Following a discreet marketing of the asset and a competitive closing date situation, the estate was purchased for £10.5 million.
Belleknowes Industrial Estate, located in Inverkeithing, Scotland (15 minutes from Edinburgh airport) is a 140,000 sq ft estate, acquired for £10.5m. The estate comprises 22 units of varying sizes ranging from 3,400 – 17,400 sq ft and provides trade, warehousing and light industrial accommodation. The estate has a strong occupier base, including Network Rail, Bella & Duke and Speedy Hire. It benefits from low passing rents coupled with good accessibility to Edinburgh and its airport. Being in an area of restricted supply, leasing the four vacant units should result in rental growth and full occupancy in the short-term.
Jamie Thain of Galbraith commented:
We are very pleased to have been able to secure this prominent estate for our client which offers ongoing performance through letting of the vacant units coupled with active asset management opportunities going forward.
Galbraith and Morton Fraser advised Patrizia and Caisson Investment Management. Lismore Real Estate Advisors and Shepherd & Wedderburn advised the vendor.