Ibrox Business Park sold by Buccleuch
Ibrox Business Park has changed hands in what has been described as the largest single industrial estate transaction in Glasgow in recent months.
Buccleuch Property Group has sold the estate to Mileway, the pan-European real estate company. The sale is said to reflect the strength of the industrial occupational and investment markets in the West of Scotland. No terms were disclosed.
The 78,674 sq ft estate includes 22 modern units which were fully let at the time of the sale.
Philip Eves, director of Buccleuch Property who led the deal, said: “We have worked hard over the past six years to enhance the estate through acquiring an adjoining ownership, relocating tenants and improving the overall appearance of the property.
“The occupational market in this location remains strong and the units are very popular with tenants who, during our period of ownership, preferred to relocate into larger units within the estate than move to a different location. Following the sale, we are seeking new investment opportunities to redeploy our capital.”
Buccleuch was advised by Archer Property Consultants and Ryden. Mileway was advised by Graham and Sibbald.