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News Release

Glasgow

Strong tenant and improvement work mean quick sale for Uddingston unit

Tannochside Park location offers direct motorway access


Glasgow, 16 December 2013 - Jones Lang LaSalle, acting for Keiller Property, has agreed the sale of 2 Tannochside Drive, Tannochside Park, Uddingston, to Aqaar2 Property Ltd.

The 40,184 sq ft modern detached distribution unit is let to GeoPost at a rent of £213,413 per annum, equivalent to £5.31 per sq ft.

It was sold for £2.15 million to an overseas buyer, providing a net initial yield of 9.38% after the deduction of standard purchaser’s costs of 5.8%.

The unit, recently improved by the installation of five loading doors and a new concrete yard, has 15 years of unexpired lease with a tenant break option in 2025.

Marketing for the property was carried out through a dedicated sales website, set up by Jones Lang LaSalle. MWM Property advised the purchaser.

Ross Burns, director, Capital Markets at Jones Lang LaSalle, said: “The unit’s location, as well as the improvement works carried out by the landlord and the covenant strength of GeoPost, made 2 Tannochside Drive an attractive proposition.

“High levels of interest in this property saw its sale go to a closing date, on which we received four offers.”

Existing occupiers at Tannochside Park include Kwik Fit, Brake Bros, Hilti and G4S.

The Park is located seven miles south east of Glasgow, Scotland’s largest city, and 35 miles west of Edinburgh. The Park is strategically located for direct access to Scotland’s motorway network, less than two miles from the A8/M8 motorway and two miles from the M74/M73 motorway via the A752 and the A725 respectively.

Uddingston is located within the “Golden Triangle” of Scotland’s prime distribution locations and is linked to the rest of Europe by the Eurocentral Freight Terminal located a short distance to the east at Mossend.