Acting on behalf of J W Muir (Property Investments) Limited and jointly with CBRE, Ryden has completed the sale of 1 Deer Park Road, a prime veterinary hospital investment in Livingston, for £5.925m reflecting a net initial yield of 5.9%. The sale completed in August this year.
Ryden secured the 20 year lease of the property to Veterinary Specialists (Scotland) Ltd, formerly part of the Pets at Home Ltd Group of Companies in a transaction structured by the Office Agency team.
1 Deer Park Road, Livingston is a prominent building extending to 30,855 sq ft. Located on junction 3 of the M8 motorway within Fairways Business Park, a high quality 17-acre business park development benefiting from short commutes across central Scotland and easy transport links to the rest of the UK.
William McAlister, Group Property Director for J W Muir (Property Investments) Ltd said:
“It has been a pleasure working with the Vet Specialists and Pets at Home Teams to deliver their brand new veterinary hospital in Scotland and with Muir Construction who undertook the building conversion works for the Tenant. Thanks also to Ryden for all their hard work.”
Nick Armstrong, Investment Associate at Ryden, commented on this transaction:
“We are delighted to have delivered this sale for J W Muir, one of our long standing clients.”
“The transaction has been the result of close teamwork between Ryden’s Investment and Agency teams. Demonstrating one of our primary strengths, collaboration, helping to build long term relationships with our clients and providing them with the best advice.”
J W Muir and Ryden are now focussing on the adjacent development plot over-looking the M8 at Fairways Business Park and are already in talks with a number of high profile occupiers in what promises to be the next exciting phase of development at the park.
Ryden represented J W Muir in both transactions, acting jointly with CBRE, with Knight Frank acting for Veterinary Specialists (Scotland) Ltd on the lease. Cushman Wakefield represented the purchaser.