Sydney and London Properties were successful in securing the property for a price of £2.9 million reflecting a net initial yield of 6.67%.
The ground, first and second floors of the property comprise a newly fitted, state of the art veterinary hospital occupied by Vets Now, the UK’s leading provider of emergency care for pets. The third floor is occupied by Geason Training one of the UK’s leading construction training organisations.
The property occupies a prominent location on the west side of the city centre, adjacent to the M8 Motorway providing both tenants with excellent connectivity and visibility. Vets Now will soon complete their £1.5m expansion into two additional floors of the property, with their existing ground floor accommodation also being fully refurbished to provide a state of the art pet emergency and speciality referral animal hospital.
Philip Eves, Director of Buccleuch Property, commented:
We are delighted to have worked with Vets Now to enable them to create one of the largest emergency and specialist animal hospitals in Scotland whilst also fulfilling our original aspirations to add value to the property. We continue to look for new asset management opportunities where we can work with tenants to improve buildings.
We are pleased to have advised our client Buccleuch Property on both the new lease and this sale. We received good interest in the investment which demonstrates the market’s continued demand for long, secure income streams.
Alta Commercial Property Consultants acted for Sydney & London Properties in this deal.