BUCCLEUCH Property has made a trio of industrial acquisitions totalling more than £4 million, including two buildings in the Ibrox area of Glasgow.
The Edinburgh-based developer has spent £2.55m on a 40,232 sq ft unit in Balliol Business Park in Newcastle for £2.55m representing an initial yield of 8.2 per cent. The unit is let to Royal Mail Group on a five-year lease.
In the West Midlands, Buccleuch has acquired Lye Business Centre, a 32-unit industrial estate spanning 22,841 sq ft, for £1.58m representing an initial yield of 7.5 per cent. Currently 29 out of the site’s 32 units are let.
In Glasgow, four terraces of 12 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 per cent.
Philip Eves, director at Buccleuch Property, said the company was seeking more deals of a similar nature.
“The industrial property market is buoyant. This sits against a back drop of restricted supply and development pipeline,” he commented.
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