CBRE Global Investors have successfully completed the sale of both Hareness Park, Aberdeen and SouthPoint Industrial Estate in Glasgow. Both sales are the first of their type since Scotland’s referendum in September 2014.
Hareness Park, a prime multi-let estate within the Altens outskirt of Aberdeen, was bought by Aberdeen Asset Management in December for £14.036 million, which reflects a net initial yield of 6.25%. The high quality estate is fully let and extends to 10, 668 sq m (114,828 sq ft).
Dixons Blazes Industrial Estate, known locally as SouthPoint, is located on the edge of Glasgow city centre, extending to 12, 900 sq m (138, 855 sq ft) and offering select asset management opportunities. The property was also sold in December to Citivale, in a joint venture with Luminar for £4, 140, 000, reflecting 8.66% and a capital value of £29.81 psf.
Alasdair Steele, Partner at Knight Frank, commented on both transactions “We are delighted with the end result of both Hareness Park and SouthPoint sales; the prices achieved reflect the quality of the respective assets and offer a positive indication of investor appetite for Scotland’s industrial sector going into 2015”.
Knight Frank represented CBRE Global Investors on both transactions, with Jones Lang LaSalle acting on behalf of Aberdeen Asset Management and BNP Paribas on behalf of Citivale.