Highcross Expands Scotland Portfolio with £20M Aquisition

July 12, 2011

 

Highcross has acquired seven office and industrial properties in Aberdeen, Dunfermline and Glasgow, in a £20.3m deal.

The properties, which total 350,000 sq ft, are part of the Ben Cleuch portfolio, and have been purchased from Bonnytoun Estates. The purchase price reflects a net initial yield of 9.1%.

Five of the properties are in Aberdeen, and include the 23,371 sq ft Cromarty House office building in Regent Quay, which is fully let to Det Norske Veritas UK and a further 20,717 sq ft office building on Peregrine Road, Westhill Business Park. Peregrine House is a modern, fully refurbished two-storey office building occupying a prime 2.3 acre site in the business park.

Also in Aberdeen, Highcross has purchased a multi-let industrial estate and two headquarters-style office/industrial facilities on Denmore Road, Bridge of Don, together with industrial and office/warehouse premises on the Altens Industrial Estate, Aberdeen. The Denmore Road properties total around 124,000 sq ft and are almost fully occupied.

At the Altens Industrial Estate, the portfolio includes fourteen industrial units, totalling 64,189 sq ft, and a vacant office/warehouse complex on Blackness Road, comprising a three-storey office block, secondary two-storey office building and 4,000 sq ft of warehouse accommodation.

The remaining properties acquired by Highcross, are in Glasgow and Dunfermline. These include three two-storey office pavilions at the Phoenix Business Park in Linwood, Glasgow, which provide 26,627 sq ft and are located within easy reach of Glasgow International Airport and just off Junction 29 of the M8.

In Dunfermline, a 63,764 sq ft distribution warehouse has been acquired in Pitreavie Business Park. The unit, which is fully let to FMC Technologies, includes a two-storey office block and secure yard, on a 3.3 acre site.

Mark Evans, who leads Highcross’ Scotland-based team, says: “Highcross is building a strong portfolio of office and industrial schemes in key locations in Aberdeen, Glasgow and Edinburgh. These latest acquisitions, all of which are in established business and industrial areas, offered an attractive opportunity to add significant value, through re-gearing, implementing rent reviews, and letting vacant space.”

In the past six months, Highcross has also completed the purchase of two further office and industrial schemes in Aberdeen – Silverburn House, Bridge of Don and a 100,000 sq ft industrial/distribution unit at Wellheads Terrace.

Highcross was advised by Tom Fulton of Colliers, Glasgow and Bonnytoun Estates by Simon Cusiter of JLL, Edinburgh.

ends-

Latest News

TURNSTONE ESTATES SELLS SAFFRON WALDEN SITE TO OWNER OCCUPIER

April 9, 2021 - 14:12

Turnstone Estates has sold a 1.3-acre development site on Ashdon Road, Saffron Walden to tool and plant hire company GR8 who intends to build out 20,500 sq ft of commercial space of which about 7,000 [...]

+ Read More

ROB TUDOR TO SET UP NEW BUSINESS

April 9, 2021 - 14:11

Rob Tudor, one of the most high-profile UK investment agents, has left the business he established 25 years ago to set up a new agency, Tudor Real Estate (TRE),  with his daughter Abigail Tudor and[...]

+ Read More

HR OWEN AGREES TURNKEY DEAL WITH ARLINGTON AT HATFIELD BUSINESS PARK

March 23, 2021 - 11:27

Arlington has agreed a freehold turnkey deal with luxury and supercar dealer HR Owen Plc for a new showroom at Hatfield Business Park, Hatfield, Hertfordshire. Arlington has sold a five-acre plot to [...]

+ Read More

CONTACT

CALL US

+44 (0)20 7647 4420

ADDRESS

Wren House, Garden Close Lane, Newbury RG14 6PR