Brand new investment for Buccleuch Property

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Ryden, on behalf of a private investor, has sold a multi-let industrial property at 52-74 Brand Street in Glasgow to Buccleuch Property for £975,000. The purchase price represents a net initial yield of 9.25%.

The 12,000 sq ft industrial property is spread across two blocks and following a recent letting to Scottish community justice organisation Sacro, is fully let to five tenants and produces an annual income of £95,000 per annum. Additional occupiers include Visual Impact and Artem Limited.

The property is situated in a popular mixed use location, 5 minutes’ drive from Glasgow City Centre and close to Pacific Quay, which is the HQ for the BBC and STV Group.

Derek Archer, associate at Ryden, commented: “We acquired the investment for the seller eight years ago and since then have advised on the letting of the estate.  The recent deal with Sacro triggered the off-market sale and we were pleased to secure the sale to Buccleuch Property, who will be able to explore further downstream asset management initiatives.”

Phil Eves, Director at Buccleuch Property, said: “Brand Street is well placed within the city and has good motorway access, as well as transport links. It offers a strong initial yield income and we hope to continue to enhance the offering through the asset management skills of the team. We continue to seek more deals of this nature.”

Ryden has been retained as letting agent at 52-74 Brand Street and will also manage the estate on behalf of Buccleuch Property.