PRUPIM Buys Prime Distribution Warehouse
10th January 2007
PRUPIM has completed the purchase of the Exel Tradeteam distribution warehouse in Cambuslang, Glasgow, for £12.15m on behalf of the M&G Property Fund.The unit comprises 135,000 sq ft, with a further 50,000 sq ft of expansion land. The warehouse is well-specified with 20 level access doors, 12 metre eaves height, 170 parking spaces and two storey offices. The property is let to Tradeteam which currently services the InBev distribution contract from the property until 2027. The net initial yield was 5.8%.Cambuslang is a strategic distribution site and is part of the Gateway Glasgow scheme located five miles east of Glasgow city centre at Junction one of the M74 motorway. The location is set to improve further with the M74 extension into central Glasgow due to complete in 2008.Ryden acted for PRUPIM and Lambert Smith Hampton represented the vendors.
