Property update

Gyle and East Kilbride deals sealed amid flurry of new lettings

Heineken UK

Heineken is a key tenant at Broadway Park

Ambassador Real Estate, part of Ambassador Group, has completed the £28m purchase from Oval Real Estate of Broadway Park, in Edinburgh’s South Gyle business district.

Broadway Park which comprises four office buildings totalling 147,400 sq ft (13,693 sq m), is home to Heineken International’s UK headquarters which is housed in two out of the four pavilions alongside Aberdeen Standard Investments.

Chris Richardson, investment director at Ambassador Group, said: “We are extremely pleased at Ambassador to get this deal completed, especially when there is a lack of good stock when the market is especially buoyant from an occupier and growth perspective.”

Ambassador was advised by Savills and supported by its capital partner Longbow

Mark Fleming, director in the commercial investment team at Savills in Edinburgh, said Broadway Park offers solid underlying income and exciting asset management opportunities.

“Against the current back drop of restricted supply and continuing healthy demand across the city, we expect to see further positive rental growth in west Edinburgh as occupiers seek good quality office space not readily available in the city centre.”

Oval Real Estate  was advised by CBRE. Ambassador was represented by PMP, Brodies and DWF.

East Kilbride park deal

Glasgow-based commercial property firm Murphy Property has acquired East Kilbride office development and new commercial trade park (Stroud Road Trade Park).

The office development Arx House (formerly the East Kilbride Technology centre) comprises 23,760 sq ft let to a variety of tenants, while the 18,000 sq. ft. commercial development has pre-let 9,000 sq ft to kitchen retailer Magnet, with construction due to complete in September.

Royal Bank of Scotland provided a seven figure sum to support the deal.

Shopping mall lettings

Oak Mall in Greenock has secured five lettings through Reith Lambert and Ryden.

New tenants include gifts and stationery chain The Works, who have taken a five year lease, extending to 5,500 sq ft, and value retailer Poundstretcher (trading as Bargain Buys), who will occupy 8,000 sq ft, also on a five year lease.

Electronic cigarette retailer Vapourohm has taken a 700 sq ft unit on a five year lease. Newsagent Oak News has acquired over 1,600 sq ft and American Candy will occupy 2,000 sq ft. 

Santander and TUI have renewed their existing leases for a further ten years and five years respectively, and Inverclyde Disability has relocated within the scheme to larger premises (5,000 sqft). Primark and 3store have invested in new store designs. 

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