Thursday, December 20, 2023
Livingston office building sold for £1.35m
An office building in Livingston has been sold for £1.35 million in a deal announced by Jones Lang LaSalle.
The Pentranic Group has sold the 1,098 square metre (11,722 square feet) building at 4 Michaleson Square to Buccleuch Property. Whilst Pentranic sold their heritable interest, they took a leaseback over approximately 5,000 square feet for a 5 year period. The remaining accommodation will be marketed on a new leasehold basis by the new owners.
Craig Watson, associate director of Jones Lang LaSalle, said: "The Pentranic Group adopted a flexible approach to disposal which led to a unique transaction involving a sale to Buccleuch with the benefit of a part leaseback to The Pentranic Group. This transaction indicates that there is still a demand for properties capable of providing smaller suites of 5,000 square feet and under. The focus of recent activity in Livingston has been for suites of this size and the remaining accommodation is ideally placed to take advantage of this."
Jones Lang LaSalle represented the Pentranic Group while Montagu Evans acted for Buccleuch.
The Pentranic Group has sold the 1,098 square metre (11,722 square feet) building at 4 Michaleson Square to Buccleuch Property. Whilst Pentranic sold their heritable interest, they took a leaseback over approximately 5,000 square feet for a 5 year period. The remaining accommodation will be marketed on a new leasehold basis by the new owners.
Craig Watson, associate director of Jones Lang LaSalle, said: "The Pentranic Group adopted a flexible approach to disposal which led to a unique transaction involving a sale to Buccleuch with the benefit of a part leaseback to The Pentranic Group. This transaction indicates that there is still a demand for properties capable of providing smaller suites of 5,000 square feet and under. The focus of recent activity in Livingston has been for suites of this size and the remaining accommodation is ideally placed to take advantage of this."
Jones Lang LaSalle represented the Pentranic Group while Montagu Evans acted for Buccleuch.
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