Lombard Centre, a modern industrial estate located next to Aberdeen International Airport, has been sold to UK industrial property investor Stenprop Ltd for £3.25 million. Ryden undertook a targeted marketing campaign on behalf of the Property Income Trust for Charities (PITCH), which is managed by Mayfair Capital, resulting in a sale at a price reflecting a net initial yield of 8.15 per cent.
The estate comprises 10 units totalling 32,622 sq ft of industrial space and it currently has six tenants, including Mitie and J&S Limited, with one vacant unit. The total annual passing rent is £280,902 and the weighted average unexpired lease term is approximately 1.8 years.
Ken Shaw, Ryden’s Investment Partner in Aberdeen, added: “We are delighted to have advised Mayfair Capital in this transaction, which provides further evidence of a recovery in the Aberdeen market and improving investor sentiment. This is now the fourth multi-let estate sale in Aberdeen in the last nine months which is hugely encouraging”
Ryden acted on behalf of PITCH in this transaction, whilst Ereira Mendoza represented Stenprop.