Drivers Jonas Deloitte (DJD) has confirmed the £3.93 million sale of Shettleston’s Annick Industrial Estate to a Berkshire-based private investor.
The site, comprising 55 units extending to 107,559 sq ft, has been bought from Rockspring Property Investment Managers acting on behalf of Hanover Property Unit Trust, advised by DJD.
Craig Leslie, senior surveyor in the national transactions team based in DJD’s Glasgow office, said: “This represents a great result in what continues to be a very challenging market.
“The deal demonstrates that there is continued investor demand for multi-let industrial stock – where the asset fundamentals are good and the property is priced correctly.”
The sale price represents an initial net yield of 11% and the multi-let site is thought to offer extensive opportunities for asset management with a number of parties already expressing strong interest.
Alasdair Ramsay, partner and head of DJD in Scotland, said: “We are pleased to have secured a deal which not only represents a strong net yield for our client, but also promises to stimulate the market north of the border as interested parties begin to move in to the available space.”
