The Galbraith investment team has advised on the successful sale of 6 Grayshill Road, Cumbernauld, on behalf of clients Cedarwood Asset Management and David Samuel Properties.
6 Grayshill Road is a modern, 55,000 sq ft, mid-box industrial unit let to Pitreavie Packaging Limited who recently extended the term of their lease by five years, securing their occupation until 2035.
The investment was acquired by Rankeilour Properties for a purchase price of £5.45 million.
Galbraith acted for the vendor, Cedarwood Asset Management and David Samuel Properties, with legal advice from Chris McLeish’s team at Morton Fraser MacRoberts. Elliot Cassels of Westwood Real Estate represented the buyer Rankeilour Properties.
Jamie Thain, Investment Partner at Galbraith commented:
“We are delighted to have completed another sale on behalf of our long-standing client Cedarwood Asset Management and David Samuel Properties. This sale follows our client’s successful sale of unit 5 Grayshill Road to an owner occupier earlier in the year.
“The industrial market in West Central Scotland has been characterised by limited development activity over a number of years, so new build units in prime locations are scarce. The result is a very low supply environment across the region which continues to support strong rental growth in the sector. These factors make it an attractive target for investment.”
Elliot Cassels, Director at Westwood Real Estate commented:
“It was great to complete another deal with Rankeilour Properties, and an exciting milestone for this to be the first acquisition for their new fund. The asset is an excellent fit for the strategy, and as always it was a pleasure to deal with Jamie Thain and the Galbraith team in getting the transaction over the line.”