Commercial Property News

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Thursday, May 25, 2023

CBRE Investors acquires industrial estate in Tannochside Park, Glasgow for 5m

Strutt and Parker, on behalf of CB Richard Ellis Investors, have advised on the off-market purchase of The Apex, Tannochside Park, Glasgow, from Lehman Brothers for 5m, reflecting a net initial yield of 6.59%.

The industrial estate comprises seven units totalling 75,229 sq ft and currently generates a rental income of 348,375 per annum, equating to 4.63 per sq ft with an average of 11.5 years remaining on each lease. The estate is let to 6 tenants with a vacant unit benefiting from a vendors 12 month rental guarantee.

James Fairweather, of Strutt & Parker's National Investment Agency, said "This type of investment proved ideal for CB Richard Ellis Investors? requirements. The industrial investment market has continued to improve over recent months and I believe this investment shall benefit from further rental and capital growth over the coming months."

Michael Elliot and Partners acted for Lehman Brothers.