Acquisition of warehouse
Easdales take property portfolio through £5m
Former Misco building: ‘excellent location’
Bus company owners and former Rangers directors Sandy and James Easdale have taken their property investment to more than £5 million after acquiring a vacant building in Greenock.
They have paid £1.1 million for the 86,000 sq ft riverside building which was previously owned by computer reseller Misco UK until it fell into administration last October.
The Easdale family’s recent acquisitions include last month’s purchase of Cappielow Trade Park for £3.1m.
The newly-acquired warehouse, adjacent to Royal Bank of Scotland’s mortgage processing centre, is to be marketed for lease by agents Breck Sutherland within the next few months.
Sandy Easdale said: “The unit was an important employment location in Inverclyde and it is pleasing to conclude the purchase that will eventually lead to the property being brought back into use.
“The building is in excellent condition and is estimated to have a rebuild value of £7m, which obviously made it an attractive opportunity at the purchase price. The facility enjoys an excellent location on the banks of the river, with the M8 close at hand, in an area where the demand for land is high.
“The plan is for our agents Breck Sutherland to identify potential leaseholders in the coming weeks and months and the decision will then be taken to rent to one party or possibly subdivide the unit.
“As we intimated when we purchased Cappielow Trade Park last month, we are intending to make substantial investment in commercial property over the coming months and years and these two purchases are likely to be the first of many deals to come.”