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.
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.
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