Buccleuch Property has acquired a retail warehouse in Uddingston.
West Retail Park, within the Birkenshaw Trading Estate, is the company’s second investment into the market this year, following the purchase of Colchester Retail Park in March.
Phil Eves, director at 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.”
The agreed sale price was £6.45m, which reflects a stabilised net income yield of 7.4%. Buccleuch Property added that the warehouse offers a secure income stream and potential for rental growth.
Stuart Orr, UK investment director at Savills, acted for the purchaser Buccleuch Property, while Lee Randle, a director at Mason Partners, advised the private trust that sold the warehouse.
With offices in Edinburgh and London, Buccleuch Property has a market exposure of around £250m, with investments across the UK and in the US, a commercial development pipeline in excess of 3.5 million sq ft and a land portfolio with more than 12,000 consented housing units.
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