One of Central Belt's top industrial estates changes hands in £10 million-plus deal
A major Scottish industrial estate has changed hands in a £10 million-plus deal.
Belleknowes Industrial Estate in Inverkeithing is one of the largest in the Central Belt and is located about 15 minutes from Edinburgh airport.
Extending to 140,000 square feet it comprises 22 units and has a strong occupier base including Network Rail, Kwik-Fit, Speedy Hire, Plumbstore and Bella & Duke.
Lismore Real Estate Advisors advised a UK fund client on the £10.5m sale of the site to Patrizia and Caisson. The sale price reflects a net initial yield of 5.95 per cent.
Chris Macfarlane, director of Lismore said: “The sale price and competitive bidding from both UK and overseas investors on this asset highlights the continuing demand for multi-let industrial opportunities across Scotland.”
Lismore and Shepherd & Wedderburn represented the vendor, whilst Patrizia and Caisson was advised by Galbraith and Morton Fraser.
Jamie Thain of Galbraith added: “We are very pleased to have been able to secure this prominent estate for our client which offers ongoing performance through letting of the vacant units coupled with active asset management opportunities going forward.”
A report earlier this week revealed that investment in Scottish commercial property almost halved last year as lockdowns and economic uncertainty curbed deal-making.
Despite the slump, Scotland proved its resilience as the most popular UK destination for overseas investment outside London and the south east of the England.
The industrial property sector has been one of the most active in terms of investment deals and letting activity.
