CKD Galbraith's Commercial Team Plans For Recruitment With Renewed Appetite For Investment In Scotland
CKD Galbraith has seen a marked increase in the number of investment transactions they have been involved in over the last financial year and is planning to recruit for a number of positions across the business, including commercial.
CKD Galbraith’s successful year to April 2013 saw the investment team acting on behalf of private clients, property companies and commercial property funds while properties were transacted across all major sectors - retail, office and industrial - and across the length of Scotland, from Aberdeen to Ayrshire - with one transaction in Yorkshire.
Ian Forbes, Investment Agency Associate at CKD Galbraith, said: “While we were lucky enough to complete a number of purchases, mainly for private clients, we were delighted to see a marked increase in the number of sales we were involved in, which we believe demonstrates our clients’ faith in CKD Galbraith’s ability to reach potential purchasers and get deals over the line in a very difficult market.”
In 2010, CKD Galbraith was appointed asset managers to the Dundas Commercial Property Fund II, which was due to come to an end in 2013. The investment team was subsequently instructed to find buyers for the last two properties in the fund.
July 2012 saw the sale of 4 Tannochside Drive, Tannochside Business Park, Uddingston, a purpose-built call centre for tenant Port@l Glasgow Ltd to a Russian-based private client of Manchester-based asset managers Equity Growth Partners for £1.95 million, reflecting a net initial yield of 17.93%.
In December 2012 the Fieldhead Development in Bradford sold for £4.27million to IO Investment LLP, a London-based industrial fund that is a joint venture between IO Group and Grosvenor. The price reflected a net initial yield of 11.85%.
A private Irish investor instructed CKD Galbraith to sell two Scottish-based portfolio properties, both of which are modern purpose-built retail units let to Iceland Foods Ltd on identical lease terms until 2025. The two transactions were completed as open-market deals with offers invited at closing dates.
In September 2012, the 7,000 sq ft Iceland Foods store at The Braes in Saltcoats, North Ayrshire was sold to Manchester-based property company Elstar Ltd for £849,184. While in February 2013, the 6,902 sq ft Iceland Food store on Halbeath Road, Dunfermline was sold to Scottish-based property company A&I Property Management Ltd for £975,000.
Richard Higgins, Partner at CKD Galbraith, said: “Importantly, these investment deals show that our strong geographical reach, access to the right people and network of commercial properties makes us well placed to market UK commercial property investments. This year is already shaping up to be another successful one for the team, demonstrating that, despite the challenging market, there is a continuing appetite for investment in Scotland.”
In line with this, the firm’s recruitment plans are taking shape. One appointment will be for a new Investment Agent to replace Ian Forbes who will be leaving the firm mid June to focus solely on his family business interests in agriculture and property.
Ian, who joined the Partnership as a graduate in 2006, said: “It is with mixed feelings that I leave the firm after a fantastic seven years. While I am looking forward to the future, I am extremely proud of my time at CKD Galbraith and will miss being part of such a vibrant and diverse firm.
“The firm’s involvement and presence in the commercial agency and investment markets has grown year on year throughout the downturn and I have no doubt will continue to do so. I look forward to watching the Partnership continue to thrive as the property market and wider economy finally picks up.”
Pam Over, Partner at CKD Galbraith with responsibility for overseeing the firm’s commercial department, said: “Whilst we are sad to see Ian leave us, it is still very much a case of business as usual.
“We will shortly be launching a recruitment campaign for a range of positions in the firm – including a new Investment Agent - and we hope to be announcing new appointments in the near future. In the meantime, we’re always happy to discuss opportunities with motivated and hungry professionals.”