£3.4 million Acquisition of Colvilles Park
09 July 2009
On behalf of a private client, Ryden has acquired the heritable interest in Colvilles Park in East Kilbride from Ashtenne Industrial Fund. The purchase price is £3.4 million, reflecting a net initial yield of c. 9.75%, with reversion to 11% upon the letting of vacant units at the park.
The 70,000 sq ft modern multi-let industrial park was built in 2006 and comprises 26 high quality specification units, of which three are vacant. The estate is let on a mix of short to medium term income, with tenants including Saint Gobain, City Electrical Factors and Mathiesons Bakeries. Unit sizes are between 1,500 sq ft and 4,000 sq ft; with rents ranging between £5 per sq ft and £6 per sq ft.
Ryden has been retained as joint letting agents with James Barr.
Ashtenne was represented by Sanders Cartwright.
