Clyde Gateway sells unit to Bradda Capital
A 28,000 sq ft industrial unit at Clyde Gateway, one of Scotland’s biggest regeneration programmes, has been sold on a speculative basis to Bradda Capital for £3.2m yielding 6.04% net.
The property is leased to the Japanese pump manufacturer Torishima Service Solutions Europe for its European Headquarters.
Clyde Gateway’s chief operating officer Barry Macintyre said: “The fact that this deal has been completed in the midst of the current pandemic illustrates the robust and long term nature of this transformation.”
David Phillips of Bradda Capital said: “This is one of a series of important high quality recent investment acquisitions for our new fund. The park’s success demonstrates the importance of regenerating long term vacant land to create high quality space to meet tenant demand resulting in strong investor value.”
Clyde Gateway was represented by Avison Young and Burness Paull with Ryden and CMS acting on behalf of Bradda Capital.
Clyde Gateway East at Junction 2A on the M74 motorway has been developed by co-proprietors Clyde Gateway, Aberdeen Standard Investments and Harris Finance. It has produced five industrial warehouse units, all of which are now leased and bring the total occupied floorspace in the business park to 246,000 square feet. The last three development plots are currently under offer.
Occupiers include BT, Cusack Tools, Dentec Scotland, Glacier Energy Services, Greencore, Eden Mill, Smith Brothers and Network Rail.