Commercial Property Successes
Our commercial property department has been very busy in recent weeks on behalf of several clients, and we are pleased to have concluded two major property sales.
The first is the sale of New Kirkgate shopping centre in Edinburgh to GE Capital, an American financial services provider. Allied London Properties (ALP) bought the centre six years ago for just over £5 million and made a considerable investment -- about £4 million -- to completely refurbish the centre and improve its facilities. The sale figure was in excess of £15 million. CKD Galbraith was responsible for the asset and project management of the centre throughout the period of ALP's ownership. We continue to work with ALP on its Scottish assets.
CKD Galbraith has also acted as joint agents in the sale of a portfolio of six buildings at Teesdale Business Park, Stockton-on-Tees this month, on behalf of Cheviot Investments Limited. The buildings were acquired by Tiger Developments, an Irish property development company, for £13.5 million.
Cheviot Investments has benefited from ownership of the property over the past four years as a high-yield investment, under CKD Galbraith’s management.
We continue to manage Cheviot Investments’ substantial commercial property portfolio in Scotland and the north-east of England.
For more information on commercial property sales, lettings or investment opportunities, please contact our commercial department.