October 1, 2012
Highcross has sold a 100,000 sq ft industrial facility at Dyce, Aberdeen, in a £9.25m deal.
The Wellheads Terrace scheme includes four industrial units, all of which are occupied by Petrowell who were recently acquired by Weatherford. Located adjacent to Aberdeen International Airport, and including a substantial secure yard, the Wellheads Terrace units were acquired by Highcross in February last year.
Highcross has sold the scheme, which has an annual rent roll of £897,000, to the Pears Group. The sale reflects a net initial yield of 9.17%.
Mark Evans, who heads Highcross’ Scotland office, comments: “The speed with which we have concluded the sale of our Wellheads Terrace scheme, reflects the successful letting of the remaining units to Petrowell in August, and the continuing demand from investors for well located, good quality industrial space in the buoyant Aberdeen market.”
Highcross was advised by Rod Leslie at Savills, Edinburgh office.