Commercial property consultancies, Naylors Gavin Black and Inglis Howie, have jointly advised Tracey Investments on the acquisition of a multi-let industrial estate in Dundee for £4.2 million, reflecting an 8.89% net initial yield, in an off-market deal.
Kingsway Park in Dundee comprises 97,014 sq. ft. and is situated on a 6.4-acre site on the edge of Dundee. Its tenants include Lyreco UK and Thrifty Car & Van Rental.
Scottish property company, Tracey Investments, was attracted to its potential for strong rental return. The asset includes a 10,000 sq. ft. vacant unit which is currently undergoing refurbishment.
The vendor, Dixon’s Industrial Holdings, acquired Kingsway Park in 2020 and has since completed an asset management plan which included refurbishment, rebranding and lease regearing.
Naylors Gavin Black is part of the Commercial Property Network – a collective of privately owned commercial property firms spanning the UK – giving the firm a presence in every UK region and is also a member of SIOR, facilitating its reach across Europe.
Chris Donabie, partner at Naylors Gavin Black, comments: “We have been monitoring this property with interest throughout its previous ownership and we are very happy to have been able to work alongside Inglis Howie in acquiring it off-market. It offers fantastic potential for Tracey Investments to further grow the income return and improve the covenant profile.”
Dixon’s Industrial Holdings trade as Central Space – a leading supplier of business space mainly located across the North of England. They own and operate flexible and industrial space. Funds from the sale of Kingsway Park will enable them to increase their footprint in the North of England where they are actively seeking further industrial and office investment opportunities.
