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News Release

Glasgow

Quadruple Deals at Jones Lang LaSalle Glasgow


Glasgow, 13 December 2013 - Jones Lang LaSalle Glasgow has agreed four deals on properties in East Kilbride, Cumbernauld, Newbridge and Glasgow:

M7 snap up Kelvin units

Jones Lang LaSalle, acting jointly with FT Linden on behalf of Oakbank Investments, has sold six units at Bessemer Drive, Kelvin Industrial Estate, East Kilbride.

The July 2013 deal, worth £1,407,700, will yield an initial net return of 12.13% for purchaser M7 Real Estate – equivalent to £24 per sq ft over the 58,647 sq ft portfolio.

Existing occupiers at the Kelvin Industrial Estate include Anglian Windows and Micron.

Photolox secures Cumbernauld ownership

A warehouse at 1 Drum Mains Park, Cumbernauld, let to Volex Group Plc until 23rd March 2015 at an annual rent of £202,500 and has been sold for £1.2 million reflecting a net initial yield of 15.95 per cent and a capital rate per sq ft of £23.95. The property was sold by Jones Lang LaSalle, acting on behalf of Valad.

The 50,102 sq ft property was sold to photographic processing business Photolox, represented by James Barr.

Newbridge industrial unit acquired by AEW Capital Management

Jones Lang LaSalle has agreed the sale of a 51,671 sq ft warehouse and office property at Queen Anne Drive, Newbridge, Edinburgh.

The property was bought for £1.5 million by AEW Capital Management, and will provide a net initial yield of 14.56%, equivalent to a capital rate of £29 per sq ft.

The warehouse is let to component manufacturer MESL Microwave for £231,070 per annum until 13 May 2020.

Jones Lang LaSalle acted jointly with FT Linden for Keiller (Edinburgh) Ltd, while McLaren and Partners acted for the purchaser.

Minotaur bites on Centurion deal

Jones Lang LaSalle, acting for CBRE Global Investors, has agreed the sale of 1 and 3 Seaward Place, Centurion Business Park, Glasgow, to Minotaur Holdings and Investments.

The sale of the property – comprising two office pavilions totalling 16,839 sq ft for £960,000 – reflects a net initial yield of 14.89%, equivalent to £55 per sq ft.