In the first deal, an 88,000 sq ft industrial facility was acquired on a sale and leaseback basis in October for c.£5.00m reflecting a net initial yield of 7.50%. The property is let to Thornbridge Timber for a period of 10 years and is their HQ office, storage, distribution and manufacturing facility. Arranged over 3 modern industrial buildings the secure site is strategically located next to the M9 motorway and extends to over 7 acres. The initial annual rent is £388,261 p.a. and the lease makes provision for RPI linked rent reviews.
The second transaction concluded in December 2018 and saw Topland add to their Glasgow CBD office portfolio. 144 West George Street, a multi-let office was acquired for c.£6.00m reflecting a net initial yield of 7.77%. The city centre asset extends to 32,463 sq ft, is arranged over 9 floors and is 93% occupied by a variety of professional occupiers. The building provides a rent roll of £490,834 p.a.
Will Sandwell of Galbraith commented:
Having acquired Portland House, Glasgow for £4.50m in April we have now advised Topland on over £15m of acquisitions in 2018. This is a great example of our client led approach to investment agency, identifying the correct stock and providing market focused due diligence. We are delighted to have successfully identified and purchased these assets on behalf of Topland.
Galbraith advised Topland on both acquisitions with legal due diligence provided by Dentons.