Buccleuch Property — one of Europe’s oldest privately-owned businesses — has sold three of its English industrial estates for almost eight-million pounds.
Earlier this year the property firm, part of the Buccleuch Group, sold off Clydesmill Industrial Estate in Cambuslang in a deal worth £4.97m to asset management firm, Kames Capital. The 100,000 sq ft site five miles west of Glasgow is fully let with nine tenants including Jewson and Highland Industrial Supplies.
It also off-loaded a recently refurbished 50,000 sq ft industrial unit at Hamilton International Park to South Lanarkshire Council in a sale valued at £2.45m. The Vista Point unit will serve as a base for the authority’s fleet of support services.
“With the market improving, the sale of Clydesmill Industrial Estate and Vista Point will allow us to invest in new investment and development opportunities across Scotland and the rest of the UK,” said Cameron MacKay, an associate at the property division.
Now Buccleuch, which has offices in Edinburgh and London, has raised another £7.7m of re-investment capital by selling on three sites south of the border.
The listed fund manager, Custodian Capital, has paid £3.8m for a 60,000 sq ft distribution unit at Stratton Business Park in Biggleswade.
Tilstone Estates, the commercial property investment and development company, has acquired Lynx Business Park in Newmarket for £2.3m.
And, an un-named private investor has paid £1.58m for Sterling Industrial Estate at Castleford, Yorkshire.
“These deals, along with two previous industrial property sales earlier this year in Cambuslang and Hamilton, are generating funds that we are actively looking to re-invest in new opportunities,” managing director David Peck explained.
“We are witnessing strong demand returning to the industrial investment market across the UK, and are pleased with the sales secured and yields achieved”
Buccleuch Property controls a UK property portfolio recently valued at £350m and which includes pipeline development sites in excess of two-million square feet. The group also holds a package of strategic land opportunities in the United States and Germany. Its joint venture enterprise, Longrose Buccleuch, invests in and manages hotels throughout Britain.
As a privately owned business, Buccleuch Property is part of one of Scotland’s longest-standing family dynasties which can trace its roots back to the 10th century. Today the group is headed by the 10th Duke of Buccleuch and 12th Duke of Queensberry, Richard Montagu Douglas Scott, who is chairman of the Buccleuch board and an honorary Fellow of the Royal Institute of Chartered Surveyors.
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