A multi-million deal for the purchase of a prominent Inverclyde trade park has been concluded by the property investment vehicle of James and Sandy Easdale owners of McGill's Bus Services.
Sold by Legal & General Group, Cappielow Trade Park in the west of Greenock has been added to the family’s commercial property portfolio in a transaction worth £3.1million.
Comprising 15 industrial units extending to 57,342 sqft, the trade park is currently occupied by a strong tenant line up including Jewson, Electric Center, Brandon Hire, City Plumbing and FTSE 250 company Howdens Joinery.
The property has a net initial yield of 8.50% and was marketed by JLL (Jones Lang LaSalle).
James Easdale said: “We are embarking on a determined investment drive across a range of commercial and residential property opportunities not only in and around Inverclyde and Greater Glasgow but also in locations around Scotland and the United Kingdom.
“Given our existing investments in offices and industrial premises in and around Greenock, this was a deal which made sense for the company and presented a good level of yield with a robust list of tenants occupying the facility. The acquisition went smoothly, and we are pleased to conclude the purchase, aided by the professionalism of both Legal & General and JLL.
“We’re currently making good progress with finalising a number of other commercial property purchases and as we have found recently, each successful transaction often leads to a host of new opportunities for us to consider and progress. Whilst our companies are most readily associated with interests in transport and manufacturing sectors, the last 12 to 18 months has witnessed considerable investment in property across the UK and we expect further good news in the coming months.”
Cappielow Trade Park sits in East Hamilton Street on the main arterial route running into Greenock. The M8 motorway is located just seven miles to the east of the site, with Glasgow International Airport reached within 20 minutes and Glasgow city centre within 35 minutes.