Business park deals
Galabank park sold as Clyde Gateway draws three tenants
Good interest was shown in Galabank Business and Trade Park
Galabank Business and Trade Park, Galashiels has been sold for £8.6 million to M7 Real Estate.
The Galbraith investment team concluded the deal on behalf of Abercastle Investments.
Galabank Business Park and Trade Park, which comprises a modern HQ office building, a multi-let office and a trade park, is let to occupiers such as Kyowa Kirin International, Momentum Scotland, Cube (GB), Jewson, City Plumbing Supplies, City Electrical Factors, Rexel UK and Dingbro.
It provides an average unexpired lease term of more than six years and produces an annual rent in the region of £887,000.
Jamie Thain of Galbraith commented: “The investment attracted good interest due to its significance within the location, quality of accommodation and strong tenant line up.
“It not only provides high quality modern office accommodation within the town but has also attracted many of the UK’s largest trade counter operators who have clustered within the park and trade well from it due to Galashiels’ central geographical location within the Scottish Borders.
“It is a clear example of continued investor appetite for well-presented investments with ongoing asset management potential, even in these unprecedented times.”
Galbraith and Morton Fraser advised Abercastle Investments. Colliers International and DWF advised M7 Real Estate.
Three firms take space at Clyde Gateway
Three business have moved into Clyde Gateway’s Rutherglen Links Business Park.
Bathroom retailers Bath Giant and the Plumbstore have each opened a showroom and trade counter. Ice-cream maker Equis is establishing its expanded production facilities in premises four-times larger than its previous facility in Hamilton.
All five industrial plots at the 5.6 acre business park were acquired by property developer Harris Finance.
Work has begun on 15,000 sq ft Unit 5which is expected to be complete later this year, along with two office pavilions by Clyde Gateway which are expected to complete in September 2020.