Buccleuch Property inks £6.5m Lanarkshire retail warehousing deal
Buccleuch Property – the commercial property arm of major Scottish landowner the Duke of Buccleuch – says it has inked its second purchase in the retail warehouse market this year by snapping up a site in Uddingston for £6.5 million.
The private property investment and development company has snapped up West Retail Park, which is located in the Birkenshaw Trading Estate, saying it was attracted to the asset because of the “secure income stream and good potential for rental growth”.
The firm, which says it is still one of Europe’s largest private landlords, said the agreed sale price of £6.45m reflects a stabilised net income yield of 7.4 per cent, and follows its purchase of Colchester Retail Park in March.
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Phil Eves of Buccleuch Property said: “We are constantly reviewing all sectors of the UK property market to seek out what we believe will provide good quality, sustainable income with the potential for growth. West Retail Park is well located and popular with consumers. The investment provides a healthy yield in a resilient sector with the opportunity for rental growth.”
Stuart Orr of Savills acted for Buccleuch Property and Lee Randle of Mason Partners advised the vendor, a private trust.
Buccleuch Property says it has offices in Edinburgh and London, and is “part of one of Scotland’s longest-standing family dynasties which can trace its roots back to the tenth century”.
It adds that it has a market exposure of about £250m with investments across the UK, including the Shawfair development on the outskirts of Edinburgh, and in the USA, with a commercial development pipeline in excess of 3.5 million square feet.