow, with excellent access to Scotland?s central motorway network".
Drivers Jonas acted for the vendor.
The building, which provides 32,400 sq ft of high-quality serviced office accommodation, was let in its entirety on a long lease to Portal Glasgow Ltd. The purchase reflected a net initial yield of over 8% to the Fund.
Bill Binnie, investment consultant to NAI Fuller Peiser's Edinburgh office comments: "It was felt this investment offered an extremely attractive initial yield when compared with other transactions recently completed on the park. The building also provides scope to further enhance income at some time in the future through sub-division and rental growth. Tannochside Park has proved an extremely popular location for decentralized office users, being strategically located on the eastern edge of Glasgow, with excellent access to Scotland?s central motorway network".
Drivers Jonas acted for the vendor.
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