The property sold for £3.00m reflecting a net initial yield of 5.31%. The asset extends to 18,204 sq ft over 3 units and is fully let to Thornbridge Timber, Ashley Ann and Young Spirits. The weighted average lease term was 8.57 years and all leases contain RPI linked rent reviews.
The estate was developed in 2018 by Vardy Property Group having acquired the site which housed a redundant 1970’s office building. Following demolition, modern and flexible space was created including trade counter frontage, distribution warehouse and secure yard which attracted strong tenant interest.
Will Sandwell, Investment Partner at Galbraith commented:
“Following a number of other high profile industrial sales in Edinburgh, our client felt the time was right to exit this development. Offering a strong income profile from modern stock in a prime location allowed us to identify the demand for such an investment without formal marketing. The transaction was able to conclude within 4 weeks.”
Property agents Galbraith acted for Vardy Property Group with legal advice from BTO Solicitors. Westerwood Properties were represented by agents Ryden and solicitors Aberdein Considine.