Industrial Unit in Altens Bought for £1.95m
02 June 2010
Unit 1 Hareness Road, Altens has been acquired by a private client of Chancerygate Asset Management, with Ryden acting, for £1,950,000, reflecting a net initial yield of 8%.
The detached industrial unit comprises 17,430 sq ft of warehouse accommodation, 3,505 sq ft of office space and an external storage yard measuring 870 sq yds. It is let to tube and pipeline specialists Marla Tube Fittings Ltd on a FRI lease until October 2020 and produces a rental of £165,000 per annum.
Ken Shaw, Investment Partner at Ryden’s Aberdeen office said: “This latest transaction provides further evidence of strong investor demand for industrial property in Aberdeen. Our client was particularly attracted to the tenant’s covenant and the building’s excellent location and refurbished condition, which together provide strong fundamentals for the future.”
Mark Halliday & Co acted for the vendor, Drum Property Group.
