Acting on behalf of a private client, Ryden has sold the Heritable Interest in Building 2, 100 Inchinnan Road, Bellshill Industrial Estate, Bellshill.
The property comprises a refurbished 38,025 sq ft stand alone warehouse with ancillary offices and large secure large. The building is let to Tradebe Healthcare National Limited on FRI terms expiring on 17th October 2030 with a passing rent of £250,000 per annum. The tenant has an option to extend the lease by 10 years at expiry.
The building facilitates a new 10 to 12 year contract awarded to Tradebe from NHS Scotland to process and dispose of clinical waste for 18 NHS Health Boards across Scotland.
The property was purchased for a price of £3.775m, reflecting a net initial yield of 6.22%. FT Linden acted for the purchaser, an overseas private client.
Derek Archer of Ryden commented:
”We continue to see strong demand for well let industrial assets with many investors keen to access the sector, viewing it as a safe bet from the current uncertainty and risk attached to other sectors of the market.”
John Morton of FT Linden commented:
”The industrial property market continues to perform well and this investment provides my client with an attractive long term income stream. This acquisition underlines their continued focus on acquiring good quality property throughout the UK.”