Scottish property consultancy Ryden, has announced the sale of a multi-let industrial investment for London-based property investment firm Danobe.
Block 9 of Clydesmill Industrial Estate in Cambuslang, Glasgow was purchased by Cable Properties and Investment, in a £1.125m deal, reflecting a net initial yield of 7.75% and a capital value rate of £85 per sq ft.
The sizable property is located approximately 6 miles south-east of Glasgow City Centre and comprises of a terrace of five units totalling 13,187 sq ft, with unit sizes ranging from 1,864 sq ft to 3,816 sq ft.
Commenting on the deal, Derek Archer, Investment Associate at Ryden, said: ”Given the strong prevailing demand for industrial stock as well as the asset’s prime location, the property was very well received within the market and attracted around half a dozen bids at [the] closing date.”
Currently, the premises are fully let to tenants, including Craighead Building Supplies Ltd and Clyde Document Imaging Ltd.
Ryden represented Danobe in this transaction, while Avison & Young acted on behalf of Cable Properties and Investments Limited.