Com­mu­nity ser­vices hub sold for £5m

Pri­vate move for Cambuslang Gate

Rutherglen Reformer - - News - Staff re­porter

Cambuslang Gate has been bought by an un­named pri­vate in­vestor for £5.25 mil­lion.

The 36,000sq ft three-storey build­ing, wholly let to South La­nark­shire Coun­cil, was owned by Can­more, and the deal, bro­kered by Knight Frank, rep­re­sents a net ini­tial yield of 8.25 per cent.

The Grade-A of­fice build­ing is oc­cu­pied by a range of front­line coun­cil ser­vices, a com­mu­nity li­brary and a doc­tors’ surgery, and has 47 park­ing spa­ces.

The deal is the lat­est in a se­ries of trans­ac­tions in Scot­land in­volv­ing pri­vate in­vestors. And, ac­cord­ing to Knight Frank’s anal­y­sis, 2016 saw an un­prece­dented level of for­eign in­vest­ment, with around two-thirds of in­vest­ment in Scot­tish com­mer­cial prop­erty com­ing from in­ter­na­tional sources – with a sig­nif­i­cant pro­por­tion of it com­ing from pri­vate buyers.

Dou­glas Bin­nie, as­so­ciate at Knight Frank, said: “The sale of Cambuslang Gate is an­other ex­am­ple of in­vestors, par­tic­u­larly pri­vate, high-net-worth in­di­vid­u­als and fam­i­lies, seek­ing out se­cure long-term in­come.

“In the ab­sence of much ac­tiv­ity in­volv­ing UK prop­cos and funds, they see op­por­tu­nity in Scot­land. In many cases, they are com­ing in and achiev­ing sig­nif­i­cant value from as­sets.

“It’s also fur­ther ev­i­dence that in­vestors are in­creas­ingly will­ing to look be­yond the main conur­ba­tions of Edinburgh, Glas­gow and Aberdeen for op­por­tu­ni­ties.

“A yield of over 8 per cent is a sig­nif­i­cant dis­count com­pared to other parts of the UK, Lon­don aside, and we’d ex­pect to see fur­ther in­ter­est in tra­di­tion­ally non-prime ar­eas, as other forms of in­vest­ment con­tinue to gen­er­ate low re­turns or prove volatile.”

Ruther­glen Lawn Ten­nis Club pres­i­dent Gareth El­lor says it was a dream come true to fi­nally set an of­fi­cial open­ing date for new the Burn­side courts. A cer­e­mony will be held on Novem­ber 4 when all the project team, sup­port­ers, fun­ders, stake­hold­ers, neigh­bours and the wider com­mu­nity will come to­gether to cel­e­brate the hard work that went in to re­viv­ing the derelict fa­cil­i­ties. And there will hope­fully be a cou­ple of VIP ten­nis stars in at­ten­dance – but that is still to be con­firmed. How­ever, keen sports­men, women and chil­dren will not have to wait so long to get their first run on the new sur­face. The ar­ti­fi­ci­cal clay courts are due to be open to the pub­lic this Satur­day, Au­gust 12, af­ter the first in a se­ries of mem­bers’in­duc­tion ses­sions has taken place. Gareth said:“I’m What a dif­fer­ence The old courts fell into a state of dis­re­pair, left

Nearly thereGareth stands on the newly re­fur­bished Burn­side Courts

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