Livingston lab changes hands

A laboratory facility and offices in Livingston that employ hundreds of people have changed hands in a £22 million property investment deal.

Ambassador LB Holdings has purchased the headquarters of Q2 Solutions in the West Lothian new town from CF (Coral).

Launched in 2015 through a joint venture between Quintiles and Quest Diagnostics, Q2 Solutions counts major biopharmaceutical, medical device and diagnostics businessses among its clients. The premises at Livingston houses more than 600 people. The purpose built property, which extends to 122,740 square feet, is let to Q2 Solutions on a 15-lease expiring in 2024 with tenant options to extend.

Chris Richardson, investment director at Ambassador Group, said: “We are delighted to announce our purchase of Q2 Solutions headquarters in Livingston which, with the purchase of another recent transaction, takes our portfolio to nearly £100m in the UK in the last 12 months.

“We plan to work closely with the tenant to look at asset management opportunities within the building.”

Bruce Patrick, director at property consultant Savills, which represented the vendor, said: “Livingston is a prime location for a life sciences business in Scotland being close to a highly educated talent pool from Scotland’s universities and enjoying excellent connectivity.

“The property was purposebuilt for the tenant who occupies the property on a long lease with the benefit of fixed rental increases.”

Savills acted for CF (Coral). Ambassador LB Holdings was unrepresented.

Ambassador LB Holdings is a joint venture between Icglongbow and Ambassador Group.