Industrial assets across Scotland sold in £27m deal
Sold: Easter Inch Park, Bathgate
A collection of eight Scottish industrial assets, known as the Malt Portfolio, has been sold for £27 million, just under the expected sale price.
The buyer of the buildings in Aberdeen, Ayr, Bathgate, Dundee, Dunfermline and Livingston, is Manchester-based David Samuel Properties.
It represents a quarter of the volume of the £100m worth of deals concluded this year so far in Scotland.
The assets have a total floor area of approximately 408,816 sq ft and the sale reflects a net initial yield of about 7.9%. The properties had been marketed by Galbraith and MWM Property Consultants at a price in excess of £28m.
The properties are: Aberdeen (Broadfield Road, Bridge of Don), Ayr (Newton Trading Estate), Bathgate (Easter Inch Park), Dundee (Dunsinane Park), Dunfermline (Pitreavie Business Park, Halbeath Motor and Trade Park), Livingston (New Houston Business Park and Oakbank Park Way).
Ayrshire estate on market
The 118-acre country estate of Auchincruive is being marketed with development potential and an asking price of more than £1.25m.
For the last 85 years the estate was used as a campus for the West of Scotland College of Agriculture and SRUC. There are a range of modern buildings used for agricultural and educational purposes and some important listed buildings.
In total, there are approximately 122,500 square feet of buildings, some of which are let and generating a rental income, and others suitable for sale or for demolition and redevelopment. There are 16 houses and cottages on the site.
The estate was granted planning consent in 2012 for the development of up to 495 houses, a hotel, golf course, business premises and equestrian centre. Parts of the estate have been sold subsequently, however a substantial leasing and development opportunity remains.
There is also the potential to develop a new community or scientific or educational establishment, within the estate’s spectacular landscaped grounds.