Livingston facility sold
Q2 offices and lab sold in £22m deal
Q2: asset management opportunities
Ambassador LB Holdings has paid £22 million for the head offices and laboratory of Q2 Solutions in Livingston.
The 122,740 sq ft (11,400 sq m) purpose built property is let to Q2 Solutions on a 15-lease expiring in 2024 with tenant options to extend.
Q2 Solutions was launched in 2015 through a joint venture between Quintiles and Quest Diagnostics. The premises at Livingston employ more than 600 staff and the seller is CF (Coral).
Chris Richardson, investment director at Ambassador Group, said that together with another recent transaction it takes the portfolio to nearly £100 million in the UK in the last 12 months.
“We plan to work closely with the tenant to look at asset management opportunities within the building,” he said.
Bruce Patrick, director at Savills, which represented the vendor, said: “Livingston is a prime location for a life science business in Scotland being close to a highly educated talent pool from Scotland’s universities and enjoying excellent connectivity.
“The property was purpose-built for the tenant who occupies the property on a long lease with the benefit of fixed rental increases.”
Ambassador LB Holdings, which was unrepresented, is a joint benture between ICG-Longbow and Ambassador Group.