HKIP acquires Hillington offices in £6m deal
Investment: the Hunter Portfolio in new ownership
The Hunter Portfolio, a collection of five office buildings in Hillington Park, Glasgow, has been acquired by HKIP in a deal worth more than £6 million.
The buildings total 91,858 sq ft and cover a range of occupancy styles, including traditional open plan offices, single-storey pavilions and serviced offices.
Existing tenants include Scottish Ministers, GE Energy, Schenker, the stock market quoted Beeks Financial, IQA Operations Group and FES FM.
Martyn Brown, director at CBRE, acted for HKIP and said the company has made a considerable investment into Hillington Park.
“There continues to be robust investor interest for good quality assets in the Scottish marketplace.
“We expect to see a continued trend from occupiers seeking good quality office space on flexible lease terms in out-of-town locations such as Hillington.
“All assets in the portfolio have maintained a steady occupancy position over the last few years and there are significant opportunities to add value through actively letting the remaining vacant space and re-gearing existing leases.”
Ian Dougherty, partner at Ryden, added: “This portfolio sale is the final stage in Frasers Property’s strategy of selling its office assets in Hillington Park, following previous sales of Merlin Business Centre and Carlson House.
“The focus is now on new industrial development as evidenced by the ongoing schemes at Hillington West 100 and 200.”
CBRE acted for HKIP in the transaction whilst Ryden represented the vendor Frasers Property.