Clyde Gateway has completed the sale of a prime industrial investment at its Clyde Gateway East business park. The 28,000 square foot industrial unit was built on a speculative basis and has been purchased by Bradda Capital for £3.2m yielding 6.04% net.
The property is leased to the Japanese pump manufacturer Torishima Service Solutions Europe for its European Headquarters. Clyde Gateway East at Junction 2A on the M74 motorway is recognised as one of the central belt’s premier business parks.
Development carried out over the last 24 months by co-proprietors Clyde Gateway, Aberdeen Standard Investments and Harris Finance has produced five new prime industrial warehouse units, all of which are now leased and bring the total occupied floorspace in the business park to 246,000 square feet. The last three development plots are currently under offer. The business park is already home to high calibre occupiers including BT, Cusack Tools, Dentec Scotland, Glacier Energy Services, Greencore, Eden Mill, Smith Brothers and Network Rail.
Clyde Gateway’s Chief Operating Officer Barry Macintyre said: “This investment sale once again underlines the attraction of the commercial assets being created by Clyde Gateway and the willingness of private sector investors to support the new economic landscape in the East End. The fact that this deal has been completed in the midst of the current pandemic illustrates the robust and long term nature of this transformation.” David Phillips of Bradda Capital said: “This is one of a series of important high quality recent investment acquisitions for our new fund. The park’s success demonstrates the importance of regenerating long term vacant land to create high quality space to meet tenant demand resulting in strong investor value.”
Clyde Gateway was assisted in the development by partner organisations Glasgow City Council and Scottish Enterprise, with funding from the Scottish Partnership for Regeneration in Urban Centres (SPRUCE). Clyde Gateway was represented by Avison Young and Burness Paull with Ryden and CMS acting on behalf of Bradda Capital.