Wednesday, June 13, 2023
Scarborough Development sells Buchanan Gate unit for £5m
The Edinburgh office of UK development firm Scarborough Development Group plc, has sold building 3B at Buchanan Gate Business Park, Stepps in Glasgow for circa £4.981 million.
Reflecting a net initial yield of 5.6%, the 20,000 sq ft modern office pavilion has been bought by MJG Developments Ltd. The building is fully let to HBG UK Limited on a FRI lease for 15 years at a rental of £295,000 per annum.
Andy Richardson, director with Scarborough Development Group plc in Edinburgh, explained: "This letting and sale reflects the continued success of Buchanan Gate from both occupiers and investors alike and has provided significant confidence for us to proceed with a planning application for the next phase which will include 50,000 sq ft of offices and a nursery facility."
Alasdair Steele, investment partner with Donaldsons, stated: "This deal further illustrates the strong interest in Buchanan Gate as the out of town office investment market in Glasgow continues to grow."
Donaldsons and Ryden acted for the Scarborough Development Group plc and MJG Developments Ltd were represented by Montagu Evans.
Reflecting a net initial yield of 5.6%, the 20,000 sq ft modern office pavilion has been bought by MJG Developments Ltd. The building is fully let to HBG UK Limited on a FRI lease for 15 years at a rental of £295,000 per annum.
Andy Richardson, director with Scarborough Development Group plc in Edinburgh, explained: "This letting and sale reflects the continued success of Buchanan Gate from both occupiers and investors alike and has provided significant confidence for us to proceed with a planning application for the next phase which will include 50,000 sq ft of offices and a nursery facility."
Alasdair Steele, investment partner with Donaldsons, stated: "This deal further illustrates the strong interest in Buchanan Gate as the out of town office investment market in Glasgow continues to grow."
Donaldsons and Ryden acted for the Scarborough Development Group plc and MJG Developments Ltd were represented by Montagu Evans.
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