ACTING on behalf of M2M Assets Ltd, Ryden has announced the sale of a high yielding investment portfolio of two industrial units in Scotland’s Central Belt to Vardy Property Group. The portfolio achieved considerably better than the quoting price of £2.9m, which is an initial yield of 7.45%.
The subjects, 15 Dunivaig Road, Queenslie Park, Glasgow and 2 Kelburn Business Park, Port Glasgow, occupy highly accessible locations on established industrial estates.
Both properties are currently leased to AMG Group Ltd, the parent company of the Vango Group, one of the UK’s leading camping and outdoor equipment manufacturers.
15 Dunivaig Road is located 5 miles to the east of Glasgow city centre, enjoying excellent road accessibility to Scotland’s motorway network. Other high quality occupiers on Queenslie Park include Siemens, Soapworks and Bupa.
Kelburn Business Park comprises the premier industrial location in Port Glasgow, 24 miles to the west of Glasgow, and it is home to thriving businesses such as PEAK Scientific and Balmore Group.
Commenting on this transaction, Ian Dougherty, Investment Partner at Ryden, said:
“We are delighted to have achieved a successful sale ahead of our asking price, following a competitive bidding process, and this confirms the continued appetite for assets offering solid income together with development and asset management opportunities.”
Ryden acted on behalf of M2M Assets Ltd in this transaction, whilst Galbraith represented Vardy Property Group.