Semi-circular office changes hands
A distinctive semi-circular office building at Scotland’s largest industrial estate has a new owner.
Property firm CBRE said it had completed the sale of The Arc at Hillington Park, which is located seven miles west of Glasgow city centre and is home to more than 500 organisations employing some 8,000 people. The building was purchased by Danobe securities for £2.4 million. The vendor was a private client of the asset manager HKIP.
The Arc comprises seven, single storey, self-contained office suites arranged in a curved terrace. It is fully let to seven tenants including Sally Salon Services, GE Energy Power Conversion and FES FM.
Martyn Brown, director at CBRE, said: “We are thrilled to have completed the off-market sale of The Arc on behalf of our client, representing a rarely available opportunity to acquire a fully let, high-yielding office investment situated in Glasgow’s dominant out of town business park.”
Ian Dougherty, partner from property agent Ryden, which represented Danobe, added: “Ryden has been involved with The Arc on the letting side for a number of years and we know the scheme’s popularity with occupiers. This acquisition provides an attractive income yield for Danobe bearing in mind the quality of the asset and income stream.”
The 420-acre Hillington Park provides around four million square feet of business space. It benefits from its own retail centre, restaurants, nursery and gym facilities, in addition to the amenities provided within Braehead Shopping Centre and the surrounding area. It is located just a few miles from the city’s airport.