Buccleuch Property has made a trio of industrial acquisitions totalling more than £5m, in key locations across the UK.
The Edinburgh based property investor and developer has purchased a 40,232 sq. ft. unit in Balliol Business Park in Longbenton, Newcastle for £2.55m representing an initial yield of 8.2%. The detached industrial unit is currently let to Royal Mail Group on a 5-year lease. The site comprises modern office accommodation set across two floors, a warehouse and concrete yard, and has the added benefit of 54 car parking spaces. Metcalf Harland acted for Buccleuch on the purchase.
In the West Midlands, Buccleuch has acquired Lye Business Centre, a 32-unit industrial estate spanning 22,841 sq. ft, for £1.575m representing an initial yield of 7.5%. Situated in a well-established industrial location one mile from Lye town centre and seven miles from the M5; currently 29 out of the site’s 32 units are let.
Further north, four terraces of industrial units spanning two buildings totalling 12,565 sq ft at Brand Street, Ibrox in Glasgow have been acquired for £975,000 representing an initial yield of approximately 9.25%. The self-contained site comprises 12 industrial units ranging between 1,000 sq. ft. and 3,180 sq. ft, and is located within close proximity to Scotland’s main arterial routes and Glasgow City Centre. Ryden acted for Buccleuch on the purchase.
Philip Eves, Director at Buccleuch Property, said: “The industrial property market is buoyant, with growing tenant demand for modern accommodation. This sits against a back drop of restricted supply and development pipeline.
“These three acquisitions lie in desirable industrial locations, with good transport links, strong initial yield income profile and good potential for rental growth. We continue to seek more deals of this nature.”