More tenants lined up as vet hospital sold in £6m deal
Vet’s hospital in Livingston, sold as part of £100m deal
A number of “high profile” potential occupiers are in talks with agents at a prime business park in Livingston after a veterinary hospital on the site was sold in a £5.9 million deal.
Acting for J W Muir (Property Investments) and jointly with CBRE, Ryden has completed the sale of the hospital, occupying a 30,855 sq ft building at 1 Deer Park Road on the Fairways Business Park.
The 20-year lease has been sold to Veterinary Specialists (Scotland) formerly part of the Pets at Home Group and reflected a net initial yield of 5.9%.
It was one of five specialist referral practices across the UK sold by Pets an Home to Linnaeus Group for almost £100m.
On the Livingston deal, Ryden represented J W Muir, acting jointly with CBRE, with Knight Frank acting for Veterinary Specialists (Scotland) on the lease. Cushman Wakefield represented the purchaser.
J W Muir and Ryden are now focusing on the adjacent development plot at the 17-acre Fairways Business Park and said they are already in talks with a number of high profile potential occupiers.
Linnaeus Group, a subsidiary of Mars Veterinary Health, is a veterinary group operating over 150 veterinary clinics across the UK, including primary care and referral practices.
The five businesses being sold are Veterinary Specialists Scotland in Livingston, Dick White Referrals in Cambridgeshire, Anderson Moores in Hampshire, Northwest Veterinary Specialists in Cheshire and Eye Vet, also in Cheshire.
Pets At Home will receive £80m in cash on competition – expected early next year – and a further £20m sum if certain financial targets are hit.
Peter Pritchard, group chief executive at Pets at Home, said: “The disposal proceeds provide the group with additional resource to accelerate growth across our customer-focused pet care platform.”
Waitrose stores sold
Avignon Capital, the European property investment firm and asset manager, advised by Savills, has acquired two Waitrose supermarket buildings in Glasgow from Town Centres Securities for £23.2 million.
The first at West Retail Park, Milngavie extends to 36,594 sq ft and is let until 2040 with a passing rent of £830,000 per annum. The second store in Byres Road totals 32,687 sq ft on a lease expiring 2029. The current rent passing is £595,000 per annum.
Rod Leslie, director in the investment team at Savills Scotland, said the deal represents the purchaser’s first foray into the supermarket sector.
Town Centres Securities was advised by Sheridan Property Consultants.