Sydney and London buys block
Buccleuch sells Vets hospital in £2.9m deal
North Street, Glasgow
Buccleuch Property has sold a block on North Street Glasgow, adjacent to the M8, to Sydney and London Properties for £2.9 million.
The ground and two upper floors are occupied by veterinary hospital Vets Now. The third floor is home to Geason Training, the construction training organisation.
Vets Now will soon complete its £1.5m expansion into two additional floors of the property, with its existing ground floor accommodation also being fully refurbished to provide a pet emergency and speciality referral animal hospital.
Philip Eves, director of Buccleuch Property, commented: “We continue to look for new asset management opportunities where we can work with tenants to improve buildings.”
The deal reflects a net initial yield of 6.67%. Galbraith acted for Buccleuch and Alta Commercial Property Consultants for Sydney & London Properties.
Jamie Thain, of the Galbraith commercial investment team, said: “We received good interest in the investment which demonstrates the market’s continued demand for long, secure income streams.”