Community services hub sold for £5m
Private move for Cambuslang Gate
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