Good deal going on all over
In our regular round up of deals, we are concentrating on investment and development moves, and there is activity to report across the country.
Cedarwood has acquired four properties to create a bespoke mixed portfolio for their investors. The buildings are Kelvin House, Stepps, and a portfolio of three industrial units in Cambuslang, newbridge and Aberdeen. Kelvin House, acquired from royal London, comprises a 20,000-sq ft office pavilion let to BAM Construct uK at £295,000 per annum until 2021. Cedarwood paid £2.3 million, an initial yield of 12.12 per cent. The three industrial units provide a range of lease lengths and asset management opportunities. Cedarwood paid just over £3m for these, reflecting an initial yield in excess of 11 per cent.
Acting on behalf of Eileen Blackburn of French Duncan Chartered Accountants, administrator of Bo’ness-based construction firm BMr Developments, Shepherd Chartered Surveyors has sold a portfolio of ten properties to a number of private purchasers. In addition to a church in Aberfeldy, the properties comprised three vacant development sites, a car park, a housing development and four retail units, all in Bo’ness.
Aberdeen remains a particular investment hotspot, Highcross having successfully sold Silverburn House in Bridge of Don for £17.56m, reflecting a net initial yield of 10.05 per cent. The property is currently let to Vetco Gray until 2018 with the next rent review due in october 2015. The current passing rent reflects a rate of £14.56 per sq ft and is subject to fixed increase in 2015. Jones Lang LaSalle acted for Highcross and Inglis Howie acted for the purchaser.
In another Aberdeen deal, the operator of the world’s largest fleet of vessels serving the offshore energy industry has acquired new premises in the city. Tidewater Support Services, a subsidiary of Tidewater, has taken an assignation of a lease on a 17,100-sq ft office, yard and storage facility at 1 Minto Place in Altens Industrial Estate from Stork Technical Services. FG Burnett acted on behalf of Tidewater, while ryden, Jones Lang Lasalle and J&E Shepherd acted on behalf of Stork. The landlord of the development is IGnIS Asset Management.
And up in Plockton, the Haven Hotel has been sold by Colliers International on behalf of the royal Bank of Scotland, the mortgagee in possession, to Caithness-based Pentland Properties (Scotland). The hotel is set to be redeveloped.