On behalf of a joint venture between Cedarwood Asset Management and David Samuel Properties, the Galbraith investment team have sold a prime distribution investment at One Masterton Way, Tannochside Park, Uddingston, to property specialist ARA Dunedin for £4.30m reflecting a net initial yield of 5.57%.
The 37,000 sq ft property is located on an established logistics and industrial park just off the M8 motorway, and was recently fully refurbished by Cedarwood. This resulted in a 10 year letting at £255,000 p.a. rent to recently listed Scottish whisky business, The Artisanal Spirits Company PLC.
The investment was subsequently marketed and sold to ARA Dunedin following a competitive closing date situation.
Galbraith acted for the vendor, Cedarwood Asset Management & David Samuel Properties, with legal advice from Morton Fraser. Colliers represented the purchaser, ARA Dunedin.
Will Sandwell, Investment Partner at Galbraith commented:
“Cedarwood have significant industrial experience across the UK, this sale executes their business plan as an early mover in the Scottish mid box market. The real value was added via the high quality refurbishment, allowing a quality tenant to be secured on strong lease terms. The continued demand for industrial investment property determined it was the right time for a sale in this instance.”