Commercial Property News

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Tuesday, March 18, 2024

Kilpatrick Property Group complete double deal

Kilpatrick Property Group has recently purchased two investments within Rutherglen and Blantyre respectively.

The first purchase comprised two roadside units at 110 Glasgow Road, Rutherglen from the Ashtenne Industrial Fund for 975,000, reflecting a net initial yield of 6.17%. The units are currently let to ATS Euromaster Limited and Electrical Network Limited and extend to 8,034 sq ft and 8,118 sq ft respectively. They are situated immediately adjacent to the proposed M74 extension route and produce current rents of 64,000 pa (3.90 per sq ft)

The second purchase is a multi-let trading estate at Blantyre. Auchinraith Trading Estate was bought from Kenmore for a price of 800,000, reflecting a net initial yield of 7.91%. The estate comprises 11 units with 7 tenants in place.

Kilpatrick Property Group was advised by James Barr with Sanders Cartwright representing both the Ashtenne Industrial Fund and Kenmore.

Commenting on the deals, Alasdair Irvine, Kilpatrick's property director, said: "We are delighted to have completed the purchase of both investments. Glasgow Road, Rutherglen represents an excellent roadside location for industrial / trade counter units and is set to improved further with the completion of the M74 motorway. Auchinraith Trading Estate in Blantyre offers us various asset management angles to exploit over the next 2/3 years giving us the opportunity to enhance the value of the estate".

Scott McCrindle of James Barr added: "The purchase of both investments reinforces our thoughts that realistic deals can still be achieved in difficult market conditions and the reversionary nature of the properties affords our client various angles within the short to medium term".