Acting on behalf of Buccleuch Property, Ryden has acquired the Heritable Interest in Clifford Court, Ibrox Business Park in Glasgow for £875,000, reflecting a net initial yield of circa 7.7%.
The property is comprises a terrace of modern industrial units, providing around 12,314 sq. ft. Unit sizes range from 2,000 sq ft up to 4,200 sq ft. The estate is let on short to medium term income. Current occupiers include WGM Engineering and SSK Conferences and Events.
Derek Archer of Ryden commented on the transaction:
''We identified this property some time ago prior to it coming to the market as a potential target for our client in order to augment their existing holding at Ibrox Business Park. Therefore, it is pleasing that we have successfully acquired it.
The property offers a number of asset management initiatives which will improve its value in the short to medium term.''