Acting on behalf of Airport Industrial Nominees, Ryden and JLL have sold the Air Cargo Centre at Glasgow International Airport to Warehouse REIT for £11.1m, a net initial yield of 6.7% and a reversionary yield in excess of 7%.
The property is on a ground lease from Glasgow Airport, which expires in 2148.
Located adjacent to the Airport and eight miles from Glasgow city centre, the 150,000 sq ft estate is arranged across two detached warehouses purpose-built in 2000, housing eight units let to five separate occupiers, with a WAULT of 6.3 years (4.1 years to frist break).
Ian Dougherty, Investment Partner at Ryden, commented on the deal: “The sale of Air Cargo Centre conforms to Airport Industrial Nominees’ strategy of disposing of their regional assets in order to focus on the ones serving the London airports.
We were please with the outcome, which followed and national marketing campaign and a competitive bidding process.”
Ryden and JLL represented Airport Industrial Nominees in this transaction, whilst Savills acted on behalf of Warehouse REIT.